The United States and China, as the world's two largest economies, must work together to combat the "existential threat" of climate change, U.S. Treasury Secretary Janet Yellen told Chinese government officials and climate experts on Saturday. "Continued U.S.-China cooperation on climate finance is critical," Yellen said in a prepared text. She said financing for such initiatives should be coordinated efficiently and effectively, adding that Beijing's support for existing multilateral climate institutions like the Green Climate Fund and the Climate Investment Funds, alongside the Washington and others, could boost their impact. China is the largest market after Europe for climate funds, surpassing the U.S. as funds in China have more than doubled since 2021 to $46.7 billion, according to research firm Morningstar. That group had in recent years developed a roadmap for sustainable finance, held workshops on carbon pricing and non-pricing policy levers, developed a transition finance framework, and made a range of recommendations on climate finance, she said.

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Persons: jerry, Janet Yellen, Yellen, –, Morningstar Organizations: Bandai, Treasury, U.S, Climate Fund, Climate, Bank, Sustainable Finance Locations: Pali district, Rajasthan, United States, China, U.S, Beijing, Paris, Washington, Europe, India