The world is hoping that a new United States president will help overturn some of the previous Bush administration environmental policies, and a report released by Asia Society's Center on US-China Relations and the Pew Center on Global Climate Change is aimed at pushing the Obama administration towards interaction with China on climate change issues.

The report titled "Common Challenge, Collaborative Response" was produced by the Initiative for US-China Cooperation on Energy and Climate Task Force, co-chaired by John L. Thornton, Asia Society Board Member, Professor at Tsinghua University in Beijing, and former co-COO of Goldman Sachs, and by Dr. Steven Chu, prior to his nomination as Secretary of Energy in the United States.

The report argues that eco-friendly industries and green technologies could boost the flagging global economy and create new jobs. The report states that US-China collaboration can help catalyze a new strategic transformation to a global, low-carbon economy that will be more sustainable while reducing greenhouse gas emissions.

Ultimately, the report recommends the leaders of the two countries convene a summit to launch a new US-China Partnership on Energy and Climate Change. The presidential summit should outline a major plan of joint action and empower relevant officials in each country to take the necessary actions to ensure its implementation.