GLASGOW, Nov 3 — The United States today announced its support for a new capital market mechanism that will issue investment-grade bonds and raise significant new finance for scaling clean energy and sustainable infrastructure in emerging economies. Underscoring the urgency of acting to stop...
GLASGOW, Nov 3 — The United States today announced its support for a new capital market mechanism that will issue investment-grade bonds and raise significant new finance for scaling clean energy and sustainable infrastructure in emerging economies.
She said the initiative would help attract significant new private climate funds and provide US$500 million per year for the CIF’s Clean Technology Fund, as well as its new Accelerating Coal Transition investment programme. “The climate crisis is already here. This is not a challenge for future generations, but one we must confront today,” Yellen said in prepared remarks. “Rising to this challenge will require the wholesale transformation of our carbon-intensive economies.”
US President Joe Biden has announced plans to quadruple US support for climate finance for developing countries by 2024 to more than US$11 billion, but the private sector needed to participate as well, Yellen said.
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