Yellen calls for China cooperation on climate finance: It's 'critical' to combat the 'existential threat'

U.S. Treasury Secretary Janet Yellen looks on during a meeting with Chinese Vice Premier He Lifeng at the Diaoyutai State Guesthouse in Beijing, China, Saturday, July 8, 2023.

"We strongly support the claims from developing countries, especially the most vulnerable countries, for claiming loss and damage compensation because China is also a developing country, and we also suffered a lot from extreme weather events," Chinese climate envoy Xie Zhenhua said, speaking through a translator.

"It is not the obligation of China, but we are willing to make our contribution and make our effort," he said. Beijing says it could contribute to loss and damage due to climate change on a voluntary basis, according to Reuters. Treasury Secretary Janet Yellen attends a meeting with Chinese Vice Premier He Lifeng at the Diaoyutai State Guesthouse in Beijing on July 8, 2023.

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