U.S. President Barack Obama and Chinese President Xi Jinping are backing significant increases in basic research and development into clean energy technologies. Their endorsement, part of a joint statement on climate change released in late September during Xi’s state visit to Washington, D.C., calls for more R&D to help in the transition to economies that emit low amounts of carbon dioxide by midcentury. Also, the statement announced that China in 2017 will launch a domestic carbon dioxide emission trading system for key industrial sectors including chemical manufacturing and power generation. In addition, Obama and Xi laid out their expectations for a new UN climate change agreement set to be completed this December in Paris. They envision a deal that will encourage countries to periodically review their greenhouse gas emission commitments and set increasingly tighter limits on them over time. Also, China committed $3.1 billion in financial assistance to help developing countries combat climate change, which is slightly more than the $3 billion the U.S. had previously pledged.