In Europe, the United States, and around the world, climate campaigners have developed an ambitious set of 'Green New Deal' proposals to reduce pollution, protect vulnerable communities, and create millions of jobs. These proposals are far-reaching and visionary, but they often overlook a critical player in our unsustainable global economy: the financial system.
The truth is, the financial system must be completely overhauled to stop climate chaos. Most especially, fossil fuel lending needs to be redirected towards green energy. Instead of funding dirty energy, publicly controlled finance could bankroll a Green New Deal, placing democratic control and equitable access to common goods and services at the heart of investment.
But challenging the role of 'big finance' in our carbonised economy will require political intervention, not just technocratic fixes. This book presents progressive proposals to build a fairer financial system that can respond to the climate crisis, rather than accelerate it.
- Quantitative easing (QE) schemes to print more money have bankrolled the financial sector and big polluters.
- Private banks are the largest investors in fossil fuels.
- Renewables and clean energy stocks have consistently outperformed fossil fuels in recent years
- Governments can force fundamental changes to large corporations seeking billions in bailout funding
- Public ownership and public investment are key to tackling the climate emergency