Yellen says Biden admin's plan to tackle climate change

Treasury Secretary Janet Yellen said on Tuesday that the administration's plan will be the most aggressive action we've ever taken to address the climate crisis and that US President Joe Biden's push for green energy tax credits will help boost a massive ramp up in private investment that will create jobs and lower energy costs for American families. She visited a solar plant in North Carolina and talked about policies in the recently-approved Inflation Reduction Act, which together includes the Infrastructure Law, which includes more than $430 billion in energy investments.

The legislation gives tax credits to households to make their homes more energy efficient or switch to cleaner sources, which will help lower costs, Yellen said.

The administration's approach rests on harnessing the engagement of the private sector, the official said in her speech, which was delivered in front of an array of solar panels.

She said that private investment will be a big part of the clean energy sector, beyond the consumer tax credits. The transition to a green energy future will be made by investing in these investments, as well as lower energy costs for American households and businesses. They will secure our energy supply against global price shocks. They're going to provide good-paying, high-quality jobs across America. The transition is critical to address climate change, which has seen more costly storms come across the globe, according to Yellen.

She said that climate change poses a serious risk to the productive capacity of our economy and also has an impact on its stability.

The transition to a clean energy economy also brings lower costs and significant economic opportunities in high-growth industries, while building economic resilience and creating good-paying jobs across the country.