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Funding the Green New Deal: Building a Green Financial System a Policy Maker Report from Re-Define Green New Deal Series Volume 6

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Funding the Green New Deal: Building a Green Financial System a Policy Maker Report from Re-Define Green New Deal Series Volume 6 Green New Deal Series volume 6 Funding the Green New Deal: Building a Green Financial System A Policy maker Report from Re-Define Green New Deal Series volume 6 Funding the Green New Deal: Building a Green Financial System A policy maker report from Re-Define Sony Kapoor, Managing Director & Linda Oksnes, Research Associate With additional writing by Ryan Hogarth, Research Associate May 2011 RE-DEFINE Published for This report was commissioned by: the Greens/EFA Group by: The Green European Foundation is a European-level political foundation whose mission is to contribute to a lively European sphere of debate and to foster greater involvement by citizens in European politics. GEF strives to mainstream discussions on European policies and politics both within and beyond the Green political family. The foundation acts as a laboratory for new ideas, offers cross-border political education and a platform for cooperation and exchange at the European level. Published in English by the Green European Foundation for the Greens/EFA Group in the European Parliament Printed in Belgium, October 2011 © Green European Foundation asbl, Greens/EFA Group in the European Parliament and Re-Define All rights reserved Project coordination: Andrew Murphy (Green European Foundation) and Jean-Bernard Pierini (Greens/EFA Group, European Parliament) English language editing: Andrew Rodgers Production: Micheline Gutman A policy maker report from Re-Define : www.re-define.org Cover picture: © Shutterstock Printed on 100% recycled paper The views expressed in this publication are those of the authors alone. They do not necessarily reflect the views of the Green European Foundation. This publication has been realised with the financial support of the European Parliament. The European Parliament is not responsible for the content of this project. This publication can be ordered at: The Green European Foundation – Brussels Office: 15 Rue d’Arlon – B-1050 Brussels – Belgium Tel: +32 2 234 65 70 I Fax: +32 2 234 65 79 – E-mail: [email protected] I Web: www.gef.eu Green European Foundation asbl: 1 Rue du Fort Elisabeth – L-1463 Luxembourg 1. Crises and the Green New Deal 3 Table of Contents Foreword by Claude Turmes and Philippe Lamberts 4 Foreword by Pierre Jonckeer 5 Foreword and acknowledgements by Sony Kapoor 6 Executive Summary 7 1. Crises and the Green New Deal 11 2. Current state of play and investment needs for the GND 19 3. The private funding universe 29 4. The economic case for green investments for the EU 39 5. The economic case for green investments for investors 47 6. Barriers to green investments 51 7. Putting an appropriate price on GHG emissions 65 8. Removing barriers to becoming Green 75 9. Other sources of public revenue 95 10. Public support to leverage private investments 105 11. The economic and distributive impact of the GND 119 List of Figures, Boxes, Tables and Acronyms 131 References and Further Reading 132 4 Funding the Green New Deal: Building a Green Financial System Foreword by Claude Turmes and Philippe Lamberts The Green New Deal is a comprehensive response This study shows that the GND is expected to to the current economic, social and environmen- save the EU as much as €200 billion annually on tal crises and can be understood as a common energy bills and the 2050 roadmap is expected to commitment to fostering a sustainable world for deliver savings of between €175 billion and €300 current and future generations. To put it in prac- billion annually over the next 40 years. In both tice, new investments are needed. The crucial cases, the savings are likely to exceed the extra question is how to finance them. This study goes costs of additional investments. And most impor- beyond making the case for the ecological trans- tantly the GND is replacing billions for non-EU oil formation – a transformation the Greens have and gas bills by investments in the EU creating long been advocating. It goes a step further and local jobs and added value. actually maps out how to pay for it. The study (by Re-Define for the Greens/EFA group in the Euro- This study is a roadmap for one of the most ambi- pean Parliament) puts forward a comprehensive tious green investment programmes associated set of policy proposals for making green invest- with the GND, part of the building blocks bringing ments happen, identifying new tools as well as together all the elements for a non-destructive opportunities and challenges for a large number way of living – a comprehensive economic, social of measures at private and public level. and environmental revolution. The Green New Deal is likely to require green in- vestments of close to 1.5 to 2% of EU GDP annu- Claude Turmes and Philippe Lamberts ally, which could generate as much as 6 million Members of the European Parliament new green jobs. By far the largest component of Greens/EFA Coordinators of the Green New Deal this will be funded by the private sector making Working Group commercially profitable investments. The actual cost to the taxpayer will be relatively small be- cause many of the funds are paid back and the inherent subsidy is small. 