Green New Deal – Editor

The following extract [1] was obtained from Wikipedia, internet encyclopedia:

“The Green New Deal (GND) is a proposed economic stimulus program in the US [and other countries] aiming to address inequality and climate change. The name New Deal refers to a combination of social and economic reforms and public works projects undertaken by US President Franklin Roosevelt in response to the Great Depression

[ GND supporters advocate a mix of Roosevelt’s economic approach with modern ideas such as renewable energy and resource efficiency ].”

A UK report “A Green New Deal: Joined-up policies to solve the triple crunch of the credit crisis, climate change and high oil prices”, released on 21 July 2008 by the Green New Deal Group and published by the New Economics Foundation, 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 also major government investment in renewable energy sources. Its recommendations:

1. Government investment in energy efficiency and microgeneration which would make ‘every building a power station’.
2. The creation of thousands of green jobs to enable low-carbon infrastructure reconstruction.
3. A windfall tax on the profits of oil and gas companies – as has been establish-ed in Norway – so as to provide revenue for government spending on renewable energy and energy efficiency.
4. Developing financial incentives for green investment and reduced energy usage.
5. Changes to the financial system, including the reduction of the central bank’s interest rate, to support greenInvestment.
6. Large financial institutions – ‘mega banks’ – to be broken up into smaller units and green banking.
7. 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.
8. Increased official scrutiny of exotic financial products such as derivatives.
9. Prevention of corporate tax evasion by demanding financial reporting and by clamping down on tax havens.

1. Source: Wikipedia https://en.wikipedia.org/wiki/Green_New_Deal