U.S. Treasury Secretary Janet Yellen, during a meeting with Chinese government officials and climate experts, emphasized the importance of cooperation between the U.S. and China — the world’s two largest economies — in tackling the “existential threat” of climate change.
What Happened: Yellen, on a visit to Beijing, said the past collaborative efforts between Washington and China on climate change led to significant global achievements like the 2015 Paris Agreement.
“Continued U.S.-China cooperation on climate finance is critical,” Yellen said, reported Reuters.
“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.”
Yellen mentioned that Beijing’s endorsement of established multilateral climate institutions like the Green Climate Fund (GCF) and the Climate Investment Funds, in addition to the support from Washington and other nations, can significantly enhance their impact.
She added that China is welcome to join Washington in contributing to a round of fund pledging for the GCF in September.
President Joe Biden previously announced that the U.S. would contribute an additional $1 billion for the upcoming fund replenishment.