The Biden administration, represented by Treasury Secretary Janet Yellen, has urged China, the world's largest greenhouse gas emitter, to increase its support for international climate finance funds. China has been selective in its support, arguing its status as a developing nation, despite being a significant investor in renewable energy. Yellen is the second Biden administration cabinet member to visit China recently, following Secretary of State Antony Blinken's visit last month. - Yellen delivered this message during her second day of meetings in Beijing.
- The U.S. is seeking areas of cooperation between the two nations on climate change.
- China has supported programs helping other countries cope with climate change effects.
- However, China has been selective in choosing which funds to support.
- The U.S. believes that as one of the largest investors in renewable energy, China has a joint responsibility to lead the way.
- China has pledged $3.1B to climate change mitigation efforts in developing countries but has only delivered about 10% of that amount.
- Yellen suggested that the impact could be significantly amplified if China supported multilateral climate institutions like the Green Climate Fund and the Climate Investment Funds.
- John Kerry, the special envoy for climate change, plans to visit China later in July to restart global warming negotiations between the world's two largest polluters.
According to World Bank data, China accounted for 28% of global CO2 emissions in 2019. - Per a BBC report, China is the largest consumer of coal and the leading investor in renewable energy.
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