Everything about Green Gross Domestic Product totally explained
Green Gross Domestic Product (Green GDP) is an index of
economic growth with the environmental consequences of that growth factored in.
In 2004,
Wen Jiabao, the Chinese premier, announced that the green
GDP index would replace the Chinese GDP index itself as a performance measure for government and party officials at the highest levels.
As an experiment in national accounting, the Green GDP effort collapsed in failure in
2007, when it became clear that the adjustment for environmental damage had reduced the growth rate to politically unacceptable levels, nearly zero in some provinces. In the face of mounting evidence that environmental damage and resource depletion was far more costly than anticipated, the government withdrew its support for the Green GDP methodology and suppressed the 2005 report, which had been due out in March, 2007.
Independent estimates of the cost to China of environmental degradation and resource depletion have for the last decade ranged from 8 to 12 percentage points of GDP growth. These estimates support the idea that, by this measure at least, the growth of the Chinese economy is close to zero.
Although statisticians may caution about 'Green GDP' and its methodological problems such as monetizing the loss of
biodiversity or the impacts of
climate change caused by carbon dioxide emissions, one must also acknowledge how poorly represented true growth or sustainable development is with the anachronic GDP.
Some environmental experts prefer physical indicators (such as "waste per capita" or "carbon dioxide emissions per year"), which may be aggregated to indices such as the
"Sustainable Development Index".
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