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World Bank Group Welcomes Climate Deal

Friday, November 14, 2014

World Bank Group President Jim Yong Kim has welcomed the US-China deal on reducing carbon emissions, calling the goals "ambitious".

“The leaders of the world’s two largest economies stood together and demonstrated that they will lead the fight against climate change. Presidents Barack Obama and Xi Jinping announced ambitious goals.

"We applaud the emerging ambition of these leaders and the timing of their joint statement. By coming out early and standing together, they create momentum as we move toward an international agreement in Paris in 2015."

In the deal, China committed to an emissions peak by 2030, and the United States agreed to reduce its emissions by 26-28 percent below 2005 levels by 2025 as well agreeing to expand the two nations' joint clean energy research and development.

"The impact of these commitments cannot be underestimated. Together, these countries account for more than one-third of global emissions today," Mr Kim said.

The World Bank Group is a family of five international organisations that make leveraged loans to poor countries, providing around $US30bn in loans and assistance to developing and transition countries in 2012.

Mr Kim said fighting climate change would help secure long-term prosperity - "theirs and the world's".

"We note the US and China’s emphasis on clean energy research and development, carbon capture and storage, low-carbon cities, and phasing down of short-lived climate pollutants, and we stand ready to support all leadership on climate action," Mr Kim added. (Business Spectator)

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