Historically, international development cooperation without financing arrangements often had no future. Although the Paris Conference opens now, there has been no systemic progress on climate financing. If developed countries fail to make clear arrangements on how to finance the $100 billion target, developing countries may well refuse to sign on the final agreement. It is therefore essential for the parties to reach a realistic and politically acceptable financing scheme.

China’s recently announced cap-and-trade system to limit emissions is a positive development, but not new. China’s emissions trading system (ETS) has seen some capping, and very little trading. Additional challenges lie ahead in the pricing of carbon and introduction of unified measurement, reporting, and verification systems.

Five years after Copenhagen, we see today an unprecedented global effort to secure a successful outcome for the global climate summit to be held in Paris this December. Much progress has been made. But much more still needs to be done. It will also require a deep attitudinal change for all countries on the core, underlying question of sustainable development.

Achieving the environmental goals presented to the UN not only can help China effectively control greenhouse-gas emissions and address global climate change, it will lay a good foundation to improve the ecological environment especially air quality. That creates an inspiring model for other nations as the Paris climate change conference approaches, where success depends on respect for developing nations varying capacities to make change and a spirit of cooperation, not confrontation.

Since China and the US the two countries made climate cooperation a priority in bilateral ties two years ago, the positive gesture has stimulated international climate politics. Moves toward common stances on key issues have raised hopes for new breakthroughs at the upcoming summit in France.

China accounts for half of the worlds coal consumption, which greatly contributes to its 30% share of global CO2 emissions. Decreasing reliance on coal is part of China’s progress for reaching the goals set by the U.S.-China climate agreement. Investment in solar and wind renewable energy are further contributing to reaching targets sooner than expected.

Newly adopted climate mitigations have caused China’s coal and electricity consumption to fall the first time this century. Coal and heavy industries were the most targeted sectors, which has led to more demand from unconventional oil extraction – extraction that could have unintended negative consequences.

Increasingly, China’s local environmental groups are finding themselves well positioned to ensure governmental support for environmental improvement and accountability. The national government of China has signaled a green light for citizen groups to take an active part in forging a more sustainable development path, but local governments are still unsure of the role that civil society groups can and will play in improving China’s environment.

Chinese economists predict growth will slow from the current 7% to around 5% if China's carbon emissions are to peak in 2030. Qi Ye posits that climate commitment may constrain China’s economic growth rate, but not necessarily growth itself.

The ambitious U.S-China climate proposal created new emissions standards for U.S. domestic power plants, which will reshape the power sector on a state-by-state basis. The 30% CO2 reduction target is significant and won’t come without domestic political opposition, despite the EU’s even more ambitious targets.