China, France seek binding CO2 emissions cuts every 5 years

China and France have agreed countries should be required to increase their emissions cuts every five years as part of the global shift to a greener, low carbon economy under a pact to be negotiated at next month’s COP21 UN climate talks in Paris.

Chinese President Xi Jingping and his French counterpart Francois Hollande agreed any new climate accord finalized in Paris should be reviewed every five years. The two leaders issued a joint declaration after a meeting in Beijing.

In the declaration, they also outlined their intention within the next five years to release their own national strategies to develop low-carbon economies by 2050.

“China and France recognise the importance of green financing and low carbon-investment and will make efforts to encourage financial flows to resource efficient and low-carbon projects,” says the declaration.

The two countries highlight the importance of mobilising climate finance to support low-carbon, climate-resilient projects in developing countries, particularly small island states and African countries.

Both countries committed to a substantial increase in public investments into low-carbon energy technology research, development and demonstration projects by 2020.

They further agreed to strengthen cooperation in areas such as renewables, low-carbon infrastructure, carbon capture and storage, energy efficiency and low carbon transportation.

China has promised to cap its rising emissions before 2030 as part of its national pledge ahead of the UN conference.  At least 80 leaders will attend the Paris event including Xi and US President Barack Obama.