International climate envoy, John Kerry, and Treasury Secretary, Janet Yellen, met for the first time last week to discuss how they will deliver on the White House’s climate commitments.
President Biden signed an executive order in late January that directs Yellen, Kerry and Secretary of State Antony Blinken to forge a “climate finance plan” aimed at shifting the flow of U.S. cash to investments that support a low-carbon economy.
Kerry, Yellen and Blinken will work with various institutions — including the U.S. Agency for International Development and the International Development Finance Corporation — to help developing nations curb emissions, protect critical ecosystems and build resilience against climate impacts.
Kerry and Yellen hinted at the substance of the meeting in a back-and-forth on Twitter in which Kerry wrote: “@JanetYellen and I know that this is not a moment, it’s a movement — so we’re turning climate energy into climate action with climate finance. It is cheaper to prevent damage than it is to clean it up. Common sense.”
Yellen responded: “All the smartest economists agree on this: The cost of fighting climate change now is nothing compared to the cost of suffering through it later.”