China's Xi backs climate-friendly finance on Europe tour

clock • 1 min read

Xi made common cause with Emmanuel Macron on climate change, amid multi-billion dollar business deals on a six-day visit to Europe

China and France affirmed their commitment to climate action in a joint statement on Monday, as part of president Xi Jinping's tour of Europe.

Xi and his French counterpart Emmanuel Macron promised to "resolutely defend" the UN system, implement the Paris Agreement on climate change and mobilise finance to meet its goals. That contrasts with the US administration's rejection of the Paris deal under Donald Trump.

The two countries are set to support UN chief Antonio Guterres' planned September climate summit "by steering the preparatory work on climate finance and carbon pricing, and solutions based on nature," the statement said.

It came as part of a six-day visit by Xi to Europe, focused on securing business deals worth billions of dollars. These included a Chinese order for 300 Airbus planes, as well as renewable energy, gas and transport infrastructure contracts.

Italy became the first western country to sign up to China's "belt and road" foreign investment programme. Other member states took a more sceptical stance on trade.

Germany's Angela Merkel, after meeting Xi in Paris, said Europeans "want to play an active part" in the belt and road project, as reported by Reuters. "That must lead to a certain reciprocity, and we are still wrangling over that a bit," she added, referring to calls on China to open its markets to European businesses.

This article first appeared at Climate Home News

More on Investment

Google makes first investment in long-duration energy storage

Google makes first investment in long-duration energy storage

Google invests in Italy's Energy Dome to support plans to deploy commercially proven long duration storage technology

clock 25 July 2025 • 2 min read
Win-Win and the cocoa-free chocolate factory raises £3m for European expansion

Win-Win and the cocoa-free chocolate factory raises £3m for European expansion

Creators of UK's first cocoa free chocolate alternative Win-Win completes latest funding round, taking total capital raised to date to £8m

clock 24 July 2025 • 2 min read
SBTi launches industry-first net zero standard for banks and investors

SBTi launches industry-first net zero standard for banks and investors

Financial firms required to end project financing for new fossil fuel projects and assess and disclose exposure to deforestation risks to secure SBTi validation

Michael Holder
clock 22 July 2025 • 6 min read