China's energy and environment

Abstract

The economy of China is growing at an unprecedented rate but the economic success has brought negative effects on energy and the environment. China has become the second largest consumer of petroleum, the largest contributor of sulfur dioxide, and the second largest contributor of carbon dioxide. Technological innovation is necessary to develop new solutions to solve the mounting energy and environmental problems. In line with this government has recognized the importance of environment and has moved to enshrine in policy making the concept of a Green GDP. It now experiments on managed market-based mechanisms with markets, regulations, taxes, tariffs, and so on to achieve a balanced development. China has the opportunity to switch to renewable resources and sustainable development. The technological as well as the institutional challenges are tremendous, but China's success could be its greatest gift to the mankind.