The EU and China reaffirmed their commitment to advance the implementation of the Paris Agreement and intensify their cooperation on climate change and clean energy, the European Commission (EC) announced on Thursday.
The MoU on EU-China cooperation on emissions trading establishes a policy dialogue, foresees the joint organization of seminars and workshops, as well as joint research activities.
At the China-EU Summit on July 16 in Beijing, the President of the EC Jean-Claude Juncker, the President of the Council Donald Tusk, and the Chinese Prime Minister Li Keqiang adopted a "Leaders' Statement on Climate Change and Clean Energy,” the statement read. Commission Vice-President Jyrki Katainen and the Chinese Minister of Ecology and Environment Li Ganjie signed a Memorandum of Understanding (MoU) to enhance cooperation on emissions trading between China and the EU.
"We have underlined our joint, strong determination to fight climate change and demonstrate global leadership. It shows our commitment to multilateralism and recognizes that climate change is a global challenge affecting all countries on earth. There is no time for us to sit back and watch passively. Now is the time for decisive action,” Juncker was quoted as saying in the statement.
In the MoU, China and the EU acknowledged emissions trading as a cost-effective policy tool with significant potential to contribute to a low-carbon economy and the necessary innovation and deployment of low carbon technologies, the EC noted.
"Further developing cooperation between the two largest emission trading systems of the world is not only in our mutual interest but also necessary to tackle common challenges in the mid- and longer term. The newly established policy dialogue will be instrumental in this context,” Commissioner for Climate Action and Energy, Miguel Arias Canete, said.
