08/07/2023 12:45 pm (act. 08/07/2023 12:45 pm)
Yellen in Beijing ©APA/AFP
US Treasury Secretary Janet Yellen on Saturday in Beijing highlighted the need for close US-China cooperation on climate change. “As the world’s two biggest emitters of greenhouse gases and the biggest investors in renewable energy, we have a shared responsibility and ability to lead the way,” Yellen told Chinese government officials and climate experts.
Continued cooperation in financing climate projects is crucial, the minister said. She added that Beijing’s support for existing multilateral climate institutions such as the Green Climate Fund and the Climate Investment Fund could increase their impact.
China is the biggest market for climate funds after Europe, as funds in China have more than doubled to $46.7 billion since 2021, according to market research firm Morningstar. However, the World Bank noted last year that China needs up to $17 trillion in additional investment in infrastructure and green technologies in the energy and transport sectors to reach its goal of net zero emissions by 2060.
With regard to the climate goals, she also emphasized that the previous cooperation between the two countries in the field of climate change has made global advances like the 2015 Paris Agreement possible for the first time and both governments could support emerging and developing countries in achieving its climate targets.
During her visit to Beijing, the US Treasury Secretary is committed to improving bilateral relations between China and the US. You have to compete fairly and communicate closely to avoid misunderstandings, Yellen said in Beijing on Saturday. It was important to talk about areas of mutual interest as well as differences of opinion.
More communication can help both sides better understand the global economic outlook and make better decisions to strengthen each other’s economies, Yellen said. She reiterated that the US would not seek economic advantage or absolute dominance in relations with China. Instead, it’s about healthy competition with fair rules, from which both countries benefit. However, the US would continue to directly communicate its concerns about certain economic practices and take targeted measures to protect its national security.