That's a lot of zeros.
The Daily Caller (7/27/24) reports: "U.S. Treasury Secretary Janet Yellen said during a speech in Belem, Brazil, on Saturday that the price tag for a global transition to a low-carbon economy amounts to $78 trillion in financing through 2050. Yellen said that in order to achieve the goal of net-zero global carbon emissions, there would need to be $3 trillion globally in annual financing for the cause, which she said is a top priority for the Biden administration, according to the speech. In order to contribute to this, Yellen vowed to finance green initiatives in developing countries through multilateral development banks and develop 'clean energy technologies.' 'The transition will require no less than $3 trillion in new capital from many sources each year between now and 2050,' Yellen said during the speech. 'This can be leveraged to support pathways to sustainable and inclusive growth, including for countries that have historically received less investment.'”
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"The Inflation Reduction Act as a whole — touted as $1.5 trillion, but estimated by many to be more like $2-3 trillion — is not a rounding error. Devoting that kind of money to uneconomic and wealth-destroying projects can have disastrous consequences. I expect that we will escape the fate of China in the 1950s, but we can’t be sure until the climate crazies are defeated."
– Francis Menton, Manhattan Contrarian
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