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China to lead G20 Green path for development of world economy

Editor: Li Kun 丨CCTV.com

09-05-2016 15:33 BJT

By Pu Laining, Observer of International Affairs

"G20 Green" is approaching. The 11th G20 Summit is being held at the scenic West Lake in Hangzhou in east China's Zhejiang Province on September 4-5.

This is the first time for China to hold the G20 Summit. And it will surely be a "green" one as Hangzhou has embraced distinguished guests from home and abroad.

This year's summit has received the world's attention. Many remarkable achievements are expected, such as introducing guiding principles on economic growth and global investments, along with an implementation plan for the 2030 UN Sustainable Development Agenda.

Its historic achievements are bound to be appreciated by all countries and will lead a green path of world economic growth.

A new key phrase, "G20 Green" has been highlighted, ushering a new driving force for China's development and the world economy at large. G20 is the Green 20!

G20 Green means Green Finance.

What is Green Finance? It refers to taking environmental protections as a policy priority for financial institutions. Guiding investments and financing leverage that bring capital flows to the low carbon, energy-saving and ecological industry.

Green Finance encourages enterprises to pay more attention to environmental protections and remind consumers to utilize green consumption.

Many countries and regions have established green bond markets that have led to innovations in the financial sector.

China stands as the forerunner of Green Finance. Only three countries including China have established a Green Credit Index System, which demonstrates that Beijing attaches much importance to environmental protections and sustainable development.

For China, green development is an inevitable trend. Economic restructuring and transformation of development modes are highly-promoted, while green finance resources are more effectively mobilized to support green industry.

Green credit has accounted for 10% of China's domestic loans overall.

At China's urging, the Green Finance Study Group was founded under the G20 framework. Consensus measures on Green Finance were adopted at the meeting of Finance Ministers and Central Bank Governors last July.

It's the first time during the G20's history when Green Finance concepts were listed in the official agenda. Green financial cooperation could make new contributions to global financial innovations.

G20 Green means green power.

A major task for the Hangzhou Summit is to accelerate enforcement of "The Paris Agreement." A majority of G20 members and guest countries have signed it.

On September 3, one day ahead the G20 Summit, Chinese President Xi Jingping and US President Barack Obama met with UN Secretary-General Ban Ki-moon in Hangzhou to deliver their countries' instruments of joining the Paris climate pact.

Xi stressed that China, a responsible developing country and an active participant in global climate governance, will implement the development concepts of innovative, coordinated, opening and shared growth, fully advance energy conservation, emission reduction and low-carbon development, and embrace a new ecological-friendly civilization. This April, the First G20 Sherpa Meeting adopted the Chairman's Statement on climate change. All parties were committed to signing "The Paris Agreement" at the earliest date and to expedite domestic ratification procedures for enforcement.

As the world's largest developing country, China calls for a common response to address climate change and hopes to explore a new path of green development with other countries.

Beijing has played a crucial role to push all parties concerned to reach a consensus on "The Paris Agreement" in UN Climate Change Conference in 2015.

Beijing has also pledged a commitment on emission reductions in the world to drop 60% to 65% of carbon dioxide emissions per GDP unit by 2030, compared with 2005.

The G20 Summit sends a strong signal that the international community will confront challenges of climate change and advance an ecological civilization.

As the summit host, China will play a unique role to promote a community of shared future for our society with all parties concerned.

G20 Green means green development.

As one of the most comfortable cities for living, Hangzhou is dubbed a paradise. Its green mountains and crystal rivers, clean environment leave visitors in awe. 

"Green mountains and clear rivers are treasures indeed." The statement was elaborated by Chinese President Xi Jinping when he served as Governor of Zhejiang Province in 2005.

In the early period, rapid economic development was usually followed up by industrial pollution and ecological deterioration. But in China, Xi's statement has captured the mentality for paving a golden path of green development.

In recent years, Hangzhou has endeavored to accelerate industrial upgrades and shift to a new motive force of development.

To relocate factories and control emissions from polluted gas, eliminate backwards production capacity and shut down energy-consuming projects had been key measures to enforce.

The Green and recycling economies, ecological industries have enjoyed more enhanced development than before.

Well-known for its ecological advantages, Hangzhou deserves recognition as a shining example of Beautiful China, a campaign to boost an environment-friendly civilization.   

G20 Green is a new concept for green development, which imprints a clear China hallmark of the G20 mechanism and global governance system, serving as an ever-lasting influence on the future of our world.

 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.


  

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