The world is facing a climate crisis, and developing nations are bearing the brunt of its consequences. To help these countries adapt and mitigate the effects of climate change, a global commitment was made in 2009: developed nations would provide $100 billion in climate finance annually by 2020. However, this promise has largely gone unfulfilled.

India outshines developed nations in climate funding

US Treasury Secretary Janet Yellen on her third day of the China trip said it is 'critical' for Washington and Beijing to work together on climate finance.&nbsp; Addressing a roundtable of experts, Yellen called global warming an "existential threat"&nbsp;and urged for&nbsp;deeper cooperation between the two nations.&nbsp;

"Continued U.S.-China cooperation on climate finance is critical. As the world's two largest emitters of greenhouse gases and the largest investors in renewable energy, we have both a joint responsibility –- and ability -– to lead the way," said Jellen.&nbsp;

"Climate change is at the top of the list of global challenges, and the United States and China must work together to address this existential threat," she added.&nbsp;

Yellen pressed Beijing to support environmental, multilateral institutions like the Green Climate Fund and called upon the private sector to transition towards net zero.&nbsp; 
 
"Financing for such initiatives should be coordinated efficiently and effectively," she said, adding that Beijing's support for existing multilateral climate institutions like the Green Climate Fund (GCF) and the Climate Investment Funds, alongside the Washington and others, could boost their impact.

"Both our economies seek to support partners in emerging markets and developing countries as they strive to meet their climate goals, and I believe continued US-China cooperation on climate finance is critical." 
 
China&nbsp;resists&nbsp;paying into such funds, arguing that it is also a developing nation.&nbsp;Beijing&nbsp;says it is the responsibility of the developed&nbsp;nations to help poor countries to address climate change.

<h2>Good cop, bad cop</h2>

Yellen's trip to China is being seen as an attempt to repair the broken ties between the two countries, according to experts. Throughout the trip, Yellen has been playing the good cop, bad cop routine.&nbsp;

On Friday, during one of the addresses, Yellen criticised&nbsp;China's punitive measures against US companies but added that complete decoupling of the US and Chinese economies was "impossible".&nbsp;

"We seek to diversify, not to decouple. A decoupling of the world's two largest economies would be destabilising for the global economy," Yellen told representatives of US businesses at a session hosted by the American Chamber of Commerce in Beijing.

"And it would be virtually impossible to undertake."

Watch | Xi Jinping sees red as US&nbsp;aims to curtail technology investment in China | Yellen in Beijing

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<h2>Avoid misunderstandings: Yellen</h2>

Shortly after the arrival, Yellen posted a series of tweets wherein she hoped that Washington and Beijing are able to 'communicate and avoid miscommunication'.&nbsp;

"We seek a healthy economic competition that benefits American workers and firms and to collaborate on global challenges," Yellen wrote on Twitter.

"We will take action to protect our national security when needed, and this trip presents an opportunity to communicate and avoid miscommunication or misunderstanding."

<a href="http://13.235.153.162/world/avoid-miscommunication-yellen-after-arriving-in-beijing-on-four-day-trip-612907">Also read |&nbsp;'Avoid miscommunication...': Yellen after arriving in Beijing on four-day trip</a>

Yellen's visit to China comes a few weeks after&nbsp;Secretary of State Antony Blinken travelled to Beijing and met President Xi Jinping.&nbsp;The Biden administration, in recent months, has set about to thaw the icing relations after the US military shot down a Chinese government spy balloon over the United States.

With Biden likely to meet Xi at&nbsp;the G20 Summit in New Delhi in September, the groundwork is being laid out by the visit of top leaders, to ensure a smooth channel of communication is developed.&nbsp;

(With inputs from agencies)

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US Treasury Secretary Janet Yellen on her third day of the China trip said it is 'critical' for Washington and Beijing to work together on climate finance. Addressing a roundtable of experts, Yellen called global warming an "existential threat" and urged for deeper cooperation between the two nations.

