Reuters reports that 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 newswire continues: “In a report published on Thursday, the team – which includes two former chief economists of the World Bank – also called on China to cap total fossil fuel consumption and establish a detailed ‘pathway’ for reducing emissions. 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. The report also called on China to give greater prominence to public transport and set a timetable for the elimination of fossil-fuel vehicles. China should also promote low-carbon agriculture, including plant-based meat and dairy, it said.”
In other China news, lithium prices have “slumped by almost a third in the past three months after weaker demand in the world’s largest market for electric vehicles has punctured a two-year rally for the key battery component”, reports the Financial Times. It adds that prices have dropped 29% from November highs to ¥425,000 ($61,795) per tonne, according to pricing agency Fastmarkets, driven by concerns over the strength of EV demand in Asia’s largest economy. Separately, S&P Global Commodity Insights writes that China has “started buying Australian coal this month, signalling the end of an unofficial ban that ran for over two years”, citing market sources and S&P Global Commodity Insights data.
Meanwhile, the state news agency Xinhua reports on Pakistani experts and officials’ comments that the country “should learn from the green development initiative of China to mitigate its own climate change challenges”. Pakistani senator Mushahid Hussain Syed is quoted saying that “we are very grateful to China and its leadership for taking the climate change issue forward because many developed countries are still in denial of it”. He added that, “apart from its shift to renewable energy, China also introduced green technology that generated millions of jobs”. State-run China Daily carries a comment piece by Ann Buel, the author is a former officer of the European Commission, who writes: “Europe-China relations are facing many constraints now, and it is not easy to change course. What both sides could do is to enhance open, in-depth, and effective communication through all channels, keep the business relationship going and ensure it is mutually beneficial, while increasing cooperation and coordination on global challenges such as climate change and ocean governance.”
Finally, the South China Morning Post reports that “several Chinese energy and steel companies – all of them state owned – have been singled out for breaking pollution rules after the country’s environment chief made a surprise inspection tour of Henan province this week”, according to the environment ministry.
