U.S. Treasury Secretary Janet L. Yellen delivered a compelling speech on extreme heat financing, co-hosted with Administrator Samantha Power.
Addressing the increasing severity and frequency of extreme weather events, Yellen underscored the Treasury Department’s commitment to climate change mitigation and collaboration with multilateral development banks (MDBs).
Yellen highlighted the significant progress made, including the mobilization of $115.9 billion to help developing countries combat climate change in 2022, with MDBs contributing 40%. Key achievements mentioned include:
The African Development Bank’s Alliance for Green Infrastructure in Africa aiming to mobilize $10 billion.
The Asian Development Bank’s record climate finance in 2023 and the launch of the Innovative Finance Facility for Climate in Asia and the Pacific.
The European Development Bank’s initiatives to finance energy-saving measures in buildings.
The Inter-American Development Bank’s 2024-2025 Natural Capital and Biodiversity Mainstreaming Action Plan.
The World Bank’s integration of climate financing in 96% of its 2023 projects.
Yellen emphasized the importance of outcome metrics for climate initiatives, the mobilization of private capital, and the critical role of IDA and the Green Climate Fund. She called for ongoing efforts to ensure MDBs effectively address global challenges like climate change.