China pledged on Friday a 20-billion-yuan (3-billion-U.S. dollars) fund to help other developing countries combat climate change.
The China South-South Climate Cooperation Fund will also enhance their capacity to access the Green Climate Fund (GCF), according to a China-U.S. joint presidential statement on climate change signed here during Chinese President Xi Jinping’s state visit to the United States.
China and the United States recognized the importance of mobilizing climate finance to support low-carbon, climate-resilient development in developing countries, particularly the least developed countries, small island developing states and African countries, according to the statement.
In this connection, the United States also reaffirmed its 3-billion-dollar pledge to the GCF.
In the statement, the Chinese and U.S. presidents reaffirmed determination to implement domestic climate policies, strengthen bilateral coordination and cooperation, and to promote sustainable development and the transition to green, low-carbon as well as climate resilient economies.
VISION FOR PARIS CLIMATE CONFERENCE
Xi and Obama stood together in Beijing in November, 2014 to make the China-U.S. Joint Announcement on Climate Change, emphasizing their personal commitment to a successful climate agreement in Paris.
The “historic” announcement “marked a new era of multilateral climate diplomacy as well as a new pillar in their (China,and U.S.) bilateral relationship, the presidential statement said.
China and the United States said in the statement they support the inclusion in the Paris outcome of an enhanced transparency system to build mutual trust and confidence and promote effective implementation.
“It should provide flexibility to those developing countries that need it in light of their capacities,” the statement said.
The two sides stressed that the Paris agreement should accord greater prominence and visibility to adaptation, including by recognizing that it is a key component of the long-term global response to climate change, in terms of both preparing for the unavoidable impacts of climate change and enhancing resilience.
The statement also underscored the importance of continued, robust financial support beyond 2020 to help developing countries build low-carbon and climate-resilient societies.
It urged continued support by developed countries to developing countries and encourage such support by other countries willing to do so.
Developed countries committed to a goal of mobilizing jointly 100 billion dollars a year by 2020 to address the needs of developing countries and that this funding would come from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources of finance.
China and the United States also recognized the crucial role of major technological advancement in the transition to green and low-carbon, climate-resilient and sustainable development and affirmed the importance of significant increases in basic research and development in the coming years both within their own economies and globally.
ADVANCING DOMESTIC CLIMATE ACTION
Both China and the United States are committed to achieving their respective post-2020 actions as announced in last November’s joint announcement.
The presidential statement noted that the two countries have taken key steps toward implementation and are committed to continuing to intensify efforts, which “will substantially promote global investment in low-carbon technologies and solutions.”
China has been making great efforts to advance ecological civilization and promote green, low carbon, climate resilient and sustainable development through accelerating institutional innovation and enhancing policies and actions.
According to the statement, among other endeavors, China will lower carbon dioxide emissions per unit of GDP by 60 to 65 percent from the 2005 level by 2030 and increase the forest stock volume by around 4.5 billion cubic meters on the 2005 level by 2030.
China will promote green power dispatch, giving priority, in distribution and dispatching, to renewable power generation and fossil fuel power generation of higher efficiency and lower emission levels.
China also plans to start in 2017 its national emission trading system, covering key industry sectors such as iron and steel, power generation, chemicals, building materials, paper-making and nonferrous metals.
ENHANCING BILATERAL, MULTILATERAL COOPERATION
In the presidential statement, China and the United States committed to further deepening and enhancing efforts to combat climate change through the U.S.-China Climate Change Working Group, the premier mechanism for facilitating constructive bilateral dialogue and cooperation on climate change.
The two countries also emphasize that businesses can play an important role in promoting low-carbon development, and will make continued efforts to encourage and incentivize actions by businesses.
China and the Untied States consider that their bilateral investments in other countries should support low carbon technologies and climate resilience and are committed to discussing the role of public finance in reducing greenhouse gas emissions.
Both sides are to use public resources to finance and encourage the transition toward low-carbon technologies as a priority, according to the statement.
China and the United States will also strengthen dialogue and cooperation to advance climate change related issues in relevant fora complementary to the UN Framework Convention on Climate Change, such as the G20, Montreal Protocol, the International Civil Aviation Organization and the World Trade Organization.