The big news out of Beijing today is that President Obama and Chinese President Xi Jinping have reached an agreement on reducing greenhouse gas emissions for both nations. The agreement is likely more significant in form than in substance.
The announcement includes the following targets:
- China has agreed to reach peak carbon emissions by 2030 (or sooner) and aims to have 20% of its power generated by non-fossil fuel sources by the same date.
- The U.S. has agreed to ratchet up its current emission target from 17% below 2005 levels by 2020 to 26-28% below 2005 levels by 2025.