Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

China urges U.S. to fulfill climate duties after Supreme Court ruling

2022 07 01T090325Z 1 LYNXMPEI601HD RTROPTP 4 CHINA US TARIFF - Global Banking | Finance

BEIJING (Reuters) – The United States must meet its international obligations on climate change and do more than “shout slogans”, China’s foreign ministry spokesman Zhao Lijian said on Friday following a U.S. Supreme Court ruling limiting Washington’s ability to cut power sector emissions.

The Supreme Court voted to constrain the authority of the U.S.’s Environmental Protection Agency to regulate greenhouse gas emissions from existing coal- and gas-fired power plants under the Clean Air Act, sparking dismay among environmentalists.

Zhao told reporters at a regular briefing that the ruling had been criticised by the international community, adding that “it is not enough to just shout slogans to tackle climate change”.

“We urge developed countries, including the United States, to… face up to their historical responsibilities and show greater ambition and action,” he added.

Environmentalists in China said the decision could further undermine the broader climate relationship between Beijing and Washington, which has played a crucial role in securing global agreements to curb climate warming greenhouse gas.

“The ruling carries profound implications and will significantly weaken the conditions for future U.S.-China climate talks,” said Li Shuo, senior adviser with Greenpeace.

“Backsliding” by the United States could also make it more unlikely that China will take more action to curb its coal consumption, which reached a record high in 2021, Li added.

“The Chinese side believes there won’t be any quid pro quo on climate between them and the United States,” he said.

President Xi Jinping pledged last year that China would start cutting coal consumption in 2026, with state think tanks expecting coal-fired power generation capacity to rise by another 150 gigawatts over the 2021-2025 period.

Amid concerns about economic growth and energy security, senior officials have continued to stress the need to manage the low-carbon energy transition with care.

Vice-Premier Han Zheng this week described coal as a “ballast” for the economy, adding that China “needs to maintain the bottom line of energy security based on the basic national conditions of coal predominance.”

(Reporting by Martin Quin Pollard and David Stanway; Editing by Kim Coghill)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post