U.S. Treasury Secretary Janet Yellen called for close cooperation Saturday on climate finance during a meeting with Chinese government officials. 

During a visit to Beijing, she said the world's two largest economies must work in tandem to combat the "existential threat" of climate change, citing previous global breakthroughs like the 2015 Paris Agreement. 

"Continued U.S.-China cooperation on climate finance is critical," Yellen asserted.

"As the world's two largest emitters of greenhouse gases and the largest investors in renewable energy, we have both a joint responsibility – and ability – to lead the way," she said.

TREASURY SECRETARY YELLEN MEETS WITH CHINESE PREMIER, URGES COMMUNICATION

Yellen said that financing should be coordinated "efficiently and effectively" and that it is also critical "we encourage economy-wide transitions toward net-zero, which needs to include the private sector."

While China has previously signaled its support for a way to compensate poor countries for losses and damages due to climate change, it said at last year's COP27 climate summit that would not involve contributing funds. 

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"We strongly support the claims from developing countries, especially the most vulnerable countries, for claiming loss and damage compensation because China is also a developing country, and we also suffered a lot from extreme weather events," Chinese climate envoy Xie Zhenhua said, speaking through a translator.

"It is not the obligation of China, but we are willing to make our contribution and make our effort," he said. 

Beijing says it could contribute to loss and damage due to climate change on a voluntary basis, according to Reuters.

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Yellen also discussed the issue in a Friday meeting with Premier Li Qiang. She is the second Biden administration cabinet member to travel to China in recent weeks, while tensions between the countries remain high. 

U.S. climate envoy John Kerry said China has invited him to visit soon.

Reuters contributed to this report.