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 climate change, 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:

• 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 Solar Century and SolarAid
• Caroline Lucas, Green Party of England and Wales MEP
• 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

Origin and use of the title phrase

The title of the report is intended to echo the New Deal, the social and economic programs launched by US President Franklin D. Roosevelt in the wake of the Wall Street Crash and the onset of the Great Depression.^[6] The phrase "A Green New Deal" was not coined by the Green New Deal Group, however. Earlier users of the term include Thomas L. Friedman^[7][8] and Elsa Wenzel.^[9]

Since the publication of A Green New Deal, the phrase has been in use more often.

Van Jones uses it frequently in his book The Green Collar Economy.^[10]

UNEP "Global Green New Deal"

The most notable adoption of the phrase, however, has been by the United Nations Environment Programme. On October 22, 2008, Achim Steiner, UNEP executive director, launched a Green Economy Initiative known as the 'Global Green New Deal' in London. Much like the Green New Deal Group, the UNEP initiative calls for a surge in green jobs, as well as a restructuring of the global economic system so as to reduce dependence on fossil fuels.^[11]

Australian statement

On January 9, 2009, the Australian Conservation Foundation, Australian Council of Trade Unions, Australian Council of Social Service, Australian Green Infrastructure Council [1], Climate Institute of Australia, Australian Institute of Superannuation Trustees [2] and Property Council of Australia [3] issued a joint statement, "Towards a Green New Deal: Economic stimulus and policy action for the double crunch".^[12]

This was followed by a conference in October 2009, held in Melbourne and facilitated by the Green Institute, the Australian Greens and various other groups, to formulate a Green New Deal for Australia and discuss it's context, outline, contents and potential implementation.

Green New Deals and Green stimulus plans

Many of the national economic stimulus plans proposed or adopted in late 2008 and early 2009 had a "green" component, for example in the United States^[13] Japan and South Korea.^[14]

In 2009, the Greens party and other groups in New Zealand conducted conferences, discussions, etc, to outline a Green New Deal.

In Australia, the Australian Greens, who hold a balance of power in government, proposed changes to the incumbent Labor Government's stimulus plan, which was seen by some as a potential Green New Deal for Australia.

See also

• Green growth

References

External links

• Full text of A Green New Deal from the New Economics Foundation
• The Green New Deal Group
• UNEP Global Green New Deal
• Caroline Lucas on A Green New Deal at the Guardian
• A green New Deal: Green, easy and wrong, article at The Economist
• Support the Green New Deal for Europe

v • d • e Peak Oil Core issues Peak oil · Mitigation of peak oil · Predicting the timing of peak oil · Hubbert peak theory Results/responses Hirsch report · Oil Depletion Protocol · Price of petroleum · 2000s energy crisis · Energy crisis · Export Land Model · Food vs fuel · Oil reserves · Pickens Plan · Transition Towns People Albert Bartlett · Colin J. Campbell · David Goodstein · John Michael Greer · Richard Heinberg · M. King Hubbert · James Kunstler · Jeremy Leggett · Dale Allen Pfeiffer · Richard Rainwater · Matthew Simmons · Doomer Books The End of Oil · The Long Emergency · Out of Gas · The Party's Over · Power Down Films A Crude Awakening · The End of Suburbia · Oil Factor · PetroApocalypse Now? · How Cuba Survived Peak Oil · What a Way to Go Organizations ASPO · The Oil Drum · Energy Watch Group · ODAC · OPEC · OAPEC · IEA · Post Carbon Institute Other "peaks" Peak coal · Peak copper · Peak gas · Peak uranium · Peak water · Peak wheat