The recent news that China has been underreporting its already globe-leading coal consumption by nearly 20 percent for the last decade underscores the scale of its air pollution crisis.

Last week, at a meeting of the Organization for Economic Cooperation and Development in Paris, the United States, Japan, and several other nations reached an agreement that will restrict financing for overseas coal projects. The deal will limit investment in the dirtiest, coal-fired power plants but will allow some continued investment in more efficient coal technology. Japan is one of the major sources of finance for the coal industry, so the agreement is an important moment in the effort to reduce global emissions.

The United States: The world’s lone remaining superpower, home of the world’s largest economy and military, the world’s largest producer and consumer of natural gas, and soon the leading producer and consumer of oil.

“Clean energy has gone from being the ‘right thing to do’ in combating climate change, to being the most cost-effective option for many energy-insecure countries,” said Carrie Thompson, deputy director of the U.S. Agency for International Development’s Regional Development Mission for Asia, during a day-long conference on renewable energy at the Wilson Center on October 27 (read part one of our coverage here).

The renewable energy sector has reached a critical inflection point where costs are competitive with fossil fuels and investment is ramping up in a big way, said more than a dozen experts at a day-long conference co-hosted by ECSP and the U.S. Agency for International Development’s Office of Global Climate Change on October 27.

The world has entered a new energy era. Last year, for the first time in four decades, the global economy grew without an increase in CO2 emissions, according to the Renewable Energy Policy Network for the 21^st Century.

China’s announcement of a nationwide cap-and-trade program is a sign that the government is serious in its “war against pollution,” says China Environment Forum Director Jennifer Turner, and it may help move the climate change discussion in the United States too.