Top

Published in:

2022 | OriginalPaper | Chapter

7. A Green New Deal: Opportunities and Constraints

Authors : Katie Kedward, Josh Ryan-Collins

Published in: Economic Policies for Sustainability and Resilience

Publisher: Springer International Publishing

Activate our intelligent search to find suitable subject content or patents.

search-config

AI-assisted search

Off

Abstract

This chapter considers the opportunities and challenges for an effective ‘Green New Deal’ (GND), with a focus on the U.S. and Europe. We begin by reviewing the intellectual history of the GND and consider how the recent shifts in macroeconomic policy following the Covid-19 pandemic might support the case for a progressive green transition. Despite this opportunity, current GND strategies lack sufficient ambition and scale given the structural economic transformation required and remain constrained within the neoclassical ‘market-failure’ paradigm and/or short-term domestic Keynesian stimulus models. Policy outcomes are overly dependent on lightly regulated financial markets for the needed investment. A more transformative GND requires greater coherence between fiscal, regulatory, monetary and industrial policy spheres, with public financial institutions having a key role in driving mission-oriented innovation. GND strategies must be also more internationally focused, with high-income economies providing space for developing countries to industrialise within binding global carbon emission limits.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 390 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Maschinenbau + Werkstoffe

Jetzt Wissensvorsprung sichern!

inform now

previous chapter Exploring the Case for Universal Services

next chapter Rethinking Monetary Policy in the Framework of Inclusive and Sustainable Growth

Although even this estimate relates to the EU’s former target of 40% emissions reductions from 1990 levels by 2030. The target has since been updated to a 55% reduction.

Emphasising, for example, the temporary nature of asset purchase programmes and the fact that they have not been undertaken with the explicit objective of funding governments (BIS, 2020).

Government investment in the care economy has also been shown to have superior employment outcomes relative to construction, with additional jobs created being both gender-balanced and compatible with the green transition (De Henau & Himmelweit, 2021).

Aghion, P., Hepburn, C., Teytelboym, A., & Zenghelis, D. (2014). Path dependence, innovation and the economics of climate change (Policy Paper). Centre for Climate Change Economics and Policy.

Ameli, N., Drummond, P., Bisaro, A., Grubb, M., & Chenet, H. (2019). Climate finance and disclosure for institutional investors: Why transparency is not enough. Climatic Change, 160, 565–589.CrossRef

Amsden, A. (2001). The rise of “the rest”: Challenges to the west from late-industrializing economies. Oxford University Press.CrossRef

Andersson, A., & Atkinson, G. (2020). The distributional effects of a carbon tax: The role of income inequality (Working Paper No. 349). Grantham Research Institute on Climate Change and the Environment.

Arnold, M. (2020, October 14). ECB to consider using climate risk to steer bond purchases, says Lagarde. Financial Times.

Auerbach, A. J., & Gorodnichenko, Y. (2017). Fiscal stimulus and fiscal sustainability (Working Paper Series No. 23789). National Bureau of Economic Research. Available at: https://doi.org/10.3386/w23789.

Bank of England. (2020). The Bank of England’s climate-related financial disclosure 2020. Available at: https://www.bankofengland.co.uk/-/media/boe/files/annual-report/2020/climate-related-financial-disclosure-report-2019-20.pdf.

BankTrack, Rainforest Action Network. (2020). Banking on climate change. Available at: https://www.banktrack.org/download/banking_on_climate_change_fossil_fuel_finance_report_2020/banking_on_climate_change__2020_vf_2.pdf.

Barbier, E. (2010). A global Green New Deal. Cambridge University Press.CrossRef

Barbier, E. (2016). Building the green economy. Canadian Public Policy, 42, S1–S9. Available at: https://doi.org/10.3138/cpp.2015-017.

Barkawi, A., & Zadek, S. (2021). Governing finance for sustainable prosperity (Discussion Note). Council on Economic Policies.

Bartsch, E., Bénassy-Quéré, A., Corsetti, G., & Debrun, X. (2020). It’s all in the mix: How monetary and fiscal policies can work or fail together (Geneva Reports on the World Economy No. 23). Centre for Economic Policy Research.

Battiston, S., Mandel, A., Monasterolo, I., Schütze, F., & Visentin, G. (2017). A climate stress-test of the financial system. Nature Climate Change, 7, 283.CrossRef

Bayliss, K., & Van Waeyenberge, E. (2018). Unpacking the public private partnership revival. The Journal of Development Studies, 54, 577–593.CrossRef

BEIS (2019), Green finance strategy: Transforming finance for a greener future. (Industrial Strategy). HM Government.

