Commodities, Emerging Markets, Energy

Statement on U.S.-China Climate Announcement: World Bank

World Bank Group President Jim Yong Kim today released the following statement on the groundbreaking U.S. – China Joint Announcement on Climate Change:

China Climate ChangeThis morning, the leaders of the world’s two largest economies stood together and demonstrated that they will lead the fight against climate change.

Presidents Barack Obama and Xi Jinping announced ambitious goals: China committed to an emissions peak by 2030, and the United States agreed to reduce its emissions by 26-28 percent below 2005 levels by 2025; and they agreed to expand their joint clean energy research and development. The impact of these commitments cannot be underestimated.. Together, these countries account for more than one-third of global emissions today.

We applaud the emerging ambition of these leaders and the timing of their joint statement. By coming out early and standing together, they create momentum as we move toward an international agreement in Paris in 2015.

The world’s two largest economies understand that fighting climate change is about long-term prosperity – their own long-term prosperity and the world’s.

We note the U.S. and China’s emphasis on clean energy research and development, carbon capture and storage, low-carbon cities, and phasing down of short-lived climate pollutants, and we stand ready to support all leadership on climate action.

Source: World Bank


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