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Private funds needed to tackle climate change: US Treasury Sec. says

Private funds needed to tackle climate change: US Treasury Sec. says

Washington, Apr 22 (Prensa Latina) Confronting climate change has an enormous cost and US private sector will have to increase funds for renewable energy and other innovations for domestic economy, said US Secretary of the Treasury Janet Yellen.
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In a speech at the Institute of International Finance, the incumbent said that meeting Paris Agreement´s objectives on this issue will require bold and urgent actions.

After the US withdrawal from Paris Agreement due to the unilateral decision of then President Donald Trump (2017-2021), the United States formally returned last February to the pact by President Joe Biden´s decision.

Yellen mentioned to transform important sectors of global economy, mainly those destined to generate energy and transport people and goods.

The overall cost of achieving net-zero carbon emissions by 2050 — in line with the 2015 Paris Agreement that the U.S. has rejoined — could run to $2.5 trillion over 10 years for the U.S. alone, according to one estimate, Yellen said in a speech to a virtual conference Wednesday organized by the Institute of International Finance.

Ahead of the virtual summit on climatechange called by President Joe Biden, which will be held on Thursday and Friday, government officials assured that the president will announce a new objective for his country regarding such emissions.

The purpose is for the United States to reduce its carbon emissions to 50% by 2030 from 2015 levels, the sources said.

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