Bezemer, D., Grydaki, M., & Zhang, L. (2016). More mortgages, lower growth? Economic Inquiry, 54, 652–674. Available at: https://doi.org/10.1111/ecin.12254.

Bezemer, D., Ryan-Collins, J., van Lerven, F., & Zhang, L. (2018). Credit where it’s due: A historical, theoretical and empirical review of credit guidance policies in the 20th century (Working Paper Series No. 2018-11). UCL Institute for Innovation and Public Purpose.

BIS. (2020). A monetary lifeline: Central banks’ crisis response. In BIS annual economic report 2020. Bank for International Settlements.

Blanchard, O. (2019). Public debt and low interest rates. American Economic Review, 109, 1197–1229.CrossRef

Blanchard, O., & Pisani-Ferry, J. (2020). Monetisation: Do not panic. Blog, VoxEU.org. Available at: https://voxeu.org/article/monetisation-do-not-panic.

Block, F. L., & Keller, M. R. (2011). State of innovation: The U.S. government’s role in technology development. Routledge.

Bolton, P., Després, M., Pereira da Silva, L., Samama, F., & Svartzman, R. (2020). The green swan: Central banking and financial stability in the age of climate change. Bank for International Settlements. Available at: https://www.bis.org/publ/othp31.pdf.

Botzen, W. J. W., Gowdy, J. M., & Van den Bergh, J. C. J. M. (2008). Cumulative CO₂ emissions: Shifting international responsibilities for climate debt. Climate Policy, 8, 569–576.CrossRef

Brainard, L. (2021). The role of financial institutions in tackling the challenges of climate change. Speech, IIF U.S. Climate Finance Summit: Financing a Pro Growth Pro Markets Transition to a Sustainable, Low-Carbon Economy, 18th February 2021. Available at: https://www.federalreserve.gov/newsevents/speech/brainard20210218a.htm.

Brand, U., & Wissen, M. (2013). Crisis and continuity of capitalist society-nature relationships: The imperial mode of living and the limits to environmental governance. Review of International Political Economy, 20, 687–711.CrossRef

Buchner, B., Clark, A., & Falconer, A. (2019). Global landscape of climate finance 2019. Climate Policy Initiative. Available at: https://climatepolicyinitiative.org/wp-content/uploads/2019/11/2019-Global-Landscape-of-Climate-Finance.pdf.

Campiglio, E., Dafermos, Y., Monnin, P., Ryan-Collins, J., Schotten, G., & Tanaka, M. (2018). Climate change challenges for central banks and financial regulators. Nature Climate Change, 8, 462–468.CrossRef

Carbon Tracker. (2020). How to waste over half a trillion dollars: The economic implications of deflationary renewable energy for coal power investments (Report). Available at: https://climatepolicyinitiative.org/wp-content/uploads/2019/11/2019-Global-Landscape-of-Climate-Finance.pdf.

Carney, M. (2015, September 29). Breaking the tragedy of the horizon—Climate change and financial stability. Speech. Available at: https://www.bankofengland.co.uk/-/media/boe/files/speech/2015/breaking-the-tragedy-of-the-horizon-climate-change-and-financial-stability.pdf.

Cavallino, P., & De Fiore, F. (2020). Central banks’ response to Covid-19 in advanced economies (BIS Bulletin No. 21). Bank for International Settlements.

Chenet, H., Ryan-Collins, J., & van Lerven, F. (2021). Finance, climate-change and radical uncertainty: Towards a precautionary approach to financial policy. Ecological Economics, 183, 106–157.CrossRef

Christophers, B. (2017). Climate change and financial instability: Risk disclosure and the problematics of neoliberal governance. Annals of the American Association of Geographers, 107, 1108–1127.CrossRef

Christophers, B. (2019). Environmental beta or how institutional investors think about climate change and fossil fuel risk. Annals of the American Association of Geographers, 109, 754–774.CrossRef

Claeys, G., & Tagliapietra, S. (2020). A trillion reasons to scrutinise the Green Deal Investment Plan. Blog, Bruegel. Available at: https://www.bruegel.org/2020/01/a-trillion-reasons-to-scrutinise-the-green-deal-investment-plan/.

