UNITED NATIONS (Xinhua) — UN Secretary-General Ban Ki-moon on Friday commended the joint announcement made by China and the United States on the significant steps each country is aiming to take to address climate change.

“This announcement bolsters prospects for a universal, meaningful agreement in Paris this year. It further signals the shared vision and seriousness with which the world’s two largest economies are moving to a low carbon future,” said a statement read by the UN chief’s spokesperson.

Ban highlighted the considerable commitments made by each country.

“China’s plans to create the world’s largest carbon market by 2017, coupled with its ground-breaking commitment of US$3 billion to South-South co-operation on climate change, will improve the health and well-being of its citizens and deliver tangible benefits to the world’s poorest and most vulnerable people,” the statement said.

“The secretary-general also welcomes the United States’ reaffirmation of its commitment to significant emissions reductions and its pledge to the Green Climate Fund,” it said.

“The joint China-US announcement provides strong leadership and momentum for a comprehensive global climate agreement in Paris that can put the world on a safer, more sustainable pathway,” Ban said.

The joint statement was issued during Chinese President Xi Jinping’s state visit to the United States, where the two sides reaffirmed their commitment to reach an ambitious agreement in 2015 that reflects the principle of common but differentiated responsibilities and respective capabilities.

China plans to start its national emission trading system in 2017, a system that will cover key industry sectors such as iron and steel, power generation, chemicals, building materials, paper-making, and nonferrous metals, according to the joint statement.