Treasury Secretary Janet Yellen estimated that the world would need to devote $100-150 trillion, more than the entire world’s annual gross domestic product, to fighting climate change over the next three decades.
Yellen signaled that the world economy will need to undergo a complete transformation in order to prevent devastating climate change in the future, during a speech Wednesday at the ongoing United Nations climate conference in Glasgow, Scotland. The Treasury secretary delivered the remarks during the summit’s “finance day” opening event.
Treasury Secretary Janet Yellen warned congressional leaders Wednesday that the U.S. is on track to default on its debt sometime in October if Congress fails to raise the debt ceiling.
Yellen said the Treasury would likely run out of cash in the coming weeks and exhaust its “extraordinary” spending measures to keep the country within its legal borrowing limit.
Inflation increased at a rapid 5.4% clip compared to August 2020, the Department of Labor said Wednesday.
The Consumer Price Index (CPI), a common tool used to measure inflation, increased 0.5% between June and July, according to the Labor Department report.