The Biden administration has urged China to take greater action in assisting developing countries in their efforts to combat climate change. Treasury Secretary Janet L. Yellen delivered this message during her meetings in Beijing, where she aimed to establish areas of cooperation between the United States and China. While China has expressed support for programs that aid poorer nations in dealing with the consequences of climate change, it has been hesitant to contribute to international climate finance funds, citing its developing nation status.
During a meeting with Chinese and international sustainable finance experts, Yellen emphasized the need for efficient and effective climate finance. She suggested that if China were to support existing multilateral climate institutions like the Green Climate Fund and the Climate Investment Funds, along with other donor governments, a greater impact could be achieved.
Both the United States and China are facing pressure from developing countries to provide more financial assistance to cope with climate change-related challenges. This could involve shutting down coal plants, developing renewable energy sources, and implementing measures such as sea walls, improved drainage systems, and early warning systems for natural disasters.
Under President Barack Obama, the United States pledged $3 billion to the Green Climate Fund, of which $2 billion has been delivered so far. China, on the other hand, pledged $3.1 billion but has only delivered about 10% of that amount. Additionally, China provides funds to developing nations through “South-South” cooperation. Despite having the largest manufacturing sector globally, China still regards itself as a developing country under the United Nations climate body and rejects the notion of contributing to climate funds like wealthier nations, arguing that advanced economies like the United States bear more responsibility for addressing climate change due to their historical emissions.
John Morton, a former climate counselor for the Treasury Department, believes that any meaningful contribution from China could help the United States make a stronger case for climate finance support. He also suggests that the two superpowers could collaborate in other ways, such as reducing coal use and curbing methane emissions.
Yellen’s trip to China aims to restore communication channels between the two nations after years of strained relations. While she criticized China’s treatment of foreign businesses, she emphasized the importance of frequent conversations among top officials to prevent policy misunderstandings from escalating.
Yellen also discussed climate finance with Premier Li Qiang and held a meeting with Vice Premier He Lifeng, who oversees China’s economy. Despite China’s plans to completely phase out carbon emissions by 2060, there have been concerns over the country’s recent increase in coal-fired power plants and expansion of coal mines. Chinese officials argue that these new plants will mainly be used during peak electricity demand, but critics worry about long-term climate implications.
In her meeting with Vice Premier He Lifeng, Yellen expressed the importance of direct communication regarding economic practices that may raise concerns. Establishing a closer relationship with China on climate matters is seen as a pivotal opportunity for the world.
Overall, Yellen’s visit to China aims to address climate finance, enhance cooperation, and establish a foundation for future negotiations on global warming between the world’s two largest polluters.
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