To replace fossil fuel energy, we need a massive scale-up in renewables, as well as transformations in how me manage our construction, transport and food systems. A global Green New Deal will be vital - massive public spending in every country to create the infrastructure for a green economy.
But where could the money come from? Cap and share could provide a key part of the answer. In our proposed cap and share system, the trillions of dollars raised each year through fossil fuel licence fees would land in a people-owned international fund. This fund would invest the money in a global Green New Deal, via concessional lending and direct investment in green infrastructure. Democratically-designed prioritisation criteria would ensure that the countries most in need of investment would be first in line.
A global Green New Deal, funded in this way, would provide millions of new green jobs for people all over the world. It would also ensure that our new energy system, and much of our wider economy, is owned by the people and directed to the public good. People's ownership of the fund and its investments would also mean that any profits made are returned to us all, as equal global citizens, reducing global inequality and providing basic income security for people everywhere.
To find out more about how an international people's fund could enable a global Green New Deal, see our paper, 'Climate Justice Without Borders: Cap and share as a mitigation and climate finance solution'.
But where could the money come from? Cap and share could provide a key part of the answer. In our proposed cap and share system, the trillions of dollars raised each year through fossil fuel licence fees would land in a people-owned international fund. This fund would invest the money in a global Green New Deal, via concessional lending and direct investment in green infrastructure. Democratically-designed prioritisation criteria would ensure that the countries most in need of investment would be first in line.
A global Green New Deal, funded in this way, would provide millions of new green jobs for people all over the world. It would also ensure that our new energy system, and much of our wider economy, is owned by the people and directed to the public good. People's ownership of the fund and its investments would also mean that any profits made are returned to us all, as equal global citizens, reducing global inequality and providing basic income security for people everywhere.
To find out more about how an international people's fund could enable a global Green New Deal, see our paper, 'Climate Justice Without Borders: Cap and share as a mitigation and climate finance solution'.