China still wants to work with the US on climate change

Singapore — China hasn’t given up on working with the US to fight climate change, even after the Trump administration exited the Paris climate pact, according to China’s former top climate envoy.

Co-operation between the world’s two biggest greenhouse gas (GHG) emitters is vital to stop global temperatures rising to dangerous levels, according to Xie Zhenhua, who was China’s top international climate negotiator for more than a decade starting in 2007.

Even after US President Donald Trump signaled an exit from the Paris agreement, China and the US maintained co-operation at local levels and through think-tanks and the private sector, Xie said in an interview for the New Economy Forum.

China’s biggest oil refiner also put its weight behind the climate fight, with chair Zhang Yuzhuo saying it plans to make green energy one of its core businesses as it rolls out refueling stations for cars powered by electricity and hydrogen.

Zhang also spoke at the New Economy Forum, which is organised by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.

Beijing also took another stab at trying to make its currency more relevant in the global commodity markets it dominates, as the Shanghai International Energy Exchange rolled out a yuan-denominated copper derivative contract. Existing yuan-priced contracts — such as for iron ore and crude oil — have so far made limited progress in becoming international benchmarks.

Bloomberg