Mr. Ma’s statement is consistent with the Chinese government’s position that China is not required to provide financial assistance under United Nations climate guidelines.
Xie Zhenhua, China’s climate envoy, previously stated that China does not have the responsibility to provide financial assistance following the establishment of a new multilateral fund aimed at assisting economically disadvantaged countries in mitigating the economic losses caused by climate-related disasters.
According to John Morton, a former Treasury Department climate counselor during the Biden administration, a big contribution from China might improve the United States’ case for climate finance approval from Congress and other stakeholders.
He also advises that the two giants look at other areas of cooperation, such as supporting developing countries in lowering coal consumption or mitigating methane emissions, a potent greenhouse gas that seeps from oil and gas wells.
Morton highlights the necessity of taking any opportunity to strengthen ties with China on climate issues, as such a partnership might have far-reaching global implications.
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United States And China Strengthen Climate Cooperation At G20
The United States and China jointly lead the Group of 20’s Sustainable Finance Working Group, providing an opportunity for both countries to further their collaboration on global climate challenges.
Notably, Treasury Secretary Janet Yellen is the Biden administration’s second cabinet member to visit China in recent weeks, following Secretary of State Antony J.
Blinken’s visit in June. Furthermore, President Joe Biden’s special envoy on climate change, John Kerry, is slated to visit China in July with the goal of reopening global warming negotiations between the world’s two largest polluters.
These diplomatic initiatives demonstrate the necessity of cooperation between the United States and China in combating climate change.
These countries have the ability to play a key role in driving global climate action and promoting a sustainable future if they work together.
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Source:www.reuters.com