According to the report, this entails re-regulating finance and taxation plus a huge transformational programme 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.
Drawing inspiration from Franklin D. Roosevelt’s programme launched in the wake of the Great Crash of 1929, the report argues that a positive course of action can pull the world back from economic and environmental meltdown. The Green New Deal that they put forth consists of two main
strands. First, it outlines a structural transformation of the regulation of national and international financial systems, and major changes to taxation systems. And, second, it calls for a sustained programme to invest in and deploy energy conservation and renewable energies, coupled with effective demand management.
In this way they believe we can begin to stabilise the current triple-crunch crisis and lay the foundations for the emergence of a set of resilient lowcarbon economies, rich in jobs and based on independent sources of energy supply. This would create a more stable economic environment in which there is a lot more local production and distribution, and enhanced national security.