US President Barack Obama and Chinese President Hu Jintao signed an agreement today in China emphasizing the need to "transition to a green and low-carbon economy."
The agreement solidifies several initiatives that have been in development since US commerce and energy secretaries visited China in July.The Ten Year Framework on Energy and Environmental Cooperation (TYF) aims to strengthen cooperation in promoting clean water, air, transportation, electricity and resource conservation.
TYF also includes a China-US Energy Efficiency Action Plan targeting industry, buildings and consumer products.
The two countries also agreed to create a joint Clean Energy Research Center. The Center will have offices in each country and will split evening $150 million in public and private funding over five years. The Center will focus on energy efficiency in building, carbon capture and sequestration for coal, and clean vehicles.
The China-US Electric Vehicles Initiative will coordinate joint demonstration projects in more than a dozen US and Chinese cities.
The China-US Renewable Energy Partnership was created to encourage wide-scale deployment of wind, solar, biofuels and smart grid technologies.
And finally, a memorandum of cooperation between the National Development and Reform Commission of China and US Environmental Protection Agency addresses the need for a collaborative approach to combating global climate change.
For more in-depth coverage, read the Wall Street Journal report at the link below.
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