by Patrick Wood
University of Cambridge
the Green New Deal first appeared
in England in 2008 with a 44-page report by the Green New Deal
Group, simply called 'A
Green New Deal'.
An excerpt appears
concluding with a supporting audio produced by a sister organization
New Economics Foundation.
The board of the Green New Deal Group is stacked with radical
members of the green movement, including Greenpeace and
Friends of the Earth:
Economics Editor of the Guardian
Co-Director of Finance for the Future, former head of
Greenpeace International's Economics Unit, policy advisor to
former Executive Director of Friends of the Earth
founder and Chairman of Solarcentury and SolarAid
Green Party MEP (Politician)
Co-Director of Finance for the Future and Director, Tax
Fellow at New Economics Foundation, former head of the
Jubilee 2000 debt relief campaign, Campaign Director of
University of Cambridge, Advisor on Sustainable Development,
former Director of Friends of the Earth
Policy Director, New Economics Foundation, board member of
Green New Deal
is the total encapsulation of Sustainable Development, aka
Technocracy, in a political form.
All of its rhetoric is
about economics but the plea is for political action to allow it to
As with the
Trilateral Commission in 1973,
which claimed it was never about politics but rather economics, they
hijacked the U.S. Executive Branch in order to execute their
It was never about
political power per se, but rather about economic accumulation.
The global elite are lurking behind
the Green New Deal crowd, which has become their 'useful
idiots' to promote their schemes of,
who attended the 1992 Agenda 21 conference in Rio De Janeiro
wrote a book called The Earth Brokers in 1994.
They saw through the
Agenda 21 scam and wrote:
"We argue that
UNCED (UN Conference on
Economic Development) has boosted precisely the type of
industrial development that is destructive for the environment,
the planet, and its inhabitants.
We see how, as a
result of UNCED, the rich will get richer, the poor poorer,
while more and more of the planet is destroyed in the process."
All Americans, including
those involved in the Green New Deal, should wake up and smell the
100 percent of the
ecological hysteria is fake and has always been fake.
Remember that it was the
Club of Rome who openly claimed
global warming in its 1991
The First Global Revolution:
"In searching for a
common enemy against whom we can unite, we came up with the idea
that pollution, the threat of global warming, water shortages,
famine and the like, would fit the bill."
A Green New
Green New Deal - The First Report of the Green New Deal Group"
The global economy is facing a 'triple crunch'.
It is a combination
credit-fuelled financial crisis
energy prices underpinned by an encroaching peak in oil
overlapping events threaten to develop into a perfect storm, the
like of which has not been seen since the Great Depression.
To help prevent this
from happening we are proposing a Green New Deal.
This entails re-regulating finance and taxation plus a huge
transformational program 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 novel funding mechanisms that will reduce emissions
contributing to climate change and allow us to cope better with
the coming energy shortages caused by peak oil.
The triple crunch of,
...has its origins
firmly rooted in the current model
deregulation has facilitated the creation of almost limitless
credit. With this credit boom have come irresponsible and
often fraudulent patterns of lending, creating inflated bubbles
in assets such as property, and powering environmentally
This approach hit the buffers of insolvency and unrepayable
debts on what we think of as 'debtonation day', 9 August 2007,
banks suddenly fully understood the scale of debts on
the balance sheets of other banks, and stopped lending to each
In the same year, natural disasters struck body blows to entire
national economies, and rising prices began to alert the world
to the potential scarcity of oil.
At both ends of the climatic
spectrum, Australia saw a prolonged drought decimate its
domestic grain production, and Mexico saw floods wipe out the
agricultural production of an entire large state.
In the oil markets, growing numbers of whistleblowers pointed to
the probability of an early peak in production, and a possible
subsequent collapse of production.
Energy Agency (IEA) said an oil crunch is likely in 2012...
Drawing our inspiration from Franklin D. Roosevelt's courageous
program launched in the wake of the
Great Crash of 1929, we believe
that a positive course of action can pull the world back from
economic and environmental meltdown.
The Green New Deal that we are proposing consists of two
outlines a structural transformation of the regulation
of national and international financial systems, and
major changes to taxation systems
calls for a sustained program to invest in and deploy
energy conservation and renewable energies, coupled with
effective demand management
In this way we
believe we can begin to 'stabilize' the current triple-crunch
We can also lay the
foundations for the emergence of a set of resilient low-carbon
economies, rich in jobs and based on independent sources of
This will create a
more stable economic environment in which there is a lot more
local production and distribution, and enhanced national
In the first
half of this report we examine the financial, economic
and environmental landscapes that are the backdrop to
this triple crisis.
In the second
half, we propose a series of policies that can be used
to tackle the problems we have identified.
THE GREEN NEW DEAL
We call our program a Green New Deal - one that combines
stabilization in the short term with longer-term restructuring
of the financial, taxation and energy systems.
The Green New Deal is
international in outlook, but requires action at local,
national, regional and global levels.
Focusing first on the specific needs of the UK, an interlocking
program of action needs to involve:
Executing a bold
new vision for a low-carbon energy system that will include
making 'every building a power station'.
Involving tens of
millions of properties, their energy efficiency will be
maximized, as will the use of renewables to generate
This will require
a £50 billion-plus per year crash program to be implemented
as widely and rapidly as possible.
