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The private, virtual meeting on Thursday morning, June 27 – the first of its kind – is aimed at finding ways to shift more resources to help countries build climate resilience and adaptation to reduce extreme heat damage amid a summer of record temperatures globally, the Treasury officials told Reuters.
“Extreme weather events, including heat waves, continue to become increasingly severe and frequent, from the East Coast of the United States to India,” Yellen said in remarks to the banks seen by Reuters. “Mitigating and responding to these events, and addressing climate change more generally, is a key priority for the Treasury Department.”
“The multilateral development banks are our only hope of securing enough funding to directly address the scale of the extreme heat crisis,” she said, adding that rising temperatures were likely killing tens of thousands of people each year and are estimated to cost the global economy $2.4 trillion by 2030.