Constâncio, V. (2020). The return of fiscal policy and the Euro Area fiscal rule. Comparative Economic Studies, 62, 358–372.CrossRef

Crow, D. (2020, August 6). The next virus pandemic is not far away. Financial Times. Available at: https://www.ft.com/content/dc33f21b-740f-4be8-9947-b47439f557d2.

Dafermos, Y., Gabor, D., & Michell, J. (2021a). The Wall Street Consensus in pandemic times: What does it mean for climate-aligned development? Canadian Journal of Development Studies/Revue canadienne d'études du développement, 1–14.

Dafermos, Y., Gabor, D., Nikolaidi, M., Pawloff, A., & van Lerven, F. (2021b). Greening the Eurosystem collateral framework: How to decarbonise the ECB’s monetary policy (Policy Report). New Economics Foundation. Available at: https://neweconomics.org/uploads/files/Collateral-Framework.pdf.

Dafermos, Y., Gabor, D., Nikolaidi, M., Pawloff, A., & van Lerven, F. (2020). Decarbonising is easy: Beyond market neutrality in the ECB’s corporate QE (Policy Report). New Economics Foundation. Available at: https://neweconomics.org/uploads/files/Decarbonising-is-easy.pdf.

Dafermos, Y., Gabor, D., Nikolaidi, M., & van Lerven, F. (2021c). Greening the UK financial system—A fit for purpose approach (Policy Note No. 226). SUERF: The European Money and Finance Forum. Available at: https://www.suerf.org/policynotes/21233/greening-the-uk-financial-system-a-fit-for-purpose-approach.

Dasgupta, P. (2021). The economics of biodiversity: The Dasgupta review. HM Treasury.

De Henau, J., & Himmelweit, S. (2021). A care-led recovery from covid-19: Investing in high-quality care to stimulate and rebalance the economy. Feminist Economics, 27, 453–469.CrossRef

Dechezlepretre, A., Martin, R., & Mohnen, M. (2017). Knowledge spillovers from clean and dirty technologies (Working Paper No. 135). Grantham Research Institute on Climate Change and the Environment.

Deleidi, M., & Mazzucato, M. (2021). Directed innovation policies and the supermultiplier: An empirical assessment of mission-oriented policies in the US economy. Research Policy, 50, 104–151.CrossRef

Deleidi, M., & Mazzucato, M. (2019). Putting austerity to bed: Technical progress, aggregate demand and the supermultiplier. Review of Political Economy, 31, 315–335.CrossRef

Deleidi, M., Mazzucato, M., & Semieniuk, G. (2020). Neither crowding in nor out: Public direct investment mobilising private investment into renewable electricity projects. Energy Policy, 140, 111–195.CrossRef

Detter, D., Fölster, S., & Ryan-Collins, J. (2020). Public wealth funds: Supporting economic recovery and sustainable growth (Working Paper No. 2020–16). Institute for Innovation and Public Purpose, University College London.

DiEM25. (2019). The Green New Deal for Europe. A blueprint for Europe’s just transition. Democracy in Europe Movement 2025. Available at: https://report.gndforeurope.com.

Dikau, S., Robins, N., & Volz, U. (2020). A toolbox of sustainable crisis response measures for central banks and supervisors, second edition: Lessons from practice (INSPIRE Briefing Paper). Grantham Research Institute on Climate Change and the Environment, London School of Economics and Political Science and SOAS Centre for Sustainable Finance, London.

Dikau, S., & Ryan-Collins, J. (2017). Green central banking in emerging market and developing country economies (Policy Report). New Economics Foundation. Available at: https://eprints.soas.ac.uk/24876/1/Green-Central-Banking.pdf.

D’Orazio, P., & Popoyan, L. (2019). Fostering green investments and tackling climate-related financial risks: Which role for macroprudential policies? Ecological Economics, 160, 25–37.CrossRef

D’Orazio, P., Popoyan, L., & Monnin, P. (2019). Prudential regulation can help in tackling climate change (Blog). Council on Economic Policies. Available at: https://www.cepweb.org/prudential-regulation-can-help-in-tackling-climate-change.

Eberle, D. U., & von Helmolt, D. R. (2010). Sustainable transportation based on electric vehicle concepts: A brief overview. Energy & Environmental Science, 3, 689–699.CrossRef

ECB. (2020). Financial stability review, November 2020. European Central Bank. Available at: https://www.ecb.europa.eu/pub/pdf/fsr/ecb.fsr202011~b7be9ae1f1.en.pdf.

