Janet Yellen and green infrastructure spending overseas
During her first travels overseas since being sworn into office, Treasury Secretary Janet Yellen called for spending on sustainable infrastructure to help combat climate change. And she wants the private sector to get in on the action.
Janet Louise Yellen, born August 13, 1946, is an American economist, educator, civil servant and policymaker serving as the United States secretary of the treasury since January 26, 2021. A member of the Democratic Party, she previously served as the 15th chair of the Federal Reserve from 2014 to 2018. She is the first woman to hold either role. She is also a professor emerita at Haas School of Business at the University of California, Berkeley, and formerly a distinguished fellow in residence at the Brookings Institution.
G7 finance ministers and G20 Infrastructure Investors Dialogue
Yellen is in London this week to meet with the G7 finance ministers to discuss international priorities including economic recovery from the coronavirus pandemic. “Financing new high-quality, ‘green infrastructure’ – infrastructure that is both resilient to extreme climate events and emits minimal greenhouse gases – is crucial to reducing these emissions, and we need investors and infrastructure developers, to help lead the transition.” She also delivered remarks at the G20 Infrastructure Investors Dialogue.
“If the world has a realistic hope of reaching our climate goals and avoiding the most catastrophic effects of climate change, we must close this gap by investing in sustainable infrastructure.”
This is not the first time Yellen has called for private spending to help fill the gap to help combat climate change. But it comes as the Biden administration attempts to negotiate a bipartisan deal with lawmakers on infrastructure in the United States.
“There are legitimate concerns over their potential impact on investment and project costs,” Yellen said of the principles the group is developing. But she said officials continue to hear from private investors that such principles to help guide investments are necessary.