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IS CLIMATE STABILIZATION COMPATIBLE WITH ECONOMIC GROWTH? THE CASES OF CHINA AND INDIA
Abstract
World capitalism is currently challenged by climate change, which is primarily caused by the greenhouse gas emissions associated with fossil fuel consumption. To prevent catastrophic environmental consequences threatening the survival of humanity, a fundamental and immediate change in the capitalist commitment to economic growth is compulsory. This article discusses the interplay between the rise of China and India in the world economy and the climate emergency. It considers alternative growth scenarios for China and India. The results show that next-to-zero growth will be required to achieve the emission reduction targets required to mitigate the climate crisis. The traditional development models based on the intensive use of fossil fuels are no longer sustainable, which clearly suggests that China and India need to revise their development approach to avoid a global ecological collapse. Only a new development strategy focused on social and environmental progress, rather than economic growth, can provide hope for the future of humanity.
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