"A Green New Deal" was a report released in theUnited Kingdom on 21 July 2008 by the Green New Deal Group and published by theNew Economics Foundation, which outlines a series of policy proposals to mitigateClimate change, the2008 financial crisis, andpeak oil.[1] The report calls for the re-regulation offinance andtaxation, and major government investment inrenewable 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]
The creation of thousands ofgreen jobs to enablelow-carbon infrastructure reconstruction.
Awindfall tax on the profits of oil and gas companies - as has been established inNorway - 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 theBank of England's interest rate, once again to support green investment.
Large financial institutions - 'mega banks' - to be broken up into smaller units andgreen 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 ofcapital controls.
Increased official scrutiny of exotic financial products such asderivatives.
The prevention of corporate tax evasion by demanding financial reporting and by clamping down ontax havens.[3][4][5]
Although the politicians have used the term Green New Deal, it remains largely unimplemented in the form that it was originally proposed. Larry Elliott, the Guardian newspaper's economics editor and one of the originators of the idea, wrote in 2020 that perhaps the policy might be first trialled "in one of the UK’s big cities – Manchester or Glasgow, say – to see whether a GND creates jobs, cuts emissions and generates a new wave of profitable environmental innovation".[6]
