Institute for Environmental Security
Advancing Global Environmental Security through
Science · Diplomacy · Law · Finance · Education
A Green New Deal
Joined-up policies to solve the triple crunch of the credit crisis, climate change and high oil prices
19 October 2008
The global economy is facing a ?triple crunch?: a combination of a credit-fuelled financial crisis, accelerating climate change and soaring energy prices underpinned by encroaching peak oil. It is increasingly clear that these three overlapping events threaten to develop into a perfect storm, the like of which has not been seen since the Great Depression, with potentially devastating consequences.
The Green New Deal Group, drawing inspiration from the tone of President Roosevelt?s comprehensive response to the Great Depression, propose a modernised version, a ?Green New Deal? designed to power a renewables revolution, create thousands of green-collar jobs and rein in the distorting power of the finance sector while making more low-cost capital available for pressing priorities.