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What Kind of a Green Deal? The implications of material and monetary flows.

What Kind of a Green Deal? The implications of material and monetary flows.

What Kind of a Green Deal? The implications of material and monetary flows1.

Contents

Introduction: the resurgence of New Green Deals. 

Green Deals, Growth and Material Flows 

Paying for a Green Deal: monetary flows. 

Introduction: the resurgence of New Green Deals.

With increasing momentum, the idea of a New Green Deal (or Green New Deal) has entered the mainstream of progressive political debate. While a group of British economists and campaigners promoted the idea more than ten years ago2, it didn’t take off then. Now, however, the seriousness of, and public attention to, the climate emergency has helped to revive the idea: an ambitious transformative programme is needed to decarbonise the global economy, not least in the rich countries. Almost simultaneously, a similar set of policy proposals have emerged in several places, including in the USA, with the (New) Green New Deal3 proposed by leftists in the Democratic Party (the “Justice Democrats”4) and adopted by some of the prospective presidential candidates, in the UK, with the Labour Party’s Green Transformation paper5, in Spain, with the PSOE’s Transformación Ecológica6, and in the programme of Yannis Varoufakis’s pan-EU party DIEM 25. These all share the idea of investing in the rapid decarbonisation of the economy, creating “green jobs” in sectors such as renewable energy and housing retrofit, and offering a Just Transition for workers in those industrial sectors (predominantly fossil fuels) that will have to be closed down and replaced.

However, these policy frameworks all have shortcomings: none is, as yet, sufficiently detailed, each leaves significant gaps in the areas that have to be addressed, and all are promoted by parties that have yet to gain power or (in the Spanish case, with a challenging general election imminent) regain it.

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