Epstein, G. (2006). Central banks as agents of economic development (Working Paper No. 2006-54). World Institute for Development Economic Research (UNU-WIDER). Available at: https://www.wider.unu.edu/sites/default/files/rp2006-54.pdf.

European Commission. (2020a). The investEU programme: Questions and answers. Available at: https://ec.europa.eu/commission/presscorner/detail/lt/memo_19_2135.

European Commission. (2020b). EU budget for recovery: Questions and answers on the just transition mechanism. Available at: https://ec.europa.eu/commission/presscorner/detail/en/qanda_20_931.

European Commission. (2020c). Questions and answers on the adoption of the EU’s long-term budget for 2021–2027. Available at: https://ec.europa.eu/commission/presscorner/detail/en/QANDA_20_2465.

European Commission. (2019a). The European green deal (Communication No. COM(2019) 640 final). European Commission, Brussels. Available at: https://eur-lex.europa.eu/resource.html?uri=cellar:b828d165-1c22-11ea-8c1f-01aa75ed71a1.0002.02/DOC_1&format=PDF.

European Commission. (2019b). Guidelines on reporting climate-related information (Communication from the Commission No. C(2019) 4490). Brussels. Available at: https://ec.europa.eu/finance/docs/policy/190618-climate-related-information-reporting-guidelines_en.pdf.

European Commission. (2018). Action plan: Financing sustainable growth (Communication No. COM(2018) 97). European Commission, Brussels. Available at: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52018DC0097&from=EN.

European Court of Auditors. (2018). Public private partnerships in the EU: Widespread shortcomings and limited benefits (Special Report pursuant to Article 287[4]). Available at: https://www.eca.europa.eu/Lists/ECADocuments/SR18_09/SR_PPP_EN.pdf.

Fatás, A., & Summers, L. (2015). The permanent effects of fiscal consolidations (C.E.P.R. Discussion Papers No. 10902). Center for Economic Policy Research.

Finance Watch. (2021). Shaping the future or missing the past: How resilient are national fiscal plans of Germany, France, and Spain? (Policy Report). Finance Watch. Available at: https://rethinktherecovery.org/sites/default/files/2021-04/FW_Rethink-the-Recovery_Summary-Country-Plan-Analysis.pdf.

Freeman, C., & Perez, C. (1988). Structural crises of adjustment: Business cycles and investment behaviour. In G. Dosi, C. Freeman, R. R. Nelson, G. Silverberg, & L. L. G. Soete (Eds.), Technical change and economic theory. Pinter Publishers.

Friedman, T. L. (2007, January 19). Opinion: A warning from the garden. New York Times. Available at: https://www.nytimes.com/2007/01/19/opinion/19friedman.html.

Gabor, D. (2021). The Wall Street consensus. Development and Change, 1–31.

Galí, J. (2020). The effects of a money-financed fiscal stimulus. Journal of Monetary Economics, 115, 1–19.CrossRef

Galvin, R., & Healy, N. (2020). The Green New Deal in the United States: What it is and how to pay for it. Energy Research & Social Science, 67, 101529.

Geels, F. W., & Schot, J. (2007). Typology of sociotechnical transition pathways. Research Policy, 36, 399–417.CrossRef

Gewirtzman, J., Natson, S., & Richards, J.-A. (2018). Financing loss and damage: Reviewing options under the Warsaw International Mechanism. Climate Policy, 18, 1076–1086.CrossRef

Giles, C. (2020, October 14). IMF says austerity is not inevitable to ease pandemic impact on public finances. Financial Times. Available at: https://www.ft.com/content/722ef9c0-36f6-4119-a00b-06d33fced78f.

Giles, C. (2021, January 4). OECD warns governments to rethink constraints on public spending. Financial Times. Available at: https://www.ft.com/content/7c721361-37a4-4a44-9117-6043afee0f6b.

Grubb, M., Drummond, P., & Poncia, A. (2021). Induced innovation in energy technologies and systems: A review of evidence and potential implications for CO₂ mitigation. Environmental Research Letters, 16, 043007

Hafner, S., Jones, A., Anger-Kraavi, A., & Pohl, J. (2020). Closing the green finance gap—A systems perspective. Environmental Innovation and Societal Transitions, 34, 26–60.

Hall, S., Foxon, T. J., & Bolton, R. (2017). Investing in low-carbon transitions: Energy finance as an adaptive market. Climate Policy, 17, 280–298.CrossRef

Harvey, F. (2020, June 6). Covid-19 relief for fossil fuel industries risks green recovery plans. The Guardian. Available at: https://www.theguardian.com/environment/2020/jun/06/covid-19-relief-for-fossil-fuel-industries-risks-green-recovery-plans.

