The National Committee on U.S.-China Relations (NCUSCR), the Center on Global Energy Policy at Columbia University (CGEP), and the Beijing Green Finance Association (BGFA) under the guidance of the Institute of Energy, Environment and Economy at Tsinghua University, convened the first Track II Dialogue on Climate and Energy: Climate Finance virtually on January 24 and 25, 2022 EST. The dialogue brought together experts from academia, think tanks, business, and industry in both countries for off-the-record discussions on opportunities for bilateral collaboration on financing projects to mitigate and adapt to global climate change (climate finance). We plan to meet for a second round in late 2022. 

Climate change is a grave threat to the United States and China, which have a long history of working together to address this issue. Most recently, at the November 2021 United Nations Climate Change Conference (COP26), the two countries issued the Joint Glasgow Declaration to Enhance Climate Action in the 2020s. In a video call later that month, U.S. President Joe Biden and Chinese President Xi Jinping discussed the importance of cooperating on issues of global importance, especially on climate change. In the global effort to mitigate and adapt to climate change, financing the transition from fossil fuels to renewable energy is a critical area of cooperation for key U.S. and Chinese stakeholders. At a time of fraught relations, dialogue participants examined the status of climate finance in the United States and China, prospects for harmonizing standards, and the potential for U.S.-China collaboration in development assistance abroad, among other topics.