Abstract
The Green New Deal (GND) serves as market solution to implement global environmental governance as “the sum of the many ways individuals and institutions, public and private, manage their common affairs.” This paper discusses the historical foundations, underlying economic mechanisms of the GND and contemporary implementation strategies of the GND. GND spending should target social and green causes fostering concepts such as eco-commerce, environmental enterprise, environmental finance, fiscal environmentalism, green accounting, economy, jobs and trading as well as sustainable energy. The economic policies proposed comprise of fiscal and monetary means, innovation efforts and behavioral changes. Concrete recommendations are given on carbon tax, emissions trading, green bonds, absorbing CO2 and forestation, insurance policies, intergenerational conscientiousness, engaging portfolio managers, ecotax, environmental pricing reform, environmental tariffs, net metering, Pigovian tax and sustainable tourism. All these efforts are to support global environmental governance. The paper closes with a prospective outlook of changes implied to the GND due to the novel Coronavirus (COVID-19) crisis.
Highlights
The New Deal was historically a bonds financing strategy of the United States of America during the 1932 to 1939 years
Throughout the 1970s and 1990s, an economic policy to move the United States economy away from non-renewable energy was developed by activists in the labor and the environmental movements
An early use of the phrase “Green New Deal” was by journalist Thomas Friedman, who advocated in 2007 for economic action on sustainability like a New Deal green version with the potential to create a whole new clean power industry to spur our economy into the 21st century
Summary
The New Deal was historically a bonds financing strategy of the United States of America during the 1932 to 1939 years. In 2019 over 600 organizations submitted a letter to Congress declaring support for policies to reduce greenhouse gas emissions This includes ending fossil fuel extraction and subsidies, transitioning to 100% clean renewable energy by 2035, expanding public transportation, and strict emission reductions rather than reliance on carbon emission trading. Since 2019 Senator Edward Markey and Representative Alexandria Ocasio-Cortez push for transitioning the United States to use 100% renewable, zero-emission energy sources, including investment into electric cars and high-speed rail systems, and implementing the social cost of carbon that has been part of Obama administration’s plans for addressing climate change within 10 years. In January 2019, a letter signed by 626 organizations in support of a GND was sent to all members of Congress It called for measures such as an expansion of the Clean Air Act, a ban on crude oil exports and fossil fuel subsidies and leasing and a phase-out of all gasoline-powered vehicles by 2040. Various proposals for a GND have been made internationally, for instance in Australia, Canada and Europe
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