Hepburn, C., O’Callaghan, B., Stern, N., Stiglitz, J., & Zenghelis, D. (2020). Will COVID-19 fiscal recovery packages accelerate or retard progress on climate change? Oxford Review of Economic Policy, 36, S359–S381.CrossRef

Hickel, J. (2020). Quantifying national responsibility for climate breakdown: An equality-based attribution approach for carbon dioxide emissions in excess of the planetary boundary. The Lancet Planetary Health, 4, e399–e404.CrossRef

HM Treasury. (2021, March 3). Remit for the Monetary Policy Committee (MPC). Letter to the Bank of England. Available at: https://www.bankofengland.co.uk/-/media/boe/files/letter/2021/march/2021-mpc-remit-letter.pdf.

Hodgson, C., Romei, V., & Thomas, N. (2021, March 3). Bank of England given new mandate to buy ‘green’ bonds. Financial Times. Available at: https://www.ft.com/content/f436d69b-2bf0-48cd-bb34-644856fba17f.

Hook, L., & Vincent, M. (2020, November 12). Green business reporting rules at risk of pale response. Financial Times. Available at: https://www.ft.com/content/ad01f2c9-9eb0-4db6-9898-220c688d16c2.

IMF. (2019). World Economic Outlook. International Monetary Fund. Available at: https://www.imf.org/en/Publications/WEO/Issues/2019/10/01/world-economic-outlook-october-2019.

IMF. (2021). Fiscal monitor update January 2021. International Monetary Fund. Available at: https://www.imf.org/en/Publications/FM/Issues/2021/01/20/fiscal-monitor-update-january-2021.

IPBES. (2019). Summary for policymakers. The global assessment report on Biodiversity and Ecosystem Services. Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services, Bonn. Available at: https://ipbes.net/sites/default/files/2020-02/ipbes_global_assessment_report_summary_for_policymakers_en.pdf.

IPCC. (2018). Summary for policymakers (Global Warming of 1.5°C. An IPCC Special Report on the Impacts of Global Warming of 1.5°C above Pre-Industrial Levels). Intergovernmental Panel on Climate Change, Geneva. Available at: https://www.ipcc.ch/site/assets/uploads/sites/2/2019/05/SR15_SPM_version_report_L.

R.pdfIRENA. (2020). Global landscape of renewable energy finance 2020. International Renewable Energy Agency.

Jaffe, A. B., Newell, R. G., & Stavins, R. N. (2005). A tale of two market failures: Technology and environmental policy. Ecological Economics, 54, 164–174.CrossRef

Jourdan, S., & Kalinowski, W. (2019). Aligning monetary policy with the EU’s climate targets (Policy Note). Veblen Institute and Positive Money Europe. Available at: https://www.veblen-institute.org/IMG/pdf/aligning_monetary_policy_with_eu_s_climate_targets.pdf.

Kallis, G., Kerschner, C., & Martinez-Alier, J. (2012). The economics of degrowth. Ecological Economics, 84, 172–180.CrossRef

Kattel, R., & Mazzucato, M. (2018). Mission-oriented innovation policy and dynamic capabilities in the public sector. Industrial and Corporate Change, 27, 787–801.CrossRef

Kattel, R., Mazzucato, M., Ryan-Collins, J., & Sharpe, S. (2018). The economics of change: Policy and appraisal for missions, market shaping and public purpose (Working Paper Series No. 2018–06). Institute for Innovation and Public Purpose, University College London.

Kaur Paul, H. (2021). Towards reparative climate justice: From crises to liberations (Policy Report). Common Wealth.

Kedward, K., Ryan-Collins, J., & Buller, A. (2021). Quantitative easing and nature loss: Exploring nature-related financial risks and impacts in the european central bank's corporate bond portfolio. UCL Institute for Innovation and Public Purpose Policy Report 2021/02. https://doi.org/10.2139/ssrn.3922913.

Kemp-Benedict, E. (2018). Investing in a green transition. Ecological Economics, 153, 218–236.CrossRef

Kliesen, K. L., & Bokun, K. (2020). What is yield curve control? St. Louis Fed on the Economy Blog. Available at: https://www.stlouisfed.org/on-the-economy/2020/august/what-yield-curve-control.

