Reuters reports:

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 on Saturday.

During a visit to Beijing, Yellen said previous cooperation on climate change between the U.S. and China had made possible global breakthroughs such as the 2015 Paris Agreement, adding that both governments wanted to support emerging markets and developing countries as they strive to meet their climate goals.

“Continued U.S.-China cooperation on climate finance is critical,” Yellen said in a prepared text at a climate roundtable in Beijing.

“As the world’s two largest emitters of greenhouse gases and the largest investors in renewable energy, we have both a joint responsibility – and ability – to lead the way.”

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.

Given their scale, cooperation between the U.S. and China is considered vital to international efforts to avert the worst impacts of climate change.

Yellen said financing for such initiatives should be coordinated efficiently and effectively, adding that Beijing’s support for existing multilateral climate institutions like the Green Climate Fund (GCF) and the Climate Investment Funds, alongside the Washington and others, could boost their impact. [Continue reading…]