China’s special envoy to the meeting, Xie Zhenhua, highlighted the progress on the loss and damage financing agreement, as well as a joint summit on methane emissions.

COP28 moved from technical negotiations to high-level political consultations, generating a first draft agreement of 27 pages and 206 points, he said.

Xie expressed confidence in finding effective solutions that all participants can accept.

According to China’s representative, the meeting becomes a crucial opportunity to assess global progress towards the goals of the Paris Agreement, given the rapid depletion of the window to limit global warming to 1.5 degrees Celsius.

At the meeting, which runs until December 12, leaders from governments, business and civil society are addressing key issues related to mitigation, adaptation, finance and international cooperation.

In this regard, China officially joined the High Ambition Coalition for Nature and People during COP28.

Zhao Yingmin, Vice Minister of Ecology and Environment, announced that an investment of more than US$18 billion is required to achieve China’s carbon neutrality targets.

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