Yellen calls for China cooperation on climate finance: It's 'critical' to combat the 'existential threat'
Former Deputy Assistant Treasury Secretary Christine McDaniel discusses Janet Yellen's trip to China, the Biden administration's 'Bidenomics' tour and the UPS, Teamster labor talks.
U.S. Treasury Secretary Janet Yellen called for close cooperation Saturday on climate finance during a meeting with Chinese government officials.
During a visit to Beijing, she said the world's two largest economies must work in tandem to combat the «existential threat» of climate change, citing previous global breakthroughs like the 2015 Paris Agreement.
«Continued U.S.-China cooperation on climate finance is critical,» Yellen asserted.
«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,» she said.
TREASURY SECRETARY YELLEN MEETS WITH CHINESE PREMIER, URGES COMMUNICATION
U.S. Treasury Secretary Janet Yellen, left, shakes hands with Chinese Vice Premier He Lifeng during a meeting at the Diaoyutai State Guesthouse in Beijing, China, Saturday, July 8, 2023. (Mark Schiefelbein/Pool via REUTERS / Reuters Photos)
Yellen said that financing should be coordinated «efficiently and effectively» and that it is also critical «we encourage economy-wide transitions toward net-zero, which needs to include the private sector.»
While China has previously signaled its support for a way to compensate poor countries for losses and damages due to climate change, it said at last year's COP27 climate summit that would not involve contributing funds.
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U.S. Treasury Secretary Janet Yellen looks on during a meeting with Chinese Vice Premier He Lifeng at the Diaoyutai State Guesthouse in
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