Noting that climate change and energy security are the two greatest challenges of the present time, US and China have vowed to work together to address the two issues affecting the mankind.

"The two sides view climate change and energy security as two of the greatest challenges of our time," both the nations said a joint statement issued after meetings between President Barack Obama and his Chinese counterpart Hu Jintao.

"The United States and China agreed to continue their close consultations on action to address climate change, coordinate to achieve energy security for our peoples and the world, build on existing clean energy cooperation, ensure open markets, promote mutually beneficial investment in climate friendly energy, encourage clean energy, and facilitate advanced clean energy technology development," it said.

Both sides applauded the progress made in clean energy and energy security since the launch of the US-China Clean Energy Research Center, Renewable Energy Partnership, US-China Joint Statement on Energy Security Cooperation, and Energy Cooperation Program (ECP).

They reaffirmed their ongoing exchanges on energy policy and cooperation on oil, natural gas (including shale gas), civilian nuclear energy, wind and solar energy, smart grid, advanced bio-fuels, clean coal, energy efficiency, electric vehicles and clean energy technology standards.

"We're moving ahead with our US-China clean energy research center and joint ventures in wind power, smart grids and cleaner coal," Obama said at a joint news conference with Hu.

"I believe that as the two largest energy consumers and emitters of greenhouses gases, the United States and China have a responsibility to combat climate change by building on the progress at Copenhagen and Cancun, and showing the way to a clean energy future.

And President Hu indicated that he agrees with me on this issue," Obama said.

According to the joint statement, the two sides commended the progress made since the launch of the US-China Ten Year Framework on Energy and Environment Cooperation (TYF) in 2008.

They agreed to further strengthen practical cooperation under the TYF, carry out action plans in the priority areas of water, air, transportation, electricity, protected areas, wetlands, and energy efficiency, engage in policy dialogues, and implement the

EcoPartnerships program.

The United States and China were also pleased to announce two new EcoPartnerships.

The two sides welcomed local governments, enterprises, and research institutes of the two countries to participate in the TYF, and jointly explore innovative models for US-China energy and environment cooperation.

The two sides welcomed the cooperation projects and activities which will be carried out in 2011 under the TYF.

China and US welcomed the Cancun agreements and believed that it is important that efforts to address climate change also advance economic and social development.

"Working together and with other countries, the two sides agreed to actively promote the comprehensive, effective, and sustained implementation of the United Nations

Framework Convention on Climate Change, including the implementation of the Cancun agreements and support efforts to achieve positive outcomes at this year's conference in South Africa," said the joint statement.