Yellen warns inaction on climate could cause economic crisis

By HANNAH SCHOENBAUM
Associated Press/Report for America

CHAPEL HILL, N.C. (AP) — Treasury Secretary Janet Yellen is warning of economic calamity if climate change is not addressed with immediate government intervention. She says the increasing frequency and severity of natural disasters could create devastating short-term supply reductions of everyday goods that could cause prices to skyrocket. She spoke during a visit to North Carolina, which is home to several tight races in the upcoming midterm elections. On the trip, Yellen pitched the benefits of Democrats’ new climate, health and tax law, the so-called Inflation Reduction Act, that will spend $375 billion over the next decade on climate-related investments. Combined with last year’s bipartisan infrastructure law, the investments total more than $430 billion.