Treasury Secretary Yellen focuses on climate change plan during visit to Durham and Chapel Hill

DURHAM, North Carolina (WNCN) — On Tuesday, U.S. Treasury Secretary Janet Yellen stopped by Durham and Chapel Hill where she met with local and state leaders to discuss a variety of topics including inflation, l economy and climate change.

One of Yellen’s stops was at the Cypress Creek Renewables solar farm in Chapel Hill, where she delivered a speech focusing on President Joe Biden’s historic investment in the fight against climate change.

Yellen said President Biden secured $430 billion in the Climate and Health Bill, and she said some of that funding will go toward modernizing our nation’s energy system.

“I am pleased to report that President Biden’s economic plan represents the most aggressive action ever taken to address a climate crisis,” Yellen said.

Yellen reiterated both the existential and economic risks of climate change when pointing to US spending on natural disasters in recent years.

“There have been at least five times the annual number of billion-dollar disasters in the past five years compared to the 1980s,” Yellen said.

Meanwhile, the Republican National Committee released a statement about Yellen’s visit.

“How ironic that Janet Yellen is coming to North Carolina to talk about the problems she and the rest of the Biden administration have created,” RNC spokeswoman Taylor Mazock said in a statement. Thanks to rising taxes, historic inflation and dire economic policies, the Biden-Yellen agenda has led the country into a recession.

Amid the current administration’s plan to tackle climate change, Yellen said the goal is to halve greenhouse gas emissions by the end of the decade. She said one way they plan to do this is to offer consumption tax credits.

“We will achieve this through tax credits to reduce the cost of home energy efficiency improvements for the purchase and installation of energy-efficient air conditioners and heaters in homes,” Yellen said.

Beyond that, Yellen said they expect companies to invest in the clean energy sector and she said the plan is to modernize the energy system.

But Yellen stressed that climate change isn’t just about planning for the future, it’s also about what we do in the present.

“It’s not just about our kids anymore, it’s frankly about us, too, and the volatility of the planet we live in,” Yellen said.

Teresa H. Sadler