Climate in the Frame as EU members back China investment deal (2)

–China retains access to EU markets and gets investment possibilities in renewable energy, the Financial Times reports

By Mathew Carr

Dec. 28-29, 2020– LONDON: Agreement ‘could be reached as early as Tuesday’ following movement on major sticking point, Newspapers reported.

“No country had raised ‘stop sign’ clearing way for political endorsement, source says,” according to the South China Morning Post.

For China, it retains access to EU markets and offers investment possibilities in renewable energy, the Financial Times reports.

The endorsement of the deal came after EU negotiators said there were “positive developments” on Beijing’s commitments on labour standards, one of the major sticking points.

The EU and China have been cooperating on carbon pricing. China’s national carbon pricing system has been delayed as U.S. President Donald Trump resisted climate action. With Trump being replaced by Joe Biden next month, more cooperation on the climate crisis is seen between China, the U.S. and EU, which last year had 44% of the world’s energy emissions.

Yet trade tensions remain high across the world, and the climate transition, or lack of it, is seen potentially upsetting existing economic relationships.

China’s economic growth aims to meet the Chinese people’s aspiration for a better life and inject impetus into global economic recovery. China is still the biggest developing country in the world, where uneven and inadequate development remains a prominent problem. Development is the underpinning force for tackling all challenges. As we work to develop a new development paradigm for high quality development, China will play a more active role in global market, deepen cooperation with other countries, and share development opportunities for win-win results,” said China Foreign Ministry Spokesperson Zhao Lijian on Dec. 28 at a regular press conference.

For report:

(Updates Monday afternoon with analysis, Tuesday morning with FT and comment from China)

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