Green New Deal
Encyclopedia
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
. 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.
The authors of A Green New Deal are:
New Economics Foundation
The New Economics Foundation is a British think-tank.NEF was founded in 1986 by the leaders of The Other Economic Summit with the aim of working for a "new model of wealth creation, based on equality, diversity and economic stability"....
, which outlines a series of policy proposals to tackle global warming
Global warming
Global warming refers to the rising average temperature of Earth's atmosphere and oceans and its projected continuation. In the last 100 years, Earth's average surface temperature increased by about with about two thirds of the increase occurring over just the last three decades...
, the current financial crisis, and peak oil
Peak oil
Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. This concept is based on the observed production rates of individual oil wells, projected reserves and the combined production rate of a field...
. The report calls for the re-regulation of finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
and taxation, and major government investment in renewable energy
Renewable energy
Renewable energy is energy which comes from natural resources such as sunlight, wind, rain, tides, and geothermal heat, which are renewable . About 16% of global final energy consumption comes from renewables, with 10% coming from traditional biomass, which is mainly used for heating, and 3.4% from...
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.
Main recommendations
- Government-led investment in energy efficiencyEfficient energy useEfficient energy use, sometimes simply called energy efficiency, is the goal of efforts to reduce the amount of energy required to provide products and services. For example, insulating a home allows a building to use less heating and cooling energy to achieve and maintain a comfortable temperature...
and microgenerationMicrogenerationMicrogeneration is the small-scale generation of heat and power by individuals, small businesses and communities to meet their own needs, as alternatives or supplements to traditional centralized grid-connected power...
which would make 'every building a powerstation'. - The creation of thousands of green jobsGreen-collar workerA green-collar worker is a worker who is employed in the environmental sectors of the economy. Environmental green-collar workers satisfy the demand for green development. Generally, they implement environmentally conscious design, policy, and technology to improve conservation and sustainability...
to enable low-carbonLow-carbon economyA Low-Carbon Economy or Low-Fossil-Fuel Economy is an economy that has a minimal output of greenhouse gas emissions into the environment biosphere, but specifically refers to the greenhouse gas carbon dioxide...
infrastructure reconstruction. - A windfall taxWindfall profits taxA windfall profits tax is a higher tax rate on profits that ensue from a sudden windfall gain to a particular company or industry.-United Kingdom:In the United Kingdom, the Windfall Tax was a tax levied on privatised utility companies.-United States:...
on the profits of oil and gas companies - as has been established in NorwayNorwayNorway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
- 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'sBank of EnglandThe Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
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 derivativesDerivative (finance)A derivative instrument is a contract between two parties that specifies conditions—in particular, dates and the resulting values of the underlying variables—under which payments, or payoffs, are to be made between the parties.Under U.S...
. - The prevention of corporate tax evasion by demanding financial reporting and by clamping down on tax havens.
Authors
- Larry ElliottLarry ElliottLarry Elliott is a British journalist and author focusing on economic issues. He is currently Economics editor at The Guardian, and has published four books on related issues, often in partnership with Dan Atkinson.-Education:Elliott was educated at St...
, Economics Editor of the GuardianThe GuardianThe Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format... - Colin HinesColin HinesColin Hines is a co-director of Finance for the Future, an entity set up to encourage investments in local authority bonds to reduce fossil fuel use. He brought together a group of finance, tax, energy and environmental experts to form the Green New Deal Group...
, Co-Director of Finance for the Future - Tony JuniperTony JuniperTony Juniper is a British environmental campaigner, author and commentator most recognised for his work as Executive Director of Friends of the Earth, England, Wales and Northern Ireland and Vice Chair of Friends of the Earth International from 2000-2008.Juniper was the Green Party's parliamentary...
, former Director of Friends of the EarthFriends of the EarthFriends of the Earth International is an international network of environmental organizations in 76 countries.FOEI is assisted by a small secretariat which provides support for the network and its agreed major campaigns... - Jeremy LeggettJeremy LeggettJeremy Leggett, a geologist by training, began his career as a consultant for the oil industry, while teaching at the Royal School of Mines . His research on earth history was funded by oil companies BP and Shell,among others...
, founder and Chairman of Solar Century and SolarAidSolarAidSolarAid is a British international development charity that promotes the use of solar energy to help reduce global poverty and climate change. SolarAid installs solar photovoltaic systems, for community centres, medical clinics, schools and other communal buildings. It also trains local... - Caroline LucasCaroline LucasCaroline Patricia Lucas is a British politician. Lucas is the leader of the Green Party of England and Wales, and the Green Party's first and only Member of Parliament in the House of Commons of the United Kingdom...
, Green Party of England and Wales leaderGreen Party of England and WalesThe Green Party of England and Wales is a political party in England and Wales which follows the traditions of Green politics and maintains a strong commitment to social progressivism. It is the largest Green party in the United Kingdom, containing within it various regional divisions including...
, MEPMember of the European ParliamentA Member of the European Parliament is a person who has been elected to the European Parliament. The name of MEPs differ in different languages, with terms such as europarliamentarian or eurodeputy being common in Romance language-speaking areas.When the European Parliament was first established,...
and Member of ParliamentMember of ParliamentA Member of Parliament is a representative of the voters to a :parliament. In many countries with bicameral parliaments, the term applies specifically to members of the lower house, as upper houses often have a different title, such as senate, and thus also have different titles for its members,...
for Brighton Pavilion - Richard MurphyRichard MurphyRichard Murphy is the name of:* Dick Murphy , American retired Republican politician* Richard Murphy , Scottish architect* Richard Murphy , Irish poet...
, Co-Director of Finance for the Future and Director of Tax Research LLP - Ann PettiforAnn PettiforAnn Pettifor is a fellow of the New Economics Foundation, London, and author of books on government debt and international finance. She is best known for her leadership of a worldwide campaign to cancel approximately $100 billion of debts owed by 42 of the poorest countries – Jubilee 2000...
, former head of the Jubilee 2000Jubilee 2000Jubilee 2000 was an international coalition movement in over 40 countries that called for cancellation of third world debt by the year 2000. This movement coincided with the Great Jubilee, the celebration of the year 2000 in the Catholic Church...
debt relief campaign and Campaign Director of Operation NoahOperation NoahOperation Noah may refer to:*Operation Noah , a 1944 reconnaissance operation by the Belgian Special Air Service*Operation Noah , a 1959 operation in Zambia and Zimbabwe to move animals from a flooding dam site... - Charles SecrettCharles SecrettCharles Secrett is an environmental activist, head of Friends of the Earth England, Wales and Northern Ireland between a1993- 2001. He is an author and broadcaster on environmental topics....
, Advisor on Sustainable Development, former Director of Friends of the Earth - Andrew Simms, Policy Director of the New Economics FoundationNew Economics FoundationThe New Economics Foundation is a British think-tank.NEF was founded in 1986 by the leaders of The Other Economic Summit with the aim of working for a "new model of wealth creation, based on equality, diversity and economic stability"....
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 EconomistThe EconomistThe Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...
- Support the Green New Deal for Europe