Funding a Green New Deal
Implementing a Green New Deal (GND) will require the mobilization of numerous investment strategies from all levels of government. 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. There are many funding options at different levels of government that alliances can explore to make a GND possible. This section covers federal, state, and local options and models for funding.
Local governments have a lot of power to fund GND efforts and climate policies. From green bonding, to equitable utility fee structures, to local carbon taxes and thoughtful municipal reinvestments, there is a lot that can be done even without the support of the state and federal government. Below are some examples of funding mechanisms used to enact climate justice.
Revenue for a Just Recovery
The Tax the Rich PHL campaign in Philadelphia is taking a reparative and restorative justice approach to funding public services. The report states three overarching demands: 1) require the wealthy to pay their fair share, 2) divest from regressive expenses that harm our city, and 3) cut down payments to Wall Street.
Divest from Climate Destruction & Reinvest in Climate Resiliency
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.
Divest/Reinvest in a Climate Just Future
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.
How to Issue a Green City Bond
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.
Financing and Incentives
This resource covers options and examples for setting up a fund for residents, how to find funds for municipal projects, and taxes and fees for financing Climate Projects.
US Climate Resilience Funding Opportunities
This government resource covers strategies for increasing climate resilience and examples of funding opportunities.
6 Innovative Ways to Fund Climate Action and Equity in US Cities
This resource lists some creative Funding Models that Address Inequity and the Climate Crisis.
