Our announcement can inject momentum into the global climate negotiations, which resume in less than three weeks in Lima, Peru, and culminate next year in Paris. The commitment of both presidents to take ambitious action in our own countries, and work closely to remove obstacles on the road to Paris, sends an important signal that we must get this agreement done, that we can get it done, and that we will get it done.

This is also a milestone in the United States-China relationship, the outcome of a concerted effort that began last year in Beijing, when State Councilor Yang Jiechi and I started the United States-China Climate Change Working Group. It was an effort inspired not just by our shared concern about the impact of climate change, but by our belief that the world’s largest economies, energy consumers and carbon emitters have a responsibility to lead.

The targets themselves are also important. Ambitious action by our countries together is the foundation to build the low-carbon global economy needed to combat climate change. The United States intends to reduce net greenhouse gas emissions by 26 to 28 percent below 2005 levels by 2025 – a target that is both ambitious and feasible. It roughly doubles the pace of carbon reductions in the period from 2020 to 2025 as compared to the period from 2005 to 2020. It puts us on a path to transform our economy, with emissions reductions on the order of 80 percent by 2050. It is grounded in an extensive analysis of the potential to reduce emissions in all sectors of our economy, with significant added benefits for health, clean air, and energy security.

Our target builds on the ambitious goal President Obama set in 2009 to cut emissions in the range of 17 percent below 2005 levels by 2020. We are on track to meet that goal, while creating jobs and growing the economy, with the help of a burgeoning clean energy sector. Since the president took office, wind energy production has tripled and solar energy has increased by a factor of ten. This summer, the Environmental Protection Agency proposed the first carbon pollution standards for existing power plants, which account for a third of United States carbon pollution.

The Chinese targets also represent a major advance. For the first time China is announcing a peak year for its carbon emissions – around 2030 – along with a commitment to try to reach the peak earlier. That matters because over the past 15 years, China has accounted for roughly 60 percent of the growth in carbon dioxide emissions world-wide. We are confident that China can and will reach peak emissions before 2030, in light of President Xi’s commitments to restructure the economy, dramatically reduce air pollution and stimulate an energy revolution.