Further cooperation needed on climate change, economic growth: British Chancellor Darling

British Chancellor Alistair Darling called for further cooperation in securing more balanced global economic growth and combating climate change in the future here on Friday during the G20 Finance Minister and Central Bank Governor Meeting.

He said that though complete consensus could not be achieved overnight, "but we can start to build that consensus by recognizing that our common interest need not contradict each other's self-interest."

"We need international action to increase trade, boost productivity and so secure strong, sustainable, balanced growth in all countries," he said.

"We are winning the battle to stop recession turning into global depression," he added. But he warned that all countries should be ready to face a new challenge to secure long-term sustainable growth.

Though the global economy has witnessed a series of positive signs, the G20 believed that a lot of uncertainties still exist. So these policymakers are expected to agree that it is too early to lift the life-support fiscal and monetary stimulus at the ongoing G20 Finance Minister and Central Bank Governor Meeting.

Last summer, the G20 governments across the world took unprecedented and dramatic action to support people and business. Darling said he was confident to see recovery in the global economy because of the actions.

Experts also support the idea that life-support stimulus can not be removed quickly unless the global economic recovery is secured. Especially, they describe the western economies as a very sick patient being kept alive with special drugs.

Darling said that climate change is one of the biggest threats to our planet. So he suggested that the G20 must push for a deal on climate financing and governance, "this is an essential part of tackling climate change." He also called for making efforts to develop low-carbon and renewable industries and helping developing nations invest in clean technologies and adaption.

The G20 Finance Minister and Central Bank Governor Meeting is to be over on November 7. The G20 members, which accounts for about 85 percent of the world economy, are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.S., Britain and the European Union.

Source: Xinhua