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This paper examines the extent and the determinants of global climate change beliefs. In contrast to former studies for the U.S. and other western countries, we focus on China due to its crucial role in international climate policy in conjunction with its vulnerability to global warming. The empirical analysis is based on unique data from a survey among more than 1000 adults in five Chinese cities. In line with former studies, our results reveal that the vast majority of almost 90% of the Chinese respondents believes in the existence of global warming. This seems to be a convenient and necessary basis for the support of costly public adaptation activities in China. Our econometric analysis reveals that already perceived experiences with extreme weather events (and particularly heatwaves) alone are strongly correlated with climate change beliefs and that physical or financial damages due to these events lead to even stronger relationships. Our estimation results additionally suggest females as well as people with a lower education, in medium ages, with higher household incomes, and from Chengdu or Shenyang to be more skeptical toward the existence of climate change. [ABSTRACT FROM AUTHOR]

• Timing of ecosystem restoration can influence its resilience to climate change. • This study quantifies the opportunity cost of delaying restoration-based GHG mitigation. • Delaying mitigation substantially decreases the economic benefits of peatland restoration. • Climate change beliefs explain variation in benefits of increased peatland resilience. • Results provide economic arguments for early investments in nature-based solutions. Ecosystem restoration and, in particular, peatland restoration, are considered a promising greenhouse gas (GHG) mitigation strategy to move towards net zero emissions. To remain within acceptable limits for projected warming scenarios, inaction with respect to GHG mitigation in the short term implies a need for even larger removals of GHGs in the longer term, which can be conceptualized as a 'mitigation debt'. This paper explores the economic implications of delaying GHG mitigation through ecosystem restoration using data of a large survey (N = 1377) that included a choice experiment to elicit the public's willingness to pay (WTP) for peatland restoration in Scotland, UK. The valuation specifically considers the interaction between the timing of restoration action and long-term ecosystem resilience. We find that respondents have a substantial WTP for peatland restoration. Importantly, we find considerable benefits for early restoration action (up to £191 million annually in our case study), which is linked to an increased resilience of peatlands under future climate change. This demonstrates that delaying restoration and thus accumulating a mitigation debt has an important opportunity cost that substantially decreases the related economic benefits. Attitudes towards climate change and climate change beliefs are found to explain variation in the public's WTP. Our research strengthens the economic argument for not delaying climate change mitigation through ecosystem restoration, demonstrating that the mitigation debt also translates into a welfare loss. To fully realise the potential benefits associated with immediate mitigation using peatland restoration, however, more needs to be understood about the mechanisms that facilitate large-scale implementation in practice. [ABSTRACT FROM AUTHOR]