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Beijing (People's Daily) - Chicago-based think tank Paulson Institute and China's Tsinghua University jointly announced the launch of the 2020 Paulson Prize for Sustainability in Beijing on Monday, to support China’s transition to a low carbon economy and offer sustainable best practices to the rest of the world.

The Paulson Prize, initiated in 2013, is awarded annually to projects in China that present innovative, scalable and market-based solutions at the intersection of economics and the environment to address the globe's most pressing environmental challenges.

"The world is facing health, economic and environmental crises, unlike any previous time in history. A commitment to sustainability and conservation is the only option to ensure long-term human prosperity," said Henry M. Paulson, Jr., the chairman of the Paulson Institute. "Through the Paulson Prize, we hope to highlight projects in the built and natural environment that provide innovative solutions to these challenges and can serve as models internationally."

Due to growing interest in the Prize and an increased focus on conservation and biodiversity, the Paulson Prize announced a new prize in Nature Stewardship this year to recognize innovative and scalable projects that preserve and protect the natural environment, including the restoration of natural ecosystems in China, such as wetlands, forests, oceans, rivers, grasslands and deserts.

The existing Green Innovation category will remain focused on the built environment, including energy conservation, comprehensive utilization of resources, the circular economy, pollution prevention and control, and climate resilience.

"In recent years, the construction of an eco-civilization has become a widespread consensus in Chinese society. An increasing number of cities and enterprises in China are actively committed to green development, contributing to the sustainable development of human society while building a Beautiful China", said Professor Chen Xu, the Party Secretary of Tsinghua University. "We look forward to bringing more solutions to sustainable development with Chinese characteristics to the world through the solicitation of the Paulson Prize."

Entities registered in China, including businesses, institutions, social organizations and NGOs are invited to submit projects demonstrating ingenuity and leadership in sustainable development by July 15, and the prize will be determined by an independent jury comprised of prominent international and Chinese leaders in the fields of economics, finance, energy, ecology and environmental protection after evaluating submissions based on agreed criteria including creativity, environmental and ecological impact, scalability, financing mechanism, and social and economic co-benefits.