Krebel, L., Stirling, A., van Lerven, F., & Arnold, S. (2020). Building a green stimulus for COVID-19: A recovery plan for a greener, fairer future (Policy Report). New Economics Foundation.

Lagarde, C. (2020). The monetary policy strategy review: Some preliminary considerations. Speech, ECB and Its Watchers XXI conference, 30th September 2020. Available at: https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200930~169abb1202.en.html.

Lallemand, B. (2021). An open letter sent in February to European Union leaders asking them to review EU economic governance. Available at: https://www.finance-watch.org/publication/reshaping-the-european-fiscal-framework-eng/.

Laplane, A., & Mazzucato, M. (2020). Socializing the risks and rewards of public investments: Economic, policy, and legal issues. Research Policy, X 2, 100008.

Lazonick, W., & Mazzucato, M. (2013). The risk-reward nexus in the innovation-inequality relationship: Who takes the risks? Who gets the rewards? Industrial and Corporate Change, 22, 1093–1128.CrossRef

Lee, J.-H., & Woo, J. (2020). Green New Deal policy of South Korea: Policy innovation for a sustainability transition. Sustainability, 12(23), 10191.CrossRef

Liddle, B. (2018). Consumption-based accounting and the trade-carbon emissions nexus. Energy Economics, 69, 71–78.CrossRef

Lipsey, R., & Lancaster, K. (1956). The general theory of second best. Review of Economic Studies, 24, 11–32.CrossRef

Macfarlane, L., & Mazzucato, M. (2018). State investment banks and patient finance: An international comparison (Policy Report No. 2018–01). Institute for Innovation and Public Purpose, University College London.

Mastini, R., Kallis, G., & Hickel, J. (2021). A Green New Deal without growth? Ecological Economics, 179, 106832.

Mazzucato, M. (2013). The entrepreneurial state: Debunking public vs. private sector myths. Anthem Press.

Mazzucato, M. (2016). From market fixing to market-creating: A new framework for innovation policy. Industry & Innovation, 23, 140–156.CrossRef

Mazzucato, M. (2018). Mission-oriented research & innovation in the European Union: A problem-solving approach to fuel innovation-led growth. European Commission. Available at: https://ec.europa.eu/info/sites/info/files/mazzucato_report_2018.pdf.

Mazzucato, M., & McPherson, M. (2018). The Green New Deal: A bold mission-oriented approach (Policy Brief No. 4). Institute for Innovation and Public Purpose, University College London.

Mazzucato, M., & Penna, C. (2016). Beyond market failures: The market creating and shaping roles of state investment banks. Journal of Economic Policy Reform, 19, 305–326.CrossRef

Mazzucato, M., & Perez, C. (2015). Innovation as growth policy. In J. Fagerberg, S. Laestadius, & B. Martin (Eds.), The triple challenge for Europe: Economic development, climate change and governance. Oxford University Press.

Mazzucato, M., & Ryan-Collins, J. (2019). Putting value creation back into “public value”: From market-fixing to market-shaping (Working Paper Series No. 2019–05). Institute for Innovation and Public Purpose, University College London.

Mazzucato, M., & Semieniuk, G. (2018). Financing renewable energy: Who is financing what and why it matters. Technological Forecasting and Social Change, 127, 8–22.CrossRef

McCollum, D. L., Zhou, W., & Bertram, C. (2018). Energy investment needs for fulfilling the Paris Agreement and achieving the sustainable development goals. Nature Energy, 3, 589–599.CrossRef

Mercure, J.-F., Pollitt, H., Chewpreecha, U., Salas, P., Foley, A. M., Holden, P. B., & Edwards, N. R. (2014). The dynamics of technology diffusion and the impacts of climate policy instruments in the decarbonisation of the global electricity sector. Energy Policy, 73, 686–700.CrossRef

Minsky, H. P. (1986). Stabilizing an unstable economy. Yale University Press.

NEF. (2008). A Green New Deal: Joined-up policies to solve the triple crunch of the credit crisis, climate change and high oil prices (Policy Report). New Economics Foundation.

Nelson, R., & Winter, S. (1974). Neoclassical vs. evolutionary theories of economic growth: Critique and prospectus. Economic Journal, 84, 886–905.CrossRef

Nersisyan, Y., & Wray, R. (2019). How to pay for the Green New Deal (Working Paper No. 931). Levy Economics Institute of Bard College.

NGFS. (2020). Guide to climate scenario analysis for central banks and supervisors (Technical Document). Network for Greening the Financial System.

