Climate change is an existential threat to the United States and China. The two countries have a long history of working together to address this threat. Against this background, the National Committee on U.S.-China Relations (NCUSCR); the Center on Global Energy Policy, Columbia University (CGEP); the Institute of Energy, Environment and Economy, Tsinghua University (3E); and the Beijing Green Finance Association (BGFA) have organized a Track II Dialogue on Climate Finance. This track II dialogue examines the status of climate finance in the United States and China, climate-related financial disclosures, and the potential for Sino-American collaboration on climate change projects in third countries, among other topics.

On September 27 and 29, 2022, we held our second round of meetings, with candid and constructive discussions among participants from the United States and China. The following summarizes points of agreement that emerged during the meetings.

1. Dialogue between the U.S. and Chinese experts on climate change has contributed to climate change

solutions in the past and can do so again.

2. Climate change finance is an especially promising area for cooperation between the United States and

China, which co-chair the G20 Sustainable Finance Working Group.

3. Climate-related financial disclosures are important for risk management.This is a rapidly changing field in

both countries. U.S. and Chinese experts can learn from each other from continued dialogue on this

dynamic topic.

4. Further dialogue on the physical risks and transitions risks related toclimate change could be especially

valuable.

5. U.S. and Chinese stakeholders could explore ways to promote bankableprojects in third countries that

would contribute to climate change mitigation and adaptation.

7. As solar and wind power grow rapidly in both countries, continued dialogue on policies to promote high

levels of renewable power generation would beespecially valuable.

The group reaffirmed their commitment to the Paris Climate Agreement and its goals. The participants look forward to their next chance to meet, virtually or in person.

Dialogue Leaders

Stephen Orlins President, National Committee on U.S.-China Relations

David Sandalow Inaugural Fellow, Center on Global Energy Policy, Columbia University

ZHANG Xiliang Professor and Director, Institute of Energy, Environment and Economy, Tsinghua University

MA Jun President, Beijing Green Finance Association (BGFA); Chairman, Green Finance Committee, China

Society for Finance and Banking;Founder and President, Institute of Finance and Sustainability

Sarah Bloom Raskin Distinguished Professor of the Practice, Duke University School of Law; Partner, Kaya

Advisory; Former Deputy Secretary, U.S. Department of the Treasury

Michael Eckhart Adjunct Professor, Columbia University School of International and Public Affairs (SIPA);

Former Managing Director and Global Head, Environmental Finance, Citigroup

Joanna Lewis Provost Distinguished Associate Professor and Director,Science, Technology and

International Affairs (STIA),Georgetown University

Jonathan Pershing Program Director of Environment, William and Flora Hewlett Foundation; Former U.S.

Special Envoy for Climate Change

Mary Schapiro Vice Chair for Public Policy, Special Advisor to the Founder and Chairman,

Bloomberg L.P.; Former Chair, U.S. Securities and Exchange Commission

Kelly Sims Gallagher Academic Dean and Professor of Energy and Environmental Policy, The Fletcher School

at Tufts University

Todd Stern Nonresident Senior Fellow, The Brookings Institution; Former U.S. Special Envoy for

Climate Change

Xizhou Zhou Vice President and Managing Director, Global Power & Renewables, S&P Global

Chinese Participants:

DU Xiangwan Academician and Former Vice President, Chinese Academy of Engineering;

DeputyDirector, National Energy Advisory Council; Counselor, National Committee of

Experts on Climate Change

FU Chengyu Former Chairman, China Petrochemical Corporation (Sinopec Group);

Founding Director, International Academy for Carbon Neutrality; Vice Chair,

Beijing International Energy Club

GAO Jifan Chairman, Trina Solar; Honorary Chairman, China Photovoltaic Industry Association

(CPIA)

HUANG Junling Director, International Clean Energy Research Office, China Three Gorges

Corporation; Deputy Director, Tsinghua-CTG Joint Center for Climate Governance and

Low-Carbon Transformation

LI Wei Director, State Environmental Protection Engineering Center for Industrial Pollution

Supervising; Chairman, Rockontrol Technology Group; Vice President, Beijing Green

Finance Association

LIANG Xi Secretary General, Guangdong Carbon Capture, Utilization and Storage Centre (CCUS);

Professor, Sustainable Transition in Construction and Infrastructure, University

College London; Council Member, Beijing Green Finance Association

LIU Yanhua Honorary Director, National Committee of Experts on Climate Change; Former Vice

Minister, Ministry of Science and Technology

MA Aimin Deputy Director General, National Center for Climate Change Strategy and

International Cooperation (NCSC)

MA Xianfeng Vice President, BGFA; CEO, China Chenxin Investment Group Co., Ltd; Former Vice

President, China Institute of Finance and Capital Markets (CIFCM)

SHEN Zhongmin Vice Chairman and Chief Strategy Officer, Mingyang Smart Energy Group

WANG Can Professor, School of Environment; Vice Dean, Institute for Sustainable Development

and Chairman, Department ofEnvironmental Planning and Management, Tsinghua

University

WANG Zhixuan Vice President, the Experts Committee of China Electricity Council; Member, National

Committee of Experts on ClimateChange

XU Lin Director General, BGFA; Chairman, U.S.-China Green Fund; Former Director

General,Development Planning Department and Financial Development

Department,Fiscal and Financial Affairs Department, National Development and

Reform Commission (NDRC)

ZHANG Xin Chief Economist, National Center for Climate Change Strategy and International

Cooperation Center (NCSC)

ZHAO Hualin Former Chairman, the Board of Supervisors of State-Owned Assets Supervision and

Administration Commission of the State Council; Former Director General, Department

of Pollution Gross Control, Department of Pollution Prevention and Control and

Department of Planning and Finance, Ministry of Ecology and Environment