'Europe ready to take leadership in addressing climate change'

"Europe is ready to lead, and we are also ready to share our ideas and strategies on climate action," said von der Leyen at the summit, Xinhua news agency reported.

She outlined the European Green Deal, which sets goals towards carbon neutrality for 2050, with a mid-term target of cutting greenhouse gas emissions by 55 per cent by 2030, compared to 1990 levels.

"Even though the finish line is 30 years away, the race starts now. The 2020s is the make-or-break decade," von der Leyen said.

The European Commission president insisted on solidarity in this global fight, underlining the fact that all countries must invest in transitioning towards a greener future.

P4G is a network of 12 countries, five organizations and six "investment and knowledge partners," committed to the United Nations' 17 Sustainable Development Goals and green growth. The network is aimed at developing green partnerships to deliver inclusive and sustainable growth, according to the organization's website.

Themed "Inclusive Green Recovery Towards Carbon Neutrality," the P4G Seoul Summit was hosted by South Korea on May 30-31.