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The Economics of Climate Change in China: Towards a Low-Carbon Economy / Edited By FAN Gang, Lord Nicholas Stern, Ottmar Edenhofer, XU Shanda, Klas Eklund, Frank Ackerman, LI Lailai and Karl Halldin. London : Earthscan, April 2011, 400 p. £75http://www.earthscan.co.uk/?tabid=102386China faces many  modernisation challenges. But perhaps none is more pressing than that  posed by climate change. China must find a new economic growth model  that is simultaneously environmentally sustainable, can free it from its  dependency on fossil fuels, and lift living standards for the majority  of its population. But what does such a model look like? And how can  China best make the transition from its present macro-economic structure  to a low-carbon future? (© Earthscan)This ground-breaking economic study, led by the Stockholm Environment  Institute and the Chinese Economists 50 Forum, brings together leading  international thinkers in economics, climate change, and development, to  tackle some of the most challenging issues relating to China's  low-carbon development. This study maps out a deep carbon reduction  scenario and analyses economic policies that shift carbon use, and shows  how China can take strong and decisive action to make deep reductions  in carbon emission over the next 40 years while maintaining high  economic growth and minimising adverse effects of a low-carbon  transition. Moreover, these reductions can be achieved within the finite  global carbon budget for greenhouse gas emissions, as determined by the  hard constraints of climate science.  (© Earthscan)The authors make the compelling case that a transition to a low-carbon  economy is an essential part of China's development and modernisation.  Such a transformation would also present opportunities for China to  improve its energy security and move its economy higher up the  international value chain. They argue that even in these difficult  economic times, climate change action may present more opportunities  than costs. Such a transformation, for China and the rest of the world,  will not be easy. But it is possible, necessary and worthwhile to  pursue. (© Earthscan)