The annual Paulson Prize for Sustainability was launched on Thursday by the Paulson Institute in partnership with Tsinghua University. The award aims to renew efforts to tackle climate change in the post-pandemic era by pooling innovative solutions concerning green and low-carbon development.

The prize, now in its eighth year, was expanded to include two categories in 2020. The newest category, Nature Stewardship, awards innovative and scalable projects which either preserve the natural environment or help restore China's diverse ecosystem. The Green Innovation category awards projects that focus on energy conservation and the circular economy. Together the prizes drive home the importance of tackling the most urgent environmental and climate challenges.

"In this post-pandemic era, many countries are seeking a green recovery - one that protects nature and accelerates the transition to a low-carbon global economy," said Henry M. Paulson, Jr., chairman and founder of the Paulson Institute. 

He also noted that the prizes seek to highlight and inspire the adoption of sustainable solutions that can serve as a model for other countries through presenting the most innovative green programs in China.

Over the years, China has made significant efforts to reduce its carbon emissions. To show its commitment to tackling climate change, China pledged to reach peak carbon dioxide emissions by 2030 and achieve carbon neutrality - meaning its net carbon emissions will be zero - by 2060. China's climate pledge was written into the 14th Five-Year Plan, which stipulates that its energy consumption per unit of GDP and carbon dioxide emission per unit of GDP will be reduced by 13.5% and 18%, respectively, between 2021 and 2025. It also aims to increase the share of non-fossil energy in total energy consumption to around 20%.

"China has now entered a new stage of high-quality development. Facing the development goal of reaching peak carbon emissions and carbon neutrality, China has demonstrated its determination to foster more outstanding innovations on the road to promote global sustainable development," said Chen Xu, chairperson of the University Council, Tsinghua University.

"It has always been the mission of this prize to gather innovative forces from all walks of life, actively promote green development, and realize the harmonious coexistence of man and nature," Chen explained.

China's investment in biodiversity protection is also relatively high compared to the global average. According to Rose Niu, chief conservation officer of the Paulson Institute, the total global annual flow of funds toward biodiversity protection totaled somewhere between $124 billion and $143 billion as of 2019, accounting for 0.12% to 0.14% of global GDP in 2019. Meanwhile, China spent 379.6 billion yuan in 2019 on the issue, accounting for about 0.38% of its GDP that year.

Facing the challenges posed by the COVID-19 pandemic, Deborah M. Lehr, vice chairman and executive director of the Paulson Institute, observed that environmentally-friendly means are required for global economic recovery. She spoke highly of the progress China has been making in the circular economy, fintech, sustainable development, as well as the preservation of wetlands and national parks. She called for more innovative projects to apply for the awards and bring practical solutions to address climate change.

Entities registered in China, including businesses, institutions, social organizations, and NGOs, are invited to submit projects demonstrating ingenuity and leadership in sustainable development by June 30, 2021. More information is available via the link - https://www.paulsoninstitute.org/key-initiatives/prize/.

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