B.C. climate change legislation improves transparency, breaks cycle of “setting targets then missing them”

imageA press release from the government of British Columbia announced “Climate action gets new teeth with accountability act”, describing Bill 38, The Climate Change Accountability Amendment Act  introduced in the provincial legislature by the Minister of Environment and Climate Change Strategy on October 30. The press release summarizes the main provisions, including:

  • Government will set an interim emissions target for GHG emissions by no later than Dec. 31, 2020, on the path to the legislated 2030 target – which remains unchanged at  40% in greenhouse gas reductions below 2007 levels.
  • No later than March 31, 2021, separate 2030 sectoral targets will also be established following engagement with stakeholders, Indigenous peoples and communities, to “ make sure carbon pollution is reduced effectively across B.C.’s economy, homes, workplaces and transportation choices”.
  • Every fifth year, the climate change accountability report will include an updated provincial climate risk assessment, which will build on B.C.’s Preliminary Strategic Risk Assessment, published in July 2019.
  • A new independent advisory committee will be established, consisting of no more than 20 members, of which at least half must be women. The new committee is to be modelled on the Climate Solutions and Clean Growth Advisory Council, now completed.

Initial response have been published by the Pembina Institute, which states: “We applaud the government for taking concrete steps to break the cycle of setting goals and missing them.” and  “The reforms put forward by the B.C. government should form a blueprint for transparency and accountability on climate action at the federal level. ”  Also, from the Business Coalition for a Clean Economy (an initiative of the Pembina Institute):  “As businesses committed to acting on climate change, we commend the government for its willingness to be accountable for its climate action promises.”

Less favourable reaction is reported by CTV News , which highlights reaction from the West Coast Environmental Law Association, (full statement here ) and also the Georgia Straight Alliance, whose spokesperson states:  “We are disappointed that B.C. did not choose to put a mechanism in place to reassess their climate targets in the light of the best available science, and will continue to advocate for them to do so.”

 

A proposal to convert GM Oshawa to electric vehicle production under public and worker ownership

gm oshawaTriple Bottom Line Preliminary Feasibility Study of the GM Oshawa Facility: Possibilities for Sustainable Community Wealth was released in September 2019 by Green Jobs Oshawa  – a coalition of workers, community leaders, environmentalists, labour and social justice advocates whose goal is to  re-purpose the soon-to-be-shuttered GM Oshawa auto assembly plant “for socially beneficial manufacturing.”

The call to convert GM Oshawa to electric vehicle production has been made before – notably by Sam Gindin, as part of a Lucas Plan-style conversion, and by journalist Linda McQuaig, most recently in her new book The Sport & Prey of Capitalists . But the new Triple Bottom Line feasibility study fleshes out these goals with facts and figures: it  estimates that a  public investment of $1.4 to $1.9 billion would be required to acquire and retool the Oshawa assembly plant for Battery Electric Vehicle (BEV) production, which, when supported by government procurement of the vehicles, would result in financial break-even by year 4, and create over 13,000 jobs (up to 2,900 jobs in parts supply and manufacturing) and over 10,000 multiplier jobs.

The Triple Bottom Line study was written by Russ Christianson,  a consultant and active proponent of worker cooperatives. He uses “a triple bottom line evaluation”, including: 1. an economic analysis of the current and future auto industry market, capital investment required, skills and equipment available at the GM facility and in the community, and the potential new products that could be manufactured. 2. Social needs in the Oshawa community for well-paid, dignified work , and 3. “How production at the plant can address the defining issue of our times, climate catastrophe”.

Some Highlights from the report: 

“By paying a good wage to auto workers – this study proposes the existing GM Oshawa tier 1 wage of $35 per hour for assembly workers – it will be possible to gain the workers’ commitment by investing in their jobs through shared-ownership of the new organization.”

“Governments will need to negotiate alongside the workers and community to gain public ownership of the GM Oshawa plant. The financial forecasts include a start-up investment of $10,000 from each of the workers combined with community investment for a total of $37.5 million in Scenario 1, and Scenario 2 estimates $25 million in investment from workers and the community.”

“By the end of year 5, the forecasts show that BEVs will represent 30 to 40 percent of these governments’ total fleets, except for Canada Post, which (like the U.S. Postal Service) is expected to replace the majority of their delivery fleet vehicles with BEVs.”

The CBC reported on the launch of the feasibility study on September 21 in “Autoworkers at GM’s Oshawa plant ask feds for more than $1B to build electric vehicles”  and included commentary from supporters and detractors.  In support, the article quotes from an email by Olivier Trescases, head of the University of Toronto’s Electric Vehicle Research Centre,  which stated: “I think that aiming for government owned EV fleets and electrified public transportation is strategically very important and more logical than trying to produce passenger cars though a Crown corporation.”

Canