China, EU Reaffirm Paris Climate Commitment

China and the European Union on Monday reaffirmed their commitment to the Paris climate change pact.

China and the European Union have emerged as the biggest champions of the 2015 accord, which aims to keep global temperature increases to “well below” 2 degrees Celsius.

The two sides  said the deal proved that “multilateralism can succeed in building fair and effective solutions to the most critical global problems of our time.” They committed to creating a mechanism to transfer $100 billion a year from richer to poorer nations to help them adapt to climate change.

The agenda for the summit covered many topics across the breadth and depth of the relationship between the EU and China.

Outside of environmental concerns, the summit focused on trade, and the two parties reiterated their commitment to applying a rules-based, transparent and inclusive framework to its multilateral trading system, and also agreed to co-operate on reforming the World Trade Organization, which forms the core of the two powers’ trade.

Financial Tribune


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