The U.S. Department of Treasury is focused on economic growth at the upcoming G20 Finance Ministerial meeting, in contrast to the Biden administration’s preoccupation with carbon and climate change.
A Treasury official told Breitbart News ahead of the meeting, which begins on Monday, the Trump administration recognizes in a changing world, “growth is the strongest foundation for durable prosperity and is is why promoting stronger economic growth is at the core of America’s agenda for the G20.”
“Under President Trump, we are laser-focused on promoting a strong economy, both in the U.S. and globally. And the G20 is a critical forum for addressing shared challenges and opportunities in the global economy,” the official continued.
The Biden administration, by contrast, was obsessed with pushing climate change and DEI policies instead of economic growth at the critical meetings.
In 2024, former Biden-era Treasury Secretary Janet Yellen said $3 Trillion was needed annually to combat climate change, and deemed the global transition to a low-carbon economy “the single greatest opportunity of the 21st century.”
Yellen also said she wanted the department to play a key role in supporting the transition to net-zero carbon in the U.S.
President Trump’s administration is using the G20 to promote growth and address global imbalances while also bringing business leaders and policymakers together to identify practical barriers to investment, innovation, and productivity, and to share reforms that help enterprises thrive.
The meeting will also serve as an opportunity for the administration to tout many provisions enacted in the Working Families Tax Cuts.
Among the measures in the legislation designed to promote growth are permanent full expensing of business investment and R&D, regulatory and permitting streamlining, and reductions in discretionary spending.
“As a result, business investment rose roughly 12% in the first three quarters of 2025, and real GDP is growing at a 2.1% annualized rate in Q1 2026,” the Treasury official told Breitbart News.
A second Treasury official in a media briefing with reporters said growth is the foundation for durable prosperity and the administration is committed to building resilient supply chains for energy and increasing innovation and productivity.
The G20 Finance Ministerial kicks off on Monday, Aug. 31.
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