The world stands at a crossroads, amid an accelerating climate crisis, geopolitical tensions reshaping global trade and the demand from Global South nations to exercise their right to industrialise without repeating the polluting mistakes of the past.
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A new consensus is urgently needed that moves beyond zero-sum competition and towards collaborative solutions. The path to decarbonisation creates a trilemma of competing interests that threatens progress for all.
First, Western anxieties must be addressed. Some Western governments still believe in the green transition. However, others fear job losses in traditional industries and a decline in international competitiveness. Western countries need a transition that can secure their industrial base and retain jobs that many depend on.
Second is the Global South’s dilemma. These nations have a right to develop. However, many are trapped between a path reliant on fossil fuels that leads to climate vulnerability and a green path that often seems financially and technologically out of reach. They face prohibitive borrowing costs and lack access to financing.
Finally, there is China, which has gone through its painful “pollute first, clean up later” phase. Fortunately, Beijing now produces over 80 per cent of the world’s solar panels and around 60 per cent of wind power turbines. Its progress has reduced the costs of solar and wind power, making renewables more affordable worldwide. China can now help Global South nations build clean, modern industrial systems.
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We propose a “Global Green Industrialisation Initiative” to align China’s unparalleled green manufacturing capacity with the technological and capital strengths of the West and the vast development needs of the Global South.