Implementing a GND will require the mobilization of numerous investment strategies from all levels of government. We are on a long and uneven path to recovery from the pandemic, and it has left local, regional and state governments looking at potential budget shortfalls. Is funding a Green New Deal possible? The good news is that it is not only possible, there are a host of reliable and equitable funding strategies that have already found success across the country and around the world: divestment and local reinvestment, municipal green bonding, local vacancy taxes, fees on anti-ecological practices, public banking, participatory budgeting, and other forms of community-controlled capital are among the many existing funding mechanisms local governments can use to fund Green New Deal programs.
This article examines the tax system in the UK and looks at how it can be redesigned post Covid-19 and for a Green Economy.
Green City Bonds are bonds where proceeds are earmarked for green projects in cities. This is a significant funding opportunity that cities can use for a large variety of Green New Deal projects and this report created by the Climate Bonds Initiative provides information on their benefits and how to issue them.
Our Boston Green New Deal report provides policy examples and case studies for cities that have divested their pension funds from industries and institutions such as the fossil fuel industry and private prisons and into sustainability initiatives and building local wealth in the section Divest/Reinvest in a Climate Just Future.
Pathways to a People's Economy is a toolkit created by the New Economy Coalition to provide real examples of how to shift our economic conditions from the bottom up. The section Divest from climate destruction & reinvest in climate resiliency provides guidance on how regenerative climate solutions can be financed by diverting capital from extractive industries and institutions through model policies and case studies.