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While urging China to cease new coal projects and increase climate finance, Western nations must recognise China’s critical role in clean tech manufacturing. Striking a balance for global successĪs COP28 approaches, the international community faces the challenging task of finding common ground. China’s contribution becomes pivotal, given its economic strength and dominance in clean technology manufacturing. The US, expected to contribute nearly $40 billion annually, contributed only $1 billion in 2023, while the European Union’s promise to meet the $100 billion pledge in 2023 remains unfulfilled.Īccording to the UN, developing countries require at least $12 trillion by 2030 to meet their climate goals.Īs the $100 billion commitment expires in 2025, there is a pressing need for a new climate finance architecture. The current commitment by developed nations to the $100 billion Green Climate Fund, however, falls short. The International Energy Agency (IEA) notes that China, along with advanced economies, is a major contributor to the significant increase in clean energy investments globally. One key factor adding weight to China’s role in global climate action is its economic influence and position as a leading clean technology manufacturer. The need for a global approach and China’s growing role “In this respect, developed economies should respond to the long-standing concerns of developing countries and deliver on their commitment by mobilising 100 billion US dollars every year before COP28,” Fu insists.ĭon’t miss our coverage of COP28! Subscribe here for exclusive insights & analysis. Despite these difficulties, China asserts that it has met its obligations under the UN Convention on Climate Change, committing to peak emissions before 2030 and achieve carbon neutrality before 2060.įu emphasises the principle of Common But Differentiated Responsibilities (CBDR), established in 1992, arguing that developed countries bear a historical responsibility and should support developing nations in proportion to the actions they take.
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