The US announced its support for a new capital market mechanism on Wednesday that will issue investment-grade bonds and raise significant new funding for scaling up clean energy and sustainable infrastructure in emerging economies. Treasury Secretary Janet Yellen said at the COP26 climate conference in Glasgow, Scotland, that the US would join the UK in supporting the Climate Investment Funds' (CIF) new Capital Market Mechanism, emphasising the urgency of taking action to combat global warming.

The initiative, according to Yellen, will help attract significant new private climate funds and provide USD500 million per year to the CIF's Clean Technology Fund and its new Accelerating Coal Transition investment programme. CIF was founded in 2008 to help low- and middle-income countries mobilise resources and investments. It has received pledges totaling USD10.5 billion from 14 contributor countries and leveraged USD61 billion in funding from other sources for projects that have benefited 72 countries so far.

"The climate emergency has already arrived. This isn't a problem for future generations to solve; it's a problem we have to deal with right now "In prepared remarks, Yellen said. "To meet this challenge, our carbon-intensive economies will have to undergo a complete transformation." Over the next three decades, the project is expected to cost between $100 trillion and $150 trillion, and it will provide enormous opportunities for growth and investment, she said.

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