US, China ‘Narrowing’ Rift on Climate Finance in This Week’s Talks, US Envoy Reports

BEIJING (Reuters) – The United States and China have acknowledged ongoing "some differences" regarding issues like climate finance, though progress has been made in narrowing these gaps during discussions this week, according to U.S. climate envoy John Podesta in Beijing on Friday.

Podesta stated, "Despite the friction in our bilateral relationship, we can find areas for collaboration that benefit our people and the climate." He made these remarks after meetings with his Chinese counterpart Liu Zhenmin and Foreign Minister Wang Yi.

Cooperation on climate issues between the world’s two largest greenhouse gas emitters has been crucial in establishing global agreements, including the 2015 Paris Agreement. However, experts anticipated limited outcomes from this week’s negotiations, particularly given uncertainties surrounding the upcoming U.S. presidential election.

During his presidency, Donald Trump halted climate talks with China in 2017 and withdrew the U.S. from the Paris Agreement; a similar course of action is expected if he wins re-election. During their meeting on Friday, Foreign Minister Wang expressed hope that the U.S. would maintain policy stability.

Podesta noted that the discussions covered the upcoming COP29 climate talks, set to take place in Baku, Azerbaijan, in November, where establishing a significant new fund to assist developing nations will be a key focus. The U.S. aims to expand the donor base for this fund; however, China and other large developing countries worry that such a strategy might diminish the commitments of wealthier nations.

The two sides also talked about preparing to submit ambitious climate targets for 2035 to the United Nations ahead of next year’s deadline, with the U.S. urging China to commit to significant cuts in CO2 emissions.

Additionally, Podesta mentioned plans for a bilateral summit focused on reducing non-CO2 greenhouse gases, such as methane, which he highlighted deserves more attention, as these gases account for half of what is driving global warming.