Keywords : environment - equity - energy - poverty and inequalities - development - taxation - trade regulation - economic policy - industrial policy - - employment - finance - investment - research and development
The global economy is facing a triple crunch: a combination of a credit-fuelled financial crisis, accelerating climate change and soaring energy prices underpinned by encroaching peak oil. It is increasingly clear that these three overlapping events threaten to develop into a perfect storm, the like of which has not been seen since the Great Depression, with potentially devastating consequences.
The Green New Deal Group, drawing inspiration from the tone of President Roosevelt’s comprehensive response to the Great Depression, proposes a modernized version, a Green New Deal designed to power a renewables revolution, create thousands of green-collar jobs and rein in the distorting power of the finance sector while making more low-cost capital available for pressing priorities. The most serious global crisis since the Great Depression calls for serious reform the like of which has not, yet, been considered by politicians. This entails re-regulating finance and taxation plus a huge transformational programme aimed at substantially reducing the use of fossil fuels and, in the process, tackling the unemployment and decline in demand caused by the credit crunch. It involves policies and new funding mechanisms that will reduce emissions and allow us to cope better with the coming energy shortages caused by peak oil.
Read the document (2.7 MiB)
Green New Deal Group (Andrew Simms, Ann Pettifor, Caroline Lucas, Charles Secrett, Colin Hines, Jeremy Leggett, Larry Elliott, Richard Murphy and Tony Juniper). 2008. A Green New Deal: Joined-up policies to solve the triple crunch of the credit crisis, climate change and high oil prices. London: New Economics Foundation, on behalf of the Green New Deal Group. http://www.neweconomics.org/gen/z_sys_PublicationDetail.aspx?PID=258.