Hangzhou may be im­pe­tus for sus­tain­able de­vel­op­ment

China Daily (USA) - - G20 2016 CHINA - ByWANG YANFEI in Hangzhou wangyan­fei@chi­nadaily.com.cn

Lead­er­ship shown by G20 mem­bers on tack­ling cli­mat­e­change chal­lenges will pro­mote sus­tain­able de­vel­op­ment and speeduprat­i­fi­ca­tion oftheParis Agree­ment, ex­perts said.

“G20 mem­bers should take the lead to help bring the Paris Agree­ment on Cli­mate Change into force as soon as pos­si­ble,” said Pres­i­dent Xi Jin­ping at a media con­fer­ence on Mon­day, af­ter the two-day G20 Sum­mit.

Xi’s com­ments came af­ter G20 mem­bers reached con­sen­sus on a num­ber of key is­sues fac­ing the world. Tack­ling cli­mate change has been a hot­but­ton is­sue for both de­vel­oped and de­vel­op­ing economies.

Do­mes­tic steps taken by ma­jor G20 economies, in­clud­ing China and the United States, have set a good ex­am­ple for others to fol­low, said Bai Yun­wen, a cli­mate and pol­icy re­searcher at Green­o­va­tion Hub, a Beijing-based non­govern­men­tal or­ga­ni­za­tion.

Be­fore the sum­mit, the Paris Agree­ment was reaf­firmed by Xi and US Pres­i­dent Barack Obama, bring­ing the num­ber of par­ties that have sworn by it to 26 that pro­duce 39 per­cent of global green­house gas emis­sions.

“If all theG20mem­ber­sagree to fol­low the steps taken by the two economies (China and the US), thea­gree­ment­would­come into force by year-end for sure,” said Bai.

Fifty-five par­ties, ac­count­ing for 55 per­cent of global car­bon emis­sions, need to rat­ify the agree­ment for it to take ef­fect. G20 mem­bers ac­count for around 80 per­cent of the emis­sions, ac­cord­ing to data from Cli­mate Trans­parency.

In­the­mean­time, greater­par­tic­i­pa­tion and com­mit­ment of G20 mem­bers would mo­bi­lize in­vest­ments into green in­dus­tries and pro­mote the de­vel­op­ment of cli­mate fi­nance, said Ma Jun, chief econ­o­mist of the re­search bu­reau of the Peo­ple’s Bank of China.

To sug­gest ways to build in­fras­truc­ture needed to pro­mote green fi­nanc­ing, which is partofthe­ef­forts­be­ing­madeto tackle cli­mate-change chal­lenges, a lead­ing group on green fi­nance has sub­mit­ted a re­port.

The re­port clar­i­fies the def­i­ni­tion and scope of green fi­nanc­ing, iden­ti­fies chal­lenges and pro­vides vol­un­tary op­tions for coun­tries to sup­port the tran­si­tion into a green and low­car­bon growth model, Ma said.

Xu Nan, a pol­icy an­a­lyst at the Cli­mate and En­ergy Fi­nance Re­search Cen­ter at the Cen­tral Uni­ver­sity of Fi­nance andE­co­nomics, saidany ef­forts by G20 mem­bers to bring about sooner rat­i­fi­ca­tion of the Paris Agree­ment, would send a pos­i­tive sig­nal to in­vestors.

That, in turn, would help at­tract more in­vest­ment into green in­dus­tries, thus con­tribut­ing to the de­vel­op­ment of cli­mate fi­nance, Xu said.

The per­cent­age of global green­house gas emis­sions pro­duced by the 26 coun­tries that com­mit­ted to the Paris Agree­ment.

CAO JIANXIONG / FOR CHINA DAILY

Stu­dents from a pri­mary school in Qin­huang­dao, He­bei prov­ince, draw a paint­ing about clean gov­er­nance to­gether with Com­mu­nist Party of China mem­bers dur­ing an anti-cor­rup­tion ed­u­ca­tion ses­sion on May 13.

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