The United States and China have issued an unexpected joint declaration at the COP26 summit in Glasgow pledging to jointly strengthen and accelerate climate action.
In a move expected to possibly redefine their relationship, the pair agreed more needed to be done globally to achieve the goals set by the Paris Agreement to limit the rise in global temperatures to 1.5-2.0 degrees.
The US and China are believed to have engaged in tens of meetings since the start of 2021, as they worked to iron out a deal. And in what serves as an epilogue, in separate press conferences the pair said they would work individually, jointly and with other countries to strengthen the implementation of the Paris Agreement and take enhanced climate action.
“One of the big fears going into Glasgow is China and the US would be at loggerheads, but in fact what this statement says is they will collaborate, despite their differences,” said Climate Council head of research Dr Simon Bradshaw.
“The focus on accelerating action this decade – in the 2020s – is significant. That’s what we have to do to keep 1.5 degrees Celsius alive, and that’s the memo the Australian government has missed.”
Australia was recently ranked 55th for its response to climate change according to the Climate Change Performance Index, while the United States ranked 52nd and China ranked 37th.
As part of their declaration, the US and China said they would cooperate on regulatory frameworks and environmental standards to reduce emissions, policies to encourage decarbonisation and the deployment of technology such as carbon capture, utilisation and storage.
Moreover, they pledged to support renewable energy, reduce methane emissions and eliminate illegal deforestation.
“The two sides are intent on seizing this critical moment to engage in expanded individual and combined efforts to accelerate the transition to a global net zero economy,” the joint declaration said.
The first draft of an agreement from the COP26 summit has now been published which includes a call for countries to “revisit and strengthen” their 2030 targets by the end of next year.
It also emphasises the “importance of multilateralism in tackling climate change and the crucial role of international cooperation in implementing the Paris Agreement to the highest possible ambition”.
“For the first time, we have a decision text that explicitly calls on countries to phase out coal and phase out fossil fuel subsidies,” said Dr Bradshaw.
“Right now, Australia is being left in the dust as other countries race to embrace renewable energy. The cost of inaction on climate is not just Australia’s international standing, but also the economic cost of not leading the race on renewables.”
The final agreement will be published later this week ahead of the conclusion of the COP26 summit.
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
