US Treasury Secretary Janet Yellen is urging the United States and China to cooperate on climate financing in an effort to tackle the pressing issue of climate change. Yellen emphasizes the joint responsibility and ability of both nations to lead the way in combating this global challenge.
In her call for cooperation, Yellen specifically asks China to support existing multilateral climate institutions such as the Green Climate Fund and the Climate Investment Funds. These institutions play a crucial role in providing financial support to developing countries for their climate mitigation and adaptation efforts.
Moreover, Yellen invites China to contribute to the fund replenishment of the Green Climate Fund, which is scheduled for September. This contribution would allow for a stronger financial backing to help developing nations combat climate change and its impacts.
The talks on climate between the US and China could see a new momentum with the visit of US envoy John Kerry to China. Kerry’s visit is expected to pave the way for further discussions and collaborations on climate-related issues between the two countries.
Highlighting the significance of China’s role in combating climate change, Yellen acknowledges that China is currently the world’s largest emitter of greenhouse gases. This recognition underscores the crucial role that China plays in mitigating the effects of climate change and transitioning towards a more sustainable future.
While the US and China have already agreed to collaborate on climate-related issues, Yellen calls for China to do more in terms of financial commitment. She suggests that China should allocate a larger portion of its budget towards renewable energy and other climate-friendly initiatives. This increased financial commitment would not only showcase China’s dedication to combating climate change but also provide the necessary resources for effective climate action.
In summary, US Treasury Secretary Janet Yellen is urging the US and China to work together on climate financing. Yellen emphasizes the joint responsibility and ability of both nations to lead in addressing climate change. She calls on China to support existing multilateral climate institutions and contribute to the fund replenishment of the Green Climate Fund. Yellen also highlights the significance of China’s role as the largest emitter of greenhouse gases and urges China to allocate more of its budget towards renewable energy and other climate-friendly initiatives.
