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.

Beijing’s air pollution – and the stark contrast between how the rich and poor are able to respond to the problem, is a theme of developing economics. To address the current structural imbalance Barbier suggests tackling the twin problems of excessive environmental degradation and insufficient human capital, which he calls a “Balanced Wealth Strategy.”

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.

President Xi Jinping of Chinawill make a landmark commitment on Friday to start a national program in 2017 that will limit and put a price on greenhouse gas emissions, Obama administration officials said Thursday.

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.

Seventy years ago, China and the U.S. fought side by side in World War II, and now have to work much more closely to provide public good for the world. Increasing cooperation on combating climate change was the most anticipated outcome of Xi Jinping’s state visit. Collaboration on clean technology, energy-sector reform, and energy security could contribute to the stability of the world’s economy and efforts in tackling climate change.

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.

Just as U.S. President Bill Clinton expressed to Chinese President Jiang Zemin in 1996, both countries need to rely on the common interests of combating climate change and strengthening mutual security. This can happen with improved and people-to-people interaction.

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.