U.S. Treasury Secretary Janet Yellen traveled to the mouth of the Amazon on Saturday to pitch ideas that fighting climate change would boost economic growth in the region and globally.
Speaking after a meeting with Amazon region finance ministers in Belém, Brazil, Yellen said the changes needed to reduce carbon emissions are “the greatest economic opportunity of the 21st century.”
Yellen said $3 trillion in annual investment is needed through 2050, which “can be used to support a path of sustainable and inclusive growth, including in countries that have historically received less investment.”
The event is organized by the Inter-American Development Bank as part of its Amazon Forever initiative, which aims to support carbon emissions reductions, wildlife conservation and biodiversity while protecting jobs and economic activity in eight South American countries.
The move is part of a shift in cross-border programming that Yellen is pushing at global development banks. The World Bank and its regional peers have historically focused on development efforts in single countries.
Earlier on Saturday, Yellen announced the launch of the Amazon Regional Initiative to Combat Illicit Finance, a plan aimed at disrupting the financing of criminal activity that causes environmental or wildlife damage in the region.
Alarming levels of deforestation from agricultural expansion and logging in the Amazon threaten its ability to absorb carbon dioxide, a greenhouse gas.
Belém, known as the gateway to the Amazon, is scheduled to host the United Nations’ annual climate conference, known as COP30, in 2025.