We are calling
for a program of investment and a call to action as urgent
and far-reaching as the US New Deal in the 1930s and the
mobilization for war in 1939.
training a 'carbon army' of workers to provide the human
resources for a vast environmental reconstruction program.
We want to see hundreds of thousands of these new high- and
lower-skilled jobs created in the UK.
It will be part
of a wider shift from an economy narrowly focused on
financial services and shopping to one that is an engine of
The UK has so far largely
missed out on the boom in 'green collar' jobs, with Germany
already employing 250,000 in renewable energy alone.
realistic fossil fuel prices that include the cost to the
environment, and are high enough to tackle climate change
effectively by creating the economic incentive to drive
efficiency and bring alternative fuels to market.
This will provide
funding for the Green New Deal and safety nets to those
vulnerable to higher prices via rapidly rising carbon taxes
and revenue from carbon trading.
establishing an Oil Legacy Fund, paid for by a
windfall tax on the profits of oil and gas companies.
The monies raised
would help deal with the effects of climate change and
smooth the transition to a low-carbon economy.
wide-ranging package of other financial innovations and
incentives to assemble the tens of billions of pounds that
need to be spent.
The focus should
be on smart investments that not only finance the
development of new, efficient energy infrastructure but also
help reduce demand for energy, particularly among low-income
groups, for example by improving home insulation.
The science and
technology needed to power an energy-and-transport
revolution are already in place. But at present the funds to
propel the latest advances into full-scale development are
domestic financial system to ensure that the creation of
money at low rates of interest is consistent with democratic
aims, financial stability, social justice and environmental
proposals for financial renewal are inspired by those
implemented in the 1930s.
They involve the
reduction of the Bank of England's interest rate to help
those borrowing to build a new energy and transport
infrastructure, with changes in debt-management policy to
enable reductions in interest rates across all government
In parallel, to
prevent inflation, we want to see much tighter controls on
lending and on the generation of credit.
Breaking up the
discredited financial institutions that have needed so much
public money to prop them up in the latest credit crunch.
We are calling
for the forced demerger of large banking and finance groups.
Retail banking should be split from both corporate finance
(merchant banking) and from securities dealing.
units should then be split into smaller banks.
Mega banks make
mega mistakes that affect us all. Instead of institutions
that are 'too big to fail', we need institutions that are
small enough to fail without creating problems for
depositors and the wider public.
restricting the international finance sector to transform
national economies and the global economy.
Finance will have
to be returned to its role as servant, not master, of the
global economy, to dealing prudently with people's savings
and providing regular capital for productive and sustainable
finance, and the restoration of policy autonomy to
democratic government, implies the re-introduction of
These are vital
if central banks and governments are to fix and determine
one of the most important levers of the economy - interest
derivative products and other exotic instruments to official
approved should be permitted to be traded. Anyone trying to
circumvent the rules by going offshore or on to the internet
should face the simple and effective sanction of 'negative
enforcement' - their contracts would be made unenforceable
aim is an orderly downsizing of the financial sector in
relation to the rest of the economy.
corporate tax evasion by clamping down on tax havens and
corporate financial reporting. Tax should be deducted at
source (i.e. from the country from which payment is made)
for all income paid to financial institutions in tax havens.
accounting rules should be changed to eliminate transfer
mispricing by requiring corporations to report on a country
will provide much-needed sources of public finance at a time
when economic contraction is reducing conventional tax
We also urge the UK
to take action at the international level to help build the
orderly, well-regulated and supportive policy and financial
environment that is required to restore economic stability and
nurture environmental sustainability.
objectives should include:
nations far greater autonomy over domestic monetary policy
(interest rates and money supply) and fiscal policy
(government spending and taxation).
Setting a formal
international target for atmospheric greenhouse gas
concentrations that keeps future temperature rises as far
below 2°C as possible.
Delivering a fair
and equitable international climate agreement to succeed the
Kyoto Protocol in 2012.
countries the opportunity to escape poverty without fuelling
global warming by helping to finance massive investment in
climate-change adaptation and renewable energy.
free and unconstrained transfer of new energy technologies
to developing countries.
In the words of
France's President Sarkozy,
'we have to put a
stop to this financial system which is out of its mind and
which has lost sight of its purpose.'
The Green New Deal
will rekindle this vital sense of purpose, restoring public
trust and refocusing the use of capital on public priorities and
In this way it can
also help deliver a wide range of social benefits that can
greatly improve quality of life in the future.
There is also an immediate imperative to restore some faith that
society can survive the dreadful threats it now faces as a
result of the triple crunch. Beyond that, we believe the Green
New Deal can deliver a crucial national plan for a low-energy
future and its provision on the ground.
The absence of any
such plan at present leaves the country very vulnerable.
There is no risk analysis of the peak-oil threat, and there is
no contingency plan for what would happen if oil and/or gas
supplies collapsed rapidly.
Our plan would
include oversight and coordination for generating the funding
...for investment in a vital multi-decade program
for the transition to a low-energy future.
In short, it is a
route map for the journey from energy and economic insecurity to
one of energy and environmental security...
New Economics Foundation -