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A Green New Deal

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For policy proposals, see Green New Deal.

A Green New Deal is 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.[1] 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.[2]

Main recommendations

  • 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.[3][4][5]

Authors

Colin Hines explains the Green New Deal

The authors of A Green New Deal are:

See also

References

  1. ^ Mark Lynas (July 17, 2008) "A Green New Deal" New Statesman
  2. ^ New Economics Foundation, (July 21, 2008) http://www.neweconomics.org/gen/greennewdealneededforuk210708.aspx
  3. ^ David Teather (July 21, 2008) "Green New Deal group calls for break-up of banks", The Guardian
  4. ^ Jeremy Lovell (July 21, 2008) "Climate report calls for green 'New Deal'", Reuters.
  5. ^ Riley Smith (July 31, 2008) "Group Suggests a Green New Deal in the UK to Fight Climate Change", Celsias.com.
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