Global cooperation, especially among developing economies, should be further strengthened to drive green investment to address climate change and facilitate countries' green transition, said officials and experts attending the sixth Hongqiao International Economic Forum on Sunday.
The forum is an integral part of the sixth China International Import Expo, which opened on Sunday in Shanghai and runs through Friday.
Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development, said guiding investment and trade toward sustainable development "cannot be more urgent".
"The energy transition is an existential issue that will require massive investment. The investment needs are much higher in developing than in developed economies relative to their existing asset bases," she said.
To help developing economies better attain their green goals, Grynspan suggested that developing economies change their perception of the risks implied in investment, elevate their capacity for investment promotion and doing business, and come up with an enabling policy framework. But more important, cooperation should be deepened, because multilateral financial institutions may not be able to provide all the needed liquidity, especially during times of crisis, she said.
Long Guoqiang, vice-president of the Development Research Center of the State Council of China, agreed, saying that green and low-carbon development must be based on stronger international cooperation.
Long said addressing climate change is a global action that requires countries to work together. While adhering to the principle of common but differentiated responsibilities, developed economies should take the lead in fulfilling their responsibilities and implementing financial and technical support commitments, in order to create the necessary conditions for developing countries to cope with climate change and achieve sustainable development, he added.
Tran Hong Ha, deputy prime minister of Vietnam, said that economic growth should not rely on the competition of natural resources but the use of more green and low-carbon energy, which is especially true amid the multiple challenges that the world is facing.
Manoa Kamikamica, Fiji's deputy prime minister and minister for trade, cooperatives, small and medium enterprises and communications, said that based on Fiji's experience, foreign direct investment can help achieve climate actions by providing capital to invest in renewable energy and green technology.
Ling Ji, vice-minister of commerce and China's deputy international trade representative, said that countries all over the world are more than welcome to seize the opportunities in the green and low-carbon market in China, which is also the world's largest renewable energy market.
As investment bank Goldman Sachs calculates, China's investment in clean energy infrastructure will reach $16 trillion in 2060, before which the country aims to achieve carbon neutrality.
Against that backdrop, China is willing to deepen cooperation with countries around the globe concerning technologies, research and development and production, in order to share the opportunities offered by the massive Chinese market, which will help accelerate the world's energy transition, Ling said.
Zhang Jianping, director of the China Center for Regional Economic Cooperation at the Chinese Academy of International Trade and Economic Cooperation, said that efforts should also be made to establish additional collaboration mechanisms with countries participating in the Belt and Road Initiative, with the primary objective of advancing trade and investment cooperation.