NGFS. (2021). Adapting central bank operations to a hotter world: Reviewing some options (Technical Document). Network for Greening the Financial System.

OECD. (2020). Beyond growth: Towards a new economic approach, new approaches to economic challenges. Organisation for Economic Cooperation and Development.

O’Neill, D. W., Fanning, A. L., Lamb, W. F., & Steinberger, J. K. (2018). A good life for all within planetary boundaries. Nature Sustainability, 1, 88–95.CrossRef

Ostrom, E. (1994). Neither market nor state: Governance of common-pool resources in the twenty-first century. In International Food Policy Research Institute. Presented at the International Food Policy Research Institute, Washington, DC.

Ostrom, E. (2010). Polycentric systems for coping with collective action and global environmental change. Global Environmental Change, 20, 550–557.CrossRef

Ostry, J. D., Loungani, P., & Furceri, D. (2016). Neoliberalism: Oversold? Finance and Development, 52(2). International Monetary Fund.

Oustry, A., Erkan, B., Svartzman, R., & Weber P-F. (2020). Climate-related risks and central banks’ collateral policy: A methodological experiment (Working Paper No. 790). Banque de France.

Palley, T. (2019). Macroeconomics vs. modern money theory: Some unpleasant Keynesian arithmetic and monetary dynamics. Real-World Economics Review, 148–155.

Pekanov, A., & Schratzenstaller, M. (2020). The role of fiscal rules in relation with the green economy (Study requested by the ECON committee No. PE 614.524). Economic Governance Support Unit and the Policy Department A. European Parliament’s Committee on Economic and Monetary Affairs.

Perry, K. (2020). Realising climate reparations: Towards a global climate stabilization fund and resilience fund programme for loss and damage in marginalised and former colonised societies (SSRN Paper). Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3561121.

Peters, G. P., Minx, J. C., Weber, C. L., & Edenhofer, O. (2011). Growth in emission transfers via international trade from 1990 to 2008. Proceedings of the National Academy of Sciences, 108, 8903–8908.CrossRef

Pettifor, A. (2019). The case for the Green New Deal. Verso.

Philipponnat, T. (2020). Breaking the climate-finance doom loop (Policy Report). Finance Watch.

Polanyi, K. (1957). The great transformation: The political and economic origins of our time. Beacon Press.

Popp, D. (2011). International technology transfer, climate change, and the clean development mechanism. Review of Environmental Economics and Policy, 5, 131–152.CrossRef

Raworth, K. (2012). A safe and just space for humanity: Can we live within the doughnut? Oxfam discussion paper. Available at: https://d1tn3vj7xz9fdh.cloudfront.net/s3fs-public/file_attachments/dp-a-safe-and-just-space-for-humanity-130212-en_5.pdf.

Robins, N., Dikau, S., & Volz, U. (2021). Net-zero central banking: A new phase in greening the financial system (Policy Report). Grantham Research Institute on Climate Change and the Environment, London School of Economics.

Ruiz, J. R., & Stupariu, P. (2021). A Green New Deal and debt sustainability for the post COVID-19 world. International Review of Applied Economics, 35, 288–307.CrossRef

Ryan-Collins, J. (2019). Beyond voluntary disclosure: Why a “market-shaping” approach to financial regulation is needed to meet the challenge of climate change (SUERF Policy Note No. Issue No. 61). SUERF: The European Money and Finance Forum.

Sager, L. (2019). The global consumer incidence of carbon pricing: Evidence from trade (Working Paper No. 320). Grantham Research Institute on Climate Change and the Environment.

Satow, A. (2019, March 22). Our new movement aims to propel labour into a radical Green New Deal. The Guardian. Available at: https://www.theguardian.com/commentisfree/2019/mar/22/movement-propel-labour-radical-green-new-deal.

Schiller, R. J. (2019). Narrative economics: How stories go viral and drive major economic events. Princeton University Press.CrossRef

Schnabel, I. (2020, September 28). When markets fail—The need for collective action in tackling climate change. Speech, European Sustainable Finance Summit. Available at: https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200928_1~268b0b672f.en.html.

Schoenmaker, D., & Van Tilburg, R. (2016). What role for financial supervisors in addressing environmental risks? Comparative Economic Studies, 58, 317–334.CrossRef

Schumpeter, J. (1983). The theory of economic development. Transaction Publishers.

