EU, China Reaffirm Paris Commitment
While the world’s eyes are on a meeting of US and Russian presidents in Helsinki, the European Union (EU) said it had “deepened” its strategic relationship with China.
At their 20th EU – China summit in Beijing on July 16, the two economic powers agreed a joint statement, a leaders' statement on climate change and clean energy and a memorandum of understanding to enhance cooperation on emissions trading, among other accords.
Under the climate change agreement, China and the EU “confirm their commitments under the historic 2015 Paris Agreement and step up their co-operation to enhance its implementation” and on advancing the UN Framework Convention on Climate Change (UNFCCC) process. The separate emissions trading MOU is more about dialogue on implementation of emissions trading systems in each bloc, rather than on any future direct trading of emissions permits between the two.
The EU’s trading systems (ETS) is the world’s most extensive, but is being reformed after its low carbon price led to an unexpected surge in coal-fired generation in 2013-15 particularly in Germany.
US president Donald Trump described the EU and China as among America’s “foes”, Russia being another, but later qualified that by saying he meant economic competitors of the US. The comparison of the EU, most of whose members are Nato allies of the US, with Russia has appalled many European politicians.