U.S. Treasury Secretary Janet Yellen emphasized the importance of addressing climate change and its economic implications during her recent visit to Brazil, where she met with finance ministers from Amazon basin countries and reaffirmed the U.S. commitment to sustainable development in the region through initiatives like the Inter-American Development Bank's (IDB) Amazonia Forever platform.
Speaking at an event in Belem, Brazil, Yellen highlighted that neglecting climate change and nature conservation is not only detrimental to the environment but also bad economic policy. She stated that transitioning to a low-carbon economy represents the single greatest economic opportunity of the 21st century.
The U.S., along with Amazon basin countries Brazil, Colombia, Ecuador, Guyana, Peru, and Suriname, announced a climate partnership agenda during Yellen's visit. The joint work between these nations will focus on several key areas: facilitating access to multilateral climate fund resources for developing countries like Brazil during its G20 presidency this year; bolstering clean energy supply chains; improving voluntary carbon markets; and mobilizing finance for nature conservation.
Yellen also launched the Amazon Region Initiative Against Illicit Finance, a program aimed at disrupting the financing of criminal activities that cause environmental or wildlife damage in the region. The initiative is expected to strengthen economies and advance climate transitions while protecting critical ecosystems.
The Inter-American Development Bank's Amazonia Forever platform provides a holistic approach to sustainable development in the region through financing, project preparation, and collaboration. This partnership will incentivize greater private-sector investment in the region that supports nature conservation and bolsters economic growth.
