25 September 2019

Where will the money come from? How to finance a Green New Deal?

Mr White made a presentation in Paris on  16 September at a conference organized by a German think tank, The Berlin Platform for a New Economic Paradigm. He began by noting some fundamental problems in providing estimates for the cost of either a Green New Deal (as recently proposed in the US) or for the costs of climate change mitigation. The focus of his remarks was on how fiscal policy, financial regulatory policy and monetary policy might be adapted to respond to climate change and to contribute to climate change mitigation. His greatest concern is that governments will shirk their own responsibility for action (not least through much higher carbon taxes) using the excuse that action by regulatory agencies and central banks will suffice.