World Bank Group. (2022, October 12). China’s Transition to a Low-Carbon Economy and Climate Resilience Needs Shifts in Resources and Technologies. worldbank.org, World Bank Group. https://www.worldbank.org/en/news/press-release/2022/10/12/china-s-transition-to-a-low-carbon-economy-and-climate-resilience-needs-shifts-in-resources-and-technologies.
China is struggling to face climate change as it challenges the possibility for prosperity in the future. In the World Bank’s press release on October 12, 2022, leaders explained the significance for China to transition to a low-carbon economy and improve its climate resilience. If the country does not take initiative quickly, China’s GDP is expected to drop by about 1.4 percent by the year 2030. They proposed that China focus their energy on creating and innovating new resources and technologies in order to reduce carbon emissions. Due to high costs, the government will have to intervene and demand policies and regulatory reforms along with taxes in order to accomplish its mission.
Personally, I believe that it is very important for China to start taking action when dealing with climate change. In recent years, China has experienced a boom in its economy due to their cheap production capabilities; however, this is also dangerous because there are only loose regulations around carbon emissions. In order to encourage a positive outlook on change, I think that enforcing either a carbon tax or a cap and trade program would be very effective as they promote technological innovations.
Mel- China is really like the elephant in the room when it comes to climate change. I have to think their country has really been feeling the effects, along with air pollution. They are the world leader in producing solar panels, but also the world leader in building coal burning power plants.
Did the article say why they expect the drop in GDP? Of course they are a little less democratic over there. Do you think that could make it easier to reduce carbon once they decide to do it?
You’ve obviously got a hot topic that isn’t going away. Thanks for all your good work finding articles. Hope it kept you interested.
The article said that they expect the decrease in GDP to be due to the impacts of climate change that they have experienced such as frequent coastal flooding, storm surges, costal erosion, and saltwater intrusion. These influence China’s high population density in coastal cities. According to the article, these cities contain an “estimated one-fifth of China’s population and contribute a third of its GDP.” Therefore, a natural disaster near one of these cities would greatly impact the outcome of the nation’s GDP.
To answer your other question, I do believe that it may be easier for them to reduce their carbon emissions because China is less democratic. When they decide to implicate a regulation, there would be less debate. However, for that same reason, I believe that it may be more difficult to get the initiative started and to hold the government accountable if the movement does not stem from the public directly.