In response to the climate crisis and the growing inequality and poverty due to neoliberalism, a series of anti-austerity Green New Deal (GND) proposals have been presented in Europe and the United States since 2018. A GND is a radical policy approach combining environmental and economic policies. In order to mitigate climate change, the transition to a zero-carbon society needs to happen in a shorter time-span than was previously anticipated. Addressing this need, the GND calls for massive investments while also keeping in mind the ‘just transition’ of jobs as well as the rectification of injustices related to wealth, gender, race, generation and so forth. The approach is based on an anti-austerity economic theory, meaning that its main source of funding is not additional taxes but rather the mobilisation of large-scale private-sector funds (e.g. pension funds) and, for countries whose governments have the power to create money, deficit spending.
This paper is an English translation of "On the Anti-Austerity Green New Deal" published by Green New Deal Policy Research Group (GNDPRG), Japan, supported by Heinrich Böll Stiftung Hong Kong Office.
Table of contents
2. Two Waves of the GND, the Green Party, and the US Economists’ Statement on Carbon Dividends
3. The Second GND Wave
4. Survey of Current GND Scholarship
5. Discussion of the Anti-Austerity GND