China followed up its promise to create the world’s largest cap-and-trade program with yet another significant climate policy announcement: It will commit to spending $3.1 billion to help developing countries slash their greenhouse gas emissions and adapt to climate change.
China’s financial commitment, along with its new carbon market, are part of a comprehensive package of climate measures that were announced at a joint press conference featuring US President Barack Obama and Chinese President Xi Jinping in Washington, DC.
The new pledge, emerging from high-profile bilateral talks between the two countries, “is a game changer in international climate politics,” says Li Shuo, a climate policy analyst for Greenpeace. “It is a drastic increase from China’s previous finance commitments.”
“In terms of scale, 3.1 billion USD could even surpass the US pledge to the Green Climate Fund, which still faces a significant battle in the US Congress.”
Friday’s deal is “enormous in terms of the signal it sends to business and others investing in technology that the world has changed.”
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