SINGAPORE : A team of influential economists has urged China to adopt a new development model based on 'wellbeing' rather than GDP growth in order to fulfil its 2060 net-zero emissions goals and head off the mounting threats of climate change. In a report published on Thursday, the team - which includes
SINGAPORE : A team of influential economists has urged China to adopt a new development model based on"wellbeing" rather than GDP growth in order to fulfil its 2060 net-zero emissions goals and head off the mounting threats of climate change.
The report and its recommendations have already been submitted to the Chinese government. Co-author Nicholas Stern, chair of Britain's Grantham Research Institute on Climate Change and the Environment, told reporters he hoped it would play a constructive role in China's 2026-2030"five-year plan". China is aiming to bring emissions to a peak by 2030, though it currently remains unclear at what level they will peak. Stern said it needed to set a specific numerical target in order to bring"clarity" to its decision-making.
China began experimenting with"green GDP" in 2005 as concerns mounted about the environmental damage done by rapid industrialisation. A 2006 government report concluded that environmental losses amounted to 3 per cent of total GDP, but critics believed the actual figure was much higher.
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