US Treasury Secretary Janet Yellen on her third day of the China trip said it is 'critical' for Washington and Beijing to work together on climate finance. Addressing a roundtable of experts, Yellen called global warming an "existential threat" and urged for deeper cooperation between the two nations. "Continued U.S.-China cooperation on climate finance is critical. As the world's two largest emitters of greenhouse gases and the largest investors in renewable energy, we have both a joint responsibility –- and ability -– to lead the way," said Jellen. "Climate change is at the top of the list of global challenges, and the United States and China must work together to address this existential threat," she added. Yellen pressed Beijing to support environmental, multilateral institutions like the Green Climate Fund and called upon the private sector to transition towards net zero. "Financing for such initiatives should be coordinated efficiently and effectively," she said, adding that Beijing's support for existing multilateral climate institutions like the Green Climate Fund (GCF) and the Climate Investment Funds, alongside the Washington and others, could boost their impact. "Both our economies seek to support partners in emerging markets and developing countries as they strive to meet their climate goals, and I believe continued US-China cooperation on climate finance is critical." China resists paying into such funds, arguing that it is also a developing nation. Beijing says it is the responsibility of the developed nations to help poor countries to address climate change. Good cop, bad cop Yellen's trip to China is being seen as an attempt to repair the broken ties between the two countries, according to experts. Throughout the trip, Yellen has been playing the good cop, bad cop routine. On Friday, during one of the addresses, Yellen criticised China's punitive measures against US companies but added that complete decoupling of the US and Chinese economies was "impossible". "We seek to diversify, not to decouple. A decoupling of the world's two largest economies would be destabilising for the global economy," Yellen told representatives of US businesses at a session hosted by the American Chamber of Commerce in Beijing. "And it would be virtually impossible to undertake." Watch | Xi Jinping sees red as US aims to curtail technology investment in China | Yellen in Beijing × Avoid misunderstandings: Yellen Shortly after the arrival, Yellen posted a series of tweets wherein she hoped that Washington and Beijing are able to 'communicate and avoid miscommunication'. "We seek a healthy economic competition that benefits American workers and firms and to collaborate on global challenges," Yellen wrote on Twitter. "We will take action to protect our national security when needed, and this trip presents an opportunity to communicate and avoid miscommunication or misunderstanding." Also read | 'Avoid miscommunication...': Yellen after arriving in Beijing on four-day trip Yellen's visit to China comes a few weeks after Secretary of State Antony Blinken travelled to Beijing and met President Xi Jinping. The Biden administration, in recent months, has set about to thaw the icing relations after the US military shot down a Chinese government spy balloon over the United States. With Biden likely to meet Xi at the G20 Summit in New Delhi in September, the groundwork is being laid out by the visit of top leaders, to ensure a smooth channel of communication is developed. (With inputs from agencies) WATCH WION LIVE HERE:

Yellen seeks China's cooperation on climate finance to tackle ‘existential threat’

The United States was accused Wednesday of using crunch UN talks to avoid compensating poorer nations hit by <a href="https://www.wionews.com/world/australia-thousands-protest-against-climate-change-with-bushfire-in-focus-267674">climate change</a>, despite its decision to leave the process to limit global warming.

Delegates and observers at the COP25 negotiations in Madrid told AFP that Washington was pushing for a change in the rules of the UN climate convention that could let history's largest emitter largely off the hook when it comes to so-called "loss and damage" funding for developing nations.

Under the bedrock UN climate treaty, adopted in 1992, rich nations agreed to shoulder more responsibility for curbing global warming, and to help developing countries prepare for unavoidable future impacts,&nbsp;the twin pillars of "mitigation" and "adaptation".

But there was no provision for helping countries already reeling in a climate-addled world, such as Mozambique,&nbsp;recently hit by devastating cyclones, and small island states literally disappearing under the waves.

A new mechanism was established in 2013, but with damage estimates running to $150 billion (135 billion euros) a year by 2025, there is no agreement on where the money might come from or even if it should be paid.

One of the tasks facing delegates in Madrid is reviewing the framework for how countries might pay and account for this money.

A document said to be circulated by US negotiators to delegation heads, seen by AFP, proposes to transpose a key provision under the 2015 Paris agreement -- from which the United States is withdrawing -- and apply it to the wider COP process, where the US will maintain a seat at the table.

The clause in question was adopted by countries in 2015 to specify that the landmark <a href="https://www.wionews.com/india-news/from-devastating-amazon-fire-to-indonesias-green-new-capital-climate-change-in-focus-at-wion-world-order-event-267029">climate deal</a> "does not involve or provide a basis for any liability or compensation".

By seeking to apply the wording to the UN process as a whole, observers say the US is essentially proposing a liability waiver for richer countries in financing blameless poorer nations' fight against climate impacts.

Delegates representing developing countries said the US proposal was "unimaginable" and vowed to block it.

"Climate change has been triggered due to historic responsibilities," Ammar Hijazi, the head of the G77 negotiating bloc at COP25, told AFP.&nbsp;

"What's affecting the most vulnerable needs to be addressed in that vein."&nbsp;

Watch: Climate Change 'Tipping Points'

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-climate-change-tipping-points-265326/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

'Undermines whole process'

Hijazi said the US proposal was contrary to the core UN climate principle that richer nations responsible for the most emissions must do more to help poorer nations adapt.&nbsp;

"It undermines the whole process," he said.&nbsp;

"If you take that principle out of the formula... you start defaulting on your historic responsibility and what you yourself have committed to under the convention."

