Hangzhou may be impetus for sustainable development
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.
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.