Kalpana Kalpana

A Green New Deal

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A 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. 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.

Contents

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.
  • Authors

    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 Solarcentury and SolarAid
  • Caroline Lucas, Green Party of England and Wales leader, MEP and Member of Parliament for Brighton Pavilion
  • 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
  • References

    A Green New Deal Wikipedia


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