China, US pledge $3 billion each to fight climate change
China and the US have agreed to step up efforts against climate change. The China South-South Climate Cooperation Fund will also enhance their capacity to access the Green Climate Fund (GCF), Xinhua news agency cited a China-US joint presidential statement on climate change signed during Chinese President Xi Jinping's state visit to the US.
China and US recognised the importance of mobilising climate finance to support low-carbon, climate-resilient development in developing countries, according to the statement. In this connection, the US also reaffirmed its $3 billion pledge to the GCF.
In the statement, the Chinese and US presidents reaffirmed determination to implement domestic climate policies, strengthen bilateral coordination and cooperation, and to promote sustainable development and the transition to green, low-carbon as well as climate resilient economies.
The document stated: "(The) United States reaffirms its $3 billion pledge to the Green Climate Fund (GCF) and China announces that it will make available RMB 20 billion (roughly $3.1 billion) for setting up the China South-South Climate Cooperation Fund to support other developing countries to combat climate change, including to enhance their capacity to access GCF funds.