US Treasury Secretary Janet Yellen is pushing for a US-China response to decarbonisation financing efforts, during a high-stakes trip to Beijing.
Yellen, a key member of the Biden Administration, was speaking this week during a 4-day trip to cool tensions between China and the USA.
The Secretary is the second senior official to visit China in recent weeks, with Secretary of State Blinken also recently there.
“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,” Yellen said on Saturday, July 8 2023.
“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,” she said.
“Climate finance should be targeted efficiently and effectively,” she said as part of a speech to sustainability experts.
“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.”
Trillions required for Climate and decarbonisation infrastructure
According to a recent McKinsey report, at least $3 Trillion in critical minerals supply chains will need to be invested over the next few years alone.
Another report in 2021, by the International Energy Agency said at least $4 Trillion will need to be invested in green energy and green technology for decarbonisation by 2030.
China and the US are the world’s biggest carbon emitters on the planet.