Xi at Davos urges Trump to stay in Paris climate deal

LONDON — Chinese President Xi Jinping urged climate change sceptic Mr Donald Trump to keep the US in the “hard won” Paris agreement during a Davos speech that touted the world’s largest polluter as a leader in the fight against global warming.

Speaking at the World Economic Forum’s annual meeting, Mr Xi said “all signatories must stick to” the 2015 Paris deal to limit global temperature increases to well below 2 degrees Celsius. “Walking away” from the pact would endanger future generations, he said.

While Mr Trump has threatened to reverse President Obama policies on tackling climate change and pull the US out of the 2015 Paris accord, China is strengthening its commitment to the issue. Earlier this month, it pledged to invest 2.5 trillion yuan (S$515 billion) in renewable energy through 2020 to reduce greenhouse gases that cause global warming.

Mr Xi said China’s green development investments were already “paying off” and urged other countries to support international cooperation to solve the world’s most urgent challenges.

“We should join hands and rise to the challenge,” he said. “Let us boost confidence, take actions and work together for a bright future.”

SUSPENDING COAL

China’s government has suspended 101 coal-power projects across 11 provinces as it moves toward cutting carbon dioxide emissions. The deferred investments are worth about 430 billion yuan, China’s financial daily Caixin reported on Tuesday (Jan 17).

“If the US does step back from leadership in the climate process then China will step forward, not least for pure realpolitik reasons,” said Mr Michael Liebreich, founder of Bloomberg New Energy Finance. “If you’ve got large parts of the world including all of Africa, really hungry for investment and energy solutions, then the US is seen as an unreliable partner, or trying to push dirty solutions, then I think China will step into that breach.”

China already leads in renewable energy investment, spending almost US$88 billion (S$124 billion) in 2016, one-third more than the US according to Bloomberg New Energy Finance. China’s investment has already created 3.5 million renewable energy jobs and that’s expected to grow to 13 million by 2020, according to the International Renewable Energy Agency.

It’s not just rising global temperatures and sea levels concerning China. The nation’s increasingly wealthy middle class is worried about the quality of air it breathes and water it drinks and has become more vocal about complaints. With Beijing again cloaked in smog at the start of the year, Mr Xi faces continued pressure to show he’s doing what it takes to clean things up.

Mr Xi’s comments on climate change will help reassure clean energy investors at a time when the future of the US’s own renewables market in doubt, said Mr Li Shuo, policy adviser at Greenpeace East Asia.

“The US political situation provides an external driver for China to go forward from being a reluctant leader to climate hero,” he said in a phone interview. BLOOMBERG