5 Foreword by Pierre Jonckheer The scarcity of resources, the increase in the glo- public and private investment orientated towards bal population and the rapid and legitimate growth the “Green sector”, which will boost our economy of “emerging economies“ obliges us more than and our environment. This is the general idea of a ever to change our mode of consumption and pro- “Green New Deal” at global as well as at national duction in order to make them sustainable in the level; an idea which the Green European Founda- long term. For this change to come about quickly tion supports above all through its publications enough, it must be profitable for businesses and and websites. acceptable to the wider population in terms of cre- ating jobs and reducing inequalities. The study published now, written by Sony Kapoor and his team at Re-Define addresses the essential The 2008 financial crisis and its aftermath led to question of how to fund this necessary additional low economic growth in the US and Europe, a rise investment and how to ensure a focus on the long- in unemployment and poverty and a significant term profitability of such a strategy. Such a focus increase in public debt. In 2011, the “Eurozone on investment over cuts goes against the grain of crisis” has led Governments to adopt politics of current political thinking and practice throughout austerity, which have exacerbated the situation. Europe. We hope that reading this publication will There is now a risk of another recession and a foster both the indispensable political debate and prolonged period of economic stagnation. the conviction that a credible and coherent alter- native exists. This perspective is not acceptable. It is necessary to accompany a staggered reduction in public Pierre Jonckheer expenditure with a European wide coordination of GEF Co-President 6 Funding the Green New Deal: Building a Green Financial System Foreword and acknowledgements by Sony Kapoor As Europe continues to grapple with an unprec- In addition, the report also highlights a series edented financial and economic crisis and unac- of policy proposals, many of which are new, ceptably high levels of unemployment, it is clear that EU leaders can enact in order to success- that there is a need for a new approach. At the fully build a green financial system and fund the same time, the International Energy Agency has Green New Deal. just reported that global emissions of green- house gases have just hit a new record level. We would like to thank Philippe Lamberts, co- Global warming and climate change are accel- president of the European Green Party and mem- erating and unless decisive action is taken soon, bers of the Greens/EFA Group in the European we will all have to pay very large economic, social Parliament, for having taken the initiative to com- and human costs for our inaction. mission this report which is aimed at both dem- onstrating the feasibility of the Green New Deal A Green New Deal that aims at ambitious green- and generating practical policy proposals. These house gas emission reduction targets supported show how the Green New Deal can be imple- by enacting green fiscal reform and greening of mented by the European Union and by its Mem- the operation of the financial system can provide a ber States. solution to the biggest challenges facing the Euro- pean Union. It can simultaneously help stimulate We would also like to thank all those involved in growth, create additional jobs, reduce greenhouse the writing of this report which includes the co- gases emissions and confer a competitive advan- authors Sony Kapoor and Linda Oksnes, and Ryan tage to the EU. Hogarth and Marilyne Beaumont who helped with some additional research. We are also grate- This report, commissioned by the European Greens, ful to Greg Ford, Emily McCaffrey and Jessica surveys state of the art research to show both that Townsend for the editing support they provided. the benefits from a Green New Deal are real and that sufficient public and private sources of funds are available to unleash an ambitious programme On behalf of the Re-Define Team of green investments without any additional burden Sony Kapoor on the public exchequer in the European Union. Managing Director Re-Define Executive Summary 7 Executive Summary The Green New Deal, a proposal to try and meet assets in the EU, credit in the EU and long-term ambitious greenhouse gas reduction targets financial assets world-wide respectively, there is through a large scale green investment pro- an ample stock of financial wealth able to fund gramme has been part of the political rhetoric the Green New Deal.
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