President Obama and President Xi Jinping discussing climate change goals - Global Banking & Finance Review
President Obama and President Xi Jinping unveil ambitious climate change targets in Beijing, aiming to cut greenhouse gas emissions. This significant announcement is pivotal for global climate initiatives and impacts financial policies in the banking sector.
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US, CHINA UNVEIL NEW CLIMATE CHANGE GOALS

Published by Gbaf News

Posted on November 13, 2014

1 min read
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JOSH LEDERMAN, Associated Press

Obama Announces Aggressive Emissions Cuts

BEIJING (AP) – President Barack Obama is setting a goal to move much faster in cutting U.S. greenhouse gas emissions blamed for global warming.

Obama and Chinese President Xi Jinping (shee jihn-peeng) are unveiling their new targets in Beijing. The leaders hope to spur other countries to set ambitious targets ahead of a global climate treaty to be finalized next year.

Details of New U.S. Emission Reduction Goals

Obama’s new goal is to reduce emissions by 26 to 28 percent by 2025, compared to 2005 levels. Earlier in his presidency, Obama set a goal to cut emissions by 17 percent by 2020, compared to 2005.

China Sets Target for Emissions Peak

China isn’t committing to cut emissions by a specific amount. China’s emissions are still rising as the country builds new coal plants. So China’s goal is for its emissions to peak by 2030 or earlier.

Key Takeaways

  • The U.S. commits to reducing greenhouse gas emissions by 26–28% by 2025 compared to 2005 levels.
  • China sets a goal to have its emissions peak by around 2030 or earlier, without promising specific reductions.
  • The joint announcement aims to catalyze other nations to adopt more ambitious climate targets ahead of the 2015 Paris Agreement.

References

Frequently Asked Questions

What is the U.S. emissions target announced?
To reduce greenhouse gas emissions by 26–28% by 2025 compared to 2005 levels.
What is China’s commitment regarding emissions?
China aims to peak its CO₂ emissions by around 2030 or earlier, without committing to absolute cuts.
Why did Obama and Xi make this announcement?
To motivate other countries to set ambitious targets ahead of finalizing a global climate treaty at the 2015 Paris conference.

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