In February 2023, with support from Energy Foundation China, this new independent report jointly led by Min Zhu, Vice Chairman of the China Center for International Economic Exchanges, and Nicholas Stern, Chair of the Grantham Research
Institute on Climate Change and the Environment, London School of Economics and Political Science, was published.

China’s commitment to become carbon neutral by 2060 signals its determination and ambition to switch away from fossil fuels but also to embrace a new model of modernization that can benefit both China and the world and contribute to a green and prosperous future.

This report rethinks basic issues in economics in describing a new development strategy for China, focusing on theories of value, the definition and measurement of wellbeing and wealth, and analytical frameworks for individual and collective behavior. It sets out the guiding principles for this new development model and defines the actions required to reshape key sectors in China. It also considers China’s role in leading and promoting global carbon neutrality governance mechanisms and opportunities for international collaboration to realize a mutually advantageous, sustainable future.