Hu said the two countries' corresponding officials signed agreements to enhance "cooperation on climate change, energy and environment."
First, a U.S.-China Clean Energy Research Center will be established, the White House said in a statement. The $150 million center, equally funded by the two countries for five years, will facilitate joint research and development of clean energy technologies by teams of scientists and engineers from the United States and China and act as a clearinghouse to aid researchers in each country.
The two presidents also announced the beginning of the U.S.-China Electric Vehicles Initiative, which includes joint standards development, demonstration projects in more than a dozen cities, technical road-mapping and public education projects.
Also included in the package is a new U.S.-China Energy Efficiency Action Plan. Under the program, the two countries will work together to improve the energy efficiency of buildings, industrial facilities and appliances.
The fourth initiative is a U.S.-China Renewable Energy Partnership, in which the two countries will develop roadmaps for renewable energy consumption. The partnership also will include an Advanced Grid Working Group of government and industry leaders to develop strategies for modernizing electricity grids in both countries.
Obama and Hu also pledged to promote cooperation on cleaner uses of coal, including large-scale carbon capture and storage demonstration projects. Through the new U.S.-China Clean Energy Research Center, teams of U.S. and Chinese scientists and engineers will work together in developing clean coal and CCS technologies.
The final energy initiative is the establishment of the U.S.-China Energy Cooperation Program that the presidents said will leverage private-sector resources for project development work in China for a number of clean energy projects that would benefit both nations. Collaborative projects include renewable energy, smart grid, clean transportation, green building, clean coal, combined heat and power, and energy efficiency.
"As the two largest consumers and producers of energy, there can be no solution to this challenge without the efforts of both China and the United States," Obama said. "That's why we've agreed to a series of important new initiatives in this area."