The US move is also designed to leave open access for Washington to the UN executive committee that decides on loss and damage funding, several sources noted.&nbsp;

This could allow the US to stymie climate finance for years to come despite pulling out of Paris.

"The Trump administration is now making a cynical and paranoid play to further distance itself from responsibility for the harmful impacts of climate change and to further protect itself and other polluters from liability for the crisis," said Harjeet Singh, global climate lead at ActionAid.

The US delegation said it had no comment on the issue.&nbsp;

'Concerns our grandchildren'

Carlos Fuller, the lead negotiator for small island nations, said that the US proposal was unnecessary.

"The US wants to be part of the process and so they believe they need to have a decision saying that," he said.&nbsp;

"We need to engage them. We believe we both want to get to the same place but we're coming from different angles."

Alpha Kaboga, a negotiator from Guinea and a member of the UN's executive committee on loss and damage, told AFP that the US stance was another example of rich nations ignoring the climate needs of poorer countries.&nbsp;

"You see the <a href="https://www.wionews.com/world/climate-change-has-ill-effects-on-health-but-not-enough-funding-world-health-organisation-265954">climate impact now</a>," he said.

"Bringing very critical language like (the US proposal) into the convention is something that's going to be very difficult for us to accept."

"It concerns not only us but also our children and grandchildren," he added.&nbsp;

The United States was accused Wednesday of using crunch UN talks to avoid compensating poorer nations hit by climate change, despite its decision to leave the process to limit global warming.

The United States was accused Wednesday of using crunch UN talks to avoid compensating poorer nations hit by climate change, despite its decision to leave the process to limit global warming. Delegates and observers at the COP25 negotiations in Madrid told AFP that Washington was pushing for a change in the rules of the UN climate convention that could let history's largest emitter largely off the hook when it comes to so-called "loss and damage" funding for developing nations. Under the bedrock UN climate treaty, adopted in 1992, rich nations agreed to shoulder more responsibility for curbing global warming, and to help developing countries prepare for unavoidable future impacts, the twin pillars of "mitigation" and "adaptation". But there was no provision for helping countries already reeling in a climate-addled world, such as Mozambique, recently hit by devastating cyclones, and small island states literally disappearing under the waves. A new mechanism was established in 2013, but with damage estimates running to $150 billion (135 billion euros) a year by 2025, there is no agreement on where the money might come from or even if it should be paid. One of the tasks facing delegates in Madrid is reviewing the framework for how countries might pay and account for this money. A document said to be circulated by US negotiators to delegation heads, seen by AFP, proposes to transpose a key provision under the 2015 Paris agreement -- from which the United States is withdrawing -- and apply it to the wider COP process, where the US will maintain a seat at the table. The clause in question was adopted by countries in 2015 to specify that the landmark climate deal "does not involve or provide a basis for any liability or compensation". By seeking to apply the wording to the UN process as a whole, observers say the US is essentially proposing a liability waiver for richer countries in financing blameless poorer nations' fight against climate impacts. Delegates representing developing countries said the US proposal was "unimaginable" and vowed to block it. "Climate change has been triggered due to historic responsibilities," Ammar Hijazi, the head of the G77 negotiating bloc at COP25, told AFP. "What's affecting the most vulnerable needs to be addressed in that vein." Watch: Climate Change 'Tipping Points' 'Undermines whole process' Hijazi said the US proposal was contrary to the core UN climate principle that richer nations responsible for the most emissions must do more to help poorer nations adapt. "It undermines the whole process," he said. "If you take that principle out of the formula... you start defaulting on your historic responsibility and what you yourself have committed to under the convention." The US move is also designed to leave open access for Washington to the UN executive committee that decides on loss and damage funding, several sources noted. This could allow the US to stymie climate finance for years to come despite pulling out of Paris. "The Trump administration is now making a cynical and paranoid play to further distance itself from responsibility for the harmful impacts of climate change and to further protect itself and other polluters from liability for the crisis," said Harjeet Singh, global climate lead at ActionAid. The US delegation said it had no comment on the issue. 'Concerns our grandchildren' Carlos Fuller, the lead negotiator for small island nations, said that the US proposal was unnecessary. "The US wants to be part of the process and so they believe they need to have a decision saying that," he said. "We need to engage them. We believe we both want to get to the same place but we're coming from different angles." Alpha Kaboga, a negotiator from Guinea and a member of the UN's executive committee on loss and damage, told AFP that the US stance was another example of rich nations ignoring the climate needs of poorer countries. "You see the climate impact now," he said. "Bringing very critical language like (the US proposal) into the convention is something that's going to be very difficult for us to accept." "It concerns not only us but also our children and grandchildren," he added.

US accused of seeking climate funding waiver at UN talks

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