Climate Impact and Feasibility Analysis of Global Green GDP Based on Improved Weight Method and K-Means Method

Abstract

Gross domestic product (GDP) is a widely used economic indicator, but it does not consider economy related to natural resources. It may not accurately reflect a country's economic well-being. In this study, the potential of using "green GDP" (GGDP) and the GGDP index as primary indicators of economic health with a focus on climate implications is explored. The article proposes a new GGDP model and index that incorporate three key factors including environment, economy, and society with four quantifiable indicators within each factor. The weights for the indicators are calculated based on improved weight method containing entropy weight method and CRITIC method. GGDP model places emphasis on climate mitigation and employs grey correlation analysis and univariate linear regression. Furthermore, the GGDPGI model has been developed to assess the feasibility of replacing GDP with GGDP as the primary measure of economic growth. Our results suggest that using GGDP and the GGDP index as primary indicators is not only feasible but also meaningful for evaluating a country's economic growth.