Hong Kong (CNN Business) China won't have to sacrifice economic growth or prosperity to go carbon neutral in the next few decades, according to a new report.

The country could triple its economic output per person by 2050 while still reducing its carbon footprint, the Energy Transitions Commission said in the report , published on Friday in partnership with the Rocky Mountain Institute

"Given China's central role in the global economy, its vast renewable energy resources, and its technological leadership in key industries, China is uniquely positioned to lead the global energy transition and to decarbonize its economy completely by 2050," said Adair Turner, chair of the commission. Turner is the former chairman of the UK Financial Services Authority and UK Climate Committee. The commission is made up of energy producers and consumers, tech experts, finance specialists and NGOs.

China is one of the world's biggest polluters and a key signatory of the 2015 Paris Agreement, a pledge by 187 countries to reduce their carbon emissions. And its role has become even more important after the United States began its formal withdrawal from the agreement earlier this month.

"For the world to deliver the Paris Climate objectives, it is vital that China has a strategy to achieve net-zero emissions by mid-century," Turner said.

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