Xi urges developed nations to lead on emissions cut

Developed countries should fully accommodate the special difficulties and concerns of developing countries, deliver on their commitments of climate financing, and provide technology, capacity-building and other support for developing countries, Xi said while addressing the 16th G20 Leaders' Summit via video link.

"This is critically important for the success of the upcoming COP26," he said, referring to the 26th session of the Conference of the Parties (COP26) to the UN Framework Convention on Climate Change, which will open on Sunday in Glasgow, Scotland.

Xi said the G20 needs to uphold the principle of common but differentiated responsibilities, push for the full implementation of the Paris Agreement on climate change, and support a successful COP26 and the COP15 to the Convention on Biological Diversity.

China has all along undertaken due international responsibilities commensurate with its national conditions, he said. 

"We have actively advanced the green transition of our economy, and raised the ambition of our climate actions on our own initiative."

In the past 10 years, China phased out 120 million kilowatts of installed coal-fired power generation capacity.

The construction of the first batch of wind and photovoltaic power stations with a total installed capacity of about 100 million kilowatts was launched in an orderly fashion, he said.

Xi reiterated that China will strive to peak its CO2 emissions before 2030 and achieve carbon neutrality before 2060.

"We will honor our words with actions and work with all countries to pursue a path of green, low-carbon and sustainable development," he said. 

Combating COVID-19

The president denounced stigmatization of the COVID-19 virus and politicization of origins tracing, which only run counter to the spirit of solidarity against the pandemic.

Xi called on the international community to work in concert to confront and defeat the pandemic with a science-based approach.

"We need to step up cooperation on prevention, control, diagnosis and treatment, and enhance preparedness for major public health emergencies," he said.

He proposed on Saturday a global vaccine cooperation action initiative, highlighting the need to provide more vaccines to developing countries and strengthening international research and development cooperation.

"With the coronavirus ravaging the whole world, none of us can stay safe on our own. Solidarity and cooperation are the most powerful weapon," Xi said.

The G20 includes the world's major economies and should therefore play a leading role in building consensus, mobilizing resources, and promoting cooperation, he said.

He called for stronger vaccine research and cooperation and supporting vaccine companies in conducting joint R&D and production with developing countries.

"We need to uphold equity and justice, and provide more vaccines to developing countries to meet the global vaccination target for 2022 as set by the World Health Organization," he said.

Xi called for supporting the WTO to make an early decision on waiving intellectual property rights on COVID-19 vaccines, and encourage vaccine companies to transfer technology to developing countries.

It is also important to scale up cross-border trade cooperation to ensure smooth trade in vaccines and related raw and auxiliary materials and treat different vaccines equally and advance mutual recognition of vaccines.

China has provided over 1.6 billion doses of vaccines to more than 100 countries and international organizations, and will provide over two billion doses to the world in the course of this year. The nation is also conducting joint vaccine production with 16 countries, with an initial capacity of 700 million doses per year.

"China is ready to work with all parties to enhance vaccine accessibility and affordability in developing countries and make positive contribution to building a global line of defense through vaccination," Xi said.

Responsible macroeconomic policies

During his speech, the president also underscored the importance of avoiding the negative spillovers of policies from major economies on developing nations.

Xi urged the world's major economies to adopt responsible macroeconomic policies and prevent their measures from entailing rise in inflation, exchange rate fluctuations or mounting debts for developing nations.

"COVID-19 has made a complex and far-reaching impact on the world economy," Xi said. "It is imperative that we apply the right prescriptions to address both symptoms and root causes of the problems we face. We should step up macroeconomic policy coordination and ensure the continuity, consistency and sustainability of our policies."

China welcomes the IMF's decision on the new allocation of special drawing rights totaling $650 billion, and stands ready to lend the new allocation to low-income countries that are seriously affected by COVID-19, he said.

The G20 should continue to provide political guidance on the reform of the WTO, uphold its core values and basic principles, and protect developing countries' rights, interests and development space, Xi said.