China: Ms. Janet Yellen, the Treasury Secretary of the United States, has urged China to increase its support for international climate institutions that play a crucial role in financing green projects worldwide. Ms. Yellen emphasised the need for stronger collaboration in tackling the urgent and critical issue of global warming, which she described as an “existential threat.”
“Climate finance should be targeted efficiently and effectively. I believe that if China were to support existing multilateral climate institutions like the Green Climate Fund and the Climate Investment Funds alongside us and other donor governments, we could have a greater impact than we do today,” Ms. Yellen stated in Beijing during a meeting with Chinese and international sustainable finance experts.
“As the world’s two largest emitters of greenhouse gases and the largest investors in renewable energy, we have both a joint responsibility and the ability to lead the way,” the US Treasury Secretary noted, underscoring a key area of cooperation despite difficult bilateral relations.
“Climate change is at the top of the list of global challenges, and the United States and China must work together to address this existential threat,” Ms. Yellen added.
Besides working together on climate, Ms. Yellen said in a Friday meeting with Chinese premier Li Qiang that it was also key that Washington and Beijing closely communicate on global economic and financial affairs while making joint efforts on international challenges such as debt distress.
In addition to meeting people involved in climate finance, Ms. Yellen is also expected to speak to women economists and see Vice Premier He Lifeng, a key Chinese economic official.
Ms. Yellen’s talks on Saturday follow meetings with US businesses, which have expressed a host of concerns about China, ranging from fair competition with local businesses to reduced people-to-people exchanges to an uncertain business climate in the face of a national security crackdown.
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