Simon, F. (2020, April 29). Green deal will be ‘our motor for the recovery’, von der Leyen says. EURACTIV. Available at: https://www.euractiv.com/section/energy-environment/news/green-deal-will-be-our-motor-for-the-recovery-von-der-leyen-says/.

Spencer, R. W., & Yohe, W. P. (1970). The ‘crowding out’ of private expenditures by fiscal policy actions (Review). Federal Reserve Bank of St. Louis.

Storm, S. (2020). The EU’s green deal: Bismarck’s ‘what is possible’ versus Thunberg’s ’what is Imperative’ (INET Working Paper Series No. 117). Institute for New Economic Thinking.

Summers, L. (2021, February 4). Opinion: The Biden stimulus is admirably ambitious. But it brings some big risks, too. The Washington Post. Available at: https://www.washingtonpost.com/opinions/2021/02/04/larry-summers-biden-covid-stimulus/.

Svartzman, R., & Althouse, J. (2020). Greening the international monetary system? Not without addressing the political ecology of global imbalances. Review of International Political Economy, 1–26.

Táíwò, O., & Cibralic, B. (2020, October 10). The case for climate reparations. Foreign Policy. Available at: https://foreignpolicy.com/2020/10/10/case-for-climate-reparations-crisis-migration-refugees-inequality/.

Tiftik, E., & Mahmood, K. (2021). Global debt monitor: COVID drives debt surge—Stabilization ahead? Institute of International Finance.

Tobin, J. (1975). Keynesian models of recession and depression. Cowles Foundation for Research in Economics, Yale University.

Tooze, A. (2021, April 21). America’s race to net zero: Does Joe Biden’s climate plan go far enough? New Statesman.

UNCTAD. (2019). A new multilateralism for shared prosperity: Geneva principles for a global Green New Deal. United Nations Conference on Trade and Development.

UNCTAD. (2020). Investing in the SDGs. In World Investment Report 2020. United Nations Conference on Trade and Development.

UNDESA. (2020). World Social Report 2020. United Nations Department of Economic and Social Affairs.

UNEP. (2009). A global Green New Deal. United Nations Environment Programme.

Unruh, G. C. (2000). Understanding carbon lock-in. Energy Policy, 28, 817–830.CrossRef

van ’t Klooster, J., & Van Tilburg, R. (2020). Targeting a sustainable recovery with Green TLTROs (Policy Report). Positive Money Europe and Sustainable Finance Lab.

Varoufakis, Y., & Adler, D. (2020, February 7). The EU’s green deal is a colossal exercise in greenwashing. The Guardian.

Vivid Economics. (2021). Greenness of stimulus index: An assessment of COVID-19 stimulus by G20 countries and other major economies in relation to climate action and biodiversity goals (Policy Report: February 2021 Release). Available at: https://www.vivideconomics.com/wp-content/uploads/2021/02/Greennes-of-Stimulus-Index-5th-Edition-FINAL-VERSION-09.02.21.pdf.

Volz, U., Akhtar, S., Gallagher, K. P., Griffith-Jones, S., Haas, J., & Kraemer, M. (2020). Debt relief for a green and inclusive recovery: A proposal (Policy Report). Center for Sustainable Finance, SOAS, University of London.

White House. (2021). FACT SHEET: The American jobs plan. Statement. Available at: https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/31/fact-sheet-the-american-jobs-plan/.

WMO. (2018). WMO provisional statement on the state of the climate in 2018. World Meterological Organisation.

Wolf, M. (2020, April 9). Monetary financing demands careful and sober management. Financial Times. Available at: https://www.ft.com/content/dc233540-798e-11ea-9840-1b8019d9a987.

Woodford, M. (2003). Interest and prices: Foundations of a theory of monetary policy. Princeton University Press.

World Bank. (2020). Poverty and shared prosperity 2020: Reversals of fortune. World Bank.

Zenghelis, D. (2016). Decarbonisation, innovation, and the economics of climate change. In M. Mazzucato & M. Jacobs (Eds.), Rethinking capitalism. Wiley.

Title: A Green New Deal: Opportunities and Constraints
Authors: Katie Kedward
Josh Ryan-Collins
Publisher: Springer International Publishing
Book: Economic Policies for Sustainability and Resilience
Print ISBN: 978-3-030-84287-1

Electronic ISBN: 978-3-030-84288-8

Copyright Year: 2022
DOI: https://doi.org/10.1007/978-3-030-84288-8_7

Springer Professional

Abstract

Please log in to get access to your license.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"

Springer Professional "Technik"