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Climate Report Calls For Green “New Deal”

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depakid Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-21-08 04:24 PM
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Climate Report Calls For Green “New Deal”
LONDON - The world needs leaders with the vision to forge New Deal-type policies to tackle the potentially disastrous combination of climate change, high inflation and economic slowdown, a British think-tank said on Monday.

“A New Green Deal“, a report issued by the New Economics Foundation, uses the convergence of the credit crunch, climate change and booming food and fuel prices to make the case for a new economics for the 21st century.

Key points in the report are that every home must generate its own power, an oil legacy fund must be set up using windfall taxes on oil and gas firms to help pay for green transformation, and carbon should be priced according to its climate impact.

Interest rates should be cut to help investment in green energy and transport infrastructure, and monolithic financial institutions should be broken up so the failure of one would not destabilize the economy, said the NEF, an independent group.

“A credit crisis, coupled with high and rising oil prices and long-term climatic upheaval, are conspiring to create the perfect storm,” said NEF director Andrew Simms.

“Instead of desperate baling-out, we need a comprehensive plan and a new course to navigate each obstacle in this new phenomenon.

More: http://www.commondreams.org/archive/2008/07/20/10503/
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Fovea Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-21-08 04:36 PM
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1. Bicyclists and pedestrians unite!
Demand a per mile tax credit.
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cedric Donating Member (291 posts) Send PM | Profile | Ignore Mon Jul-21-08 04:37 PM
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2. Further details
Among its key proposals are;

Executing a bold new vision for a low-carbon energy system that will include making ‘every building a power station’.
Creating and training a ‘carbon army’ of workers to provide the human resources for a vast environmental reconstruction programme.
Establishing an Oil Legacy Fund, paid for by a windfall tax on the profits of oil and gas companies as part of a wide-ranging package of financial innovations and incentives to assemble the tens of billions of pounds that need to be spent. These would also include Local Authority green bonds, green gilts and green family savings bonds. The monies raised would help deal with the effects of climate change and smooth the transition to a low-carbon economy.
Ensuring more realistic fossil fuel prices that include the cost to the environment, and that are high enough to tackle climate change by creating economic incentives to drive efficiency and bring alternative fuels to market. This will provide funding for the Green New Deal and safety nets to those vulnerable to higher prices via rapidly rising carbon taxes and revenue from carbon trading.
Minimising corporate tax evasion by clamping down on tax havens and corporate financial reporting. A range of measures including deducting tax at source for all income paid to financial institutions in tax havens would provide much-needed sources of public finance at a time when economic contraction is reducing conventional tax receipts.
Re-regulating the domestic financial system. Inspired by reforms implemented in the 1930s, this would imply cutting interest rates across the board– including the reduction of the Bank of England’s interest rate - and changes in debt-management policy to enable reductions in interest rates across all government borrowing. This is designed to help those borrowing to build a new energy and transport infrastructure. In parallel, to prevent inflation, we want to see much tighter regulation of the wider financial environment.
Breaking up the discredited financial institutions that have needed so much public money to prop them up in the latest credit crunch. Large banking and finance groups should be forcibly demerged. Retail banking should be split from both corporate finance (merchant banking) and from securities dealing. The demerged units should then be split into smaller banks. Mega banks make mega mistakes that affect us all. Instead of institutions that are ‘too big to fail’, we need institutions that are small enough to fail without creating problems for depositors and the wider public.

http://transitionculture.org/2008/07/21/the-green-new-d... /
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