Treasury Secretary Janet Yellen on Wednesday noted that the Biden administration’s goal of reducing emissions by investing in green energy infrastructure will require a sizable investment.
Yellen cited a private sector estimate of the cost to carry out the climate-friendly American Jobs Plan of around $2.5 trillion over the course of a decade, as she made remarks at the Institute for International Finance Climate Summit. She noted that green bonds could be used to help finance the endeavor and said the government would need to enlist private sector companies to help.
Further, she acknowledged that the plan could hurt workers in some industries – though she added that President Biden is advocating for workforce development programs to help these workers finds new positions in a changing economy.
The White House will hold a virtual climate summit on Thursday and Friday where the president is expected to push for international commitment towards reducing emissions.
Attendees are expected to include China’s President Xi Jinping, United Nations Secretary-General António Guterres, Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron, German Chancellor Angela Merkel, as well as dozens of other world leaders.
Scientists, environmental groups and even business leaders are calling on Biden to set a target that would cut U.S. greenhouse gas emissions by at least 50% below 2005 levels by 2030.
Biden is working with Congress on the American Jobs Plan.
FOX Business’ Jennifer Schonberger and The Associated Press contributed to this report.