The United States and China, as the world’s two largest economies, must work together to combat the “existential threat” of climate change, U.S. Treasury Secretary Janet Yellen told Chinese government officials and climate experts.
China, classified as a developing country by the United Nations, has long said it was the responsibility of developed nations to help poor countries pay to address climate change. But Beijing says it could contribute to “loss and damage” due to climate change on a voluntary basis.
China is welcome to join the United States in contributing to a round of fund pledging for the GCF in September, a U.S. Treasury official said. For that fund replenishment, President Joe Biden has said the U.S. would provide a further $1 billion.The GCF is a fund under the United Nations Framework Convention on Climate Change that helps developing countries with adaptation and mitigation practices to tackle climate change.
At the summit, Li had said China is ready to work with other countries to forge a global partnership for clean energy cooperation under the principles of mutual benefit and common but “differentiated” responsibilities.China is the largest market after Europe for climate funds, surpassing the U.S. as funds in China have more than doubled since 2021 to $46.7 billion, according to research firm Morningstar.
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