September 24, 2015 statement on Chinese Climate Announcement

Washington, DC — The United States and China announced earlier today that China will implement a national cap and trade policy in 2017, provide finance for poorer countries to cut emissions and adapt to climate impacts, and “strictly limit” funding for high carbon projects abroad. Strategy Director Jamie Henn issued the following statement on the deal:
“This is another reason for climate hope: the world’s two largest emitters are now working together to move the world away from fossil fuels. This creates more momentum for a deal in Paris that can set the world on the path to 100% renewable energy. Now, the US, China, and other rich countries need to pick up the pace. Physics and chemistry aren’t impressed by half measures–avoiding catastrophe will require even more ambition.
China’s commitment to ‘strictly limit’ funding for high carbon projects is part of a growing trend to stop financing climate destruction. Companies, institutions, and governments are increasingly realizing that you can’t address climate change if you’re still investing in fossil fuels. We’d like to see China build on their commitment and shift all government finance away from high carbon projects and into renewable energy and sustainable development.
China’s announcement opens the door for stronger climate action here in the United States. It obliterates the argument the US can’t act because China isn’t acting with us. China is now leading the way and the US will need to run to catch up. The creation of a major cap and trade system in China will help pave the way for a price on carbon here in the US.” is working around the world in the lead up to the Paris climate talks to build momentum towards a fossil free world. Earlier this week, and the Divest-Invest coalition announced that institutions representing over $2.6 trillion in capital have now made some form of commitment to divest from fossil fuels. This November and December, will be working with its allies to organize major mobilizations in Paris and across the planet to demand bold action to address the climate crisis.