The Roosevelt Institute recently published a report called “Decarbonizing the US Economy: Pathways Towards a Green New Deal”. In the report, they argue that a fast decarbonization program is in fact possible and it would create jobs, improve economic growth, and promote equity, but for that to happen immediate action is needed, coupled with a broad range of policy tools.
The report provides a policy framework and sample policies to decarbonize the economy. They outline a three pillars approach:
- Large-scale public investments;
- Comprehensive regulations to promote and ensure decarbonization across the board; and
- A cap-and-dividend system that puts a price on carbon while offsetting the regressive effects on income distribution
The report describes policies that hinge on the government’s unique ability to meet the scale and urgency of this crisis through public investment, provisioning and regulation. The report claims that combating climate change in the US and decarbonizing the economy will need a comprehensive social transformation, which includes dismantling the markets-first approach that has dominated policy decisions for half a century. Moreover, the public sector will have to play a leading role because markets alone are not a suitable tool for the rapid, society-wide reorganization of production that this moment requires.
Access the report through this link.