"If you can do this, you are going to have really big win at the summit," Kirton has told Xinhua.
As a matter of fact, the "green" issue is more burning now than ever, experts said.
The Hangzhou summit comes at a time when the world economy has continued to struggle on the path of fragile recovery despite aggressive monetary policies and rather loose fiscal policies put in place by almost all the world's developed economies to stimulate growth.
Experts said the pursuit of more sustainable green growth reflects the evolving global economic landscape and is in the interests of both the developing and the developed economies in combating the economic downturn.
"While China is looking to the developed countries like those in Europe for green technologies and expertise, the developed economies also expect to take the advantage of their competitive edge in green growth to expand their market," said Sun Yanhong, associate research fellow with the Institute of European Studies of the Chinese Academy of Social Sciences, citing China's cooperation with European economies like Germany, France and Italy.
Meanwhile, the many developing economies need greener growth too, and they need help from the advanced economies to achieve this, experts said.
FROM AGENDA TO ACTION
To make the green growth initiative feasible, G20 economies have established a study group to clarify the definition, mandate and the scope of green finance, identify challenges faced by green finance and provide voluntary options for countries to consider.
Despite every arrangement, a meeting cannot do much to transform the global economy from brown into a green and low-carbon growth model.
Chen Yulu, deputy governor of the People's Bank of China, said the establishment of a sound green financing mechanism will be a systemic project that requires the coordination among central authorities, local governments, financial institutions and enterprises.
The central authorities will enhance related infrastructure and urge local governments to include green financing into their annual task list while guarding against possible risks to ensure financial stability, Chen pointed out.
To give the "green" agenda a big boost, China announced Saturday, one day ahead of the G20 summit, that it has ratified the emissions-cutting agreement reached last year in Paris.
The ratification will "further advance China's green, low-carbon development and safeguard environmental security," said a proposal adopted at the closing meeting of a week-long bimonthly session of the National People's Congress Standing Committee.
Addressing climate change would help the country realize sustainable development, it added.
Also prior to the summit, China said it will establish a green financing mechanism to facilitate the economy's transition to sustainable growth, becoming the first country worldwide to make such a move.
"Green growth is now part of China's development strategy and the demands for green financing keep growing as China enters a critical period for economic restructuring," said Chen, the bank official.
