G20 must take lead in clarifying green definitions and standards

Policymakers are keen to use green finance to help promote economic upgrading while tackling climate change challenges.

Demonstrating its strong commitment to switch from investment and manufacturing-led growth to a greener and more sustainable model, "China has been making quick progress in recent years in areas such as issuing green credit and green bonds," Ma Jun, chief economist of the research bureau under the People's Bank of China, told China Daily.

Despite the late start, China has quickly become the world's largest green bond market, and its green bonds issued in the first seven months of this year reached an accumulated 120 billion yuan ($17.96 billion), accounting for 42 percent of the global green bonds issued in this period, according to Ma.