As Europe, and much of the developed world, continues to grapple with the ongoing debt crisis, it must not be forgotten that the most pressing threat facing us is climate change. This report, by the think-tank ReDefine for the Greens/EFA Group in the European Parliament and now published by GEF for the Green Group, examines how we can make the necessary investment in a Green economy within the confines of the debt crisis.
The need to invest in a Green New Deal, a transformation to a more equitable and sustainable economy, is now more clear than ever. The current economic crisis is the result of short-term thinking and speculative investments, which have directly contributed to creating an unequal society and environmental harm.
The Green New Deal is a stark contrast to this. It is an essential change that will create an economy fit for today and for future generations. However, such a transformation will not come cheap. This report estimates that investment amounting to 3% of GDP per annum is required.
Given the state of many national budgets, it may not be possible for this investment to come directly from public funds. This report therefore examines how public and private capital can be leveraged to make the necessary investment in a Green New Deal.
View our publication here.