A Green New Deal
"A Green New Deal" was a report released on July 21, 2008 by the Green New Deal Group and published by the New Economics Foundation, which outlines a series of policy proposals to tackle global warming, the current financial crisis, and peak oil. The report calls for the re-regulation of finance and taxation, and major government investment in renewable energy sources. Its full title is: A Green New Deal: Joined-up policies to solve the triple crunch of the credit crisis, climate change and high oil prices.
- Government-led investment in energy efficiency and microgeneration which would make 'every building a powerstation'.
- The creation of thousands of green jobs to enable low-carbon infrastructure reconstruction.
- A windfall tax on the profits of oil and gas companies - as has been established in Norway - so as to provide revenue for government spending on renewable energy and energy efficiency.
- Developing financial incentives for green investment and reduced energy usage.
- Changes to the UK's financial system, including the reduction of the Bank of England's interest rate, once again to support green investment.
- Large financial institutions - 'mega banks' - to be broken up into smaller units and green banking.
- The re-regulation of international finance: ensuring that the financial sector does not dominate the rest of the economy. This would involve the re-introduction of capital controls.
- Increased official scrutiny of exotic financial products such as derivatives.
- The prevention of corporate tax evasion by demanding financial reporting and by clamping down on tax havens.
The authors of A Green New Deal are:
- Larry Elliott, economics editor of the Guardian
- Colin Hines, co-director of Finance for the Future
- Tony Juniper, former director of Friends of the Earth
- Jeremy Leggett, founder and chairman of Solarcentury and SolarAid
- Caroline Lucas, Green Party of England and Wales leader, MEP and Member of Parliament for Brighton Pavilion
- Richard Murphy, co-director of Finance for the Future and director of Tax Research LLP
- Ann Pettifor, former head of the Jubilee 2000 debt relief campaign and campaign director of Operation Noah
- Charles Secrett, advisor on sustainable development, former director of Friends of the Earth
- Andrew Simms, policy director of the New Economics Foundation
- Lynas, Mark (July 17, 2008). "A Green New Deal". New Statesman.
- "UK needs 'Green New Deal' to tackle 'triple crunch' of credit, oil price and climate crises". New Economics Foundation. July 21, 2008. Archived from the original on September 12, 2008. Retrieved October 29, 2008.
- Teather, David (July 21, 2008). "Green New Deal group calls for break-up of banks". The Guardian.
- Lovell, Jeremy (July 21, 2008). "Climate report calls for green 'New Deal'". Reuters.
- Smith, Riley (July 31, 2008). "Group Suggests a Green New Deal in the UK to Fight Climate Change". Celsias.com. Archived from the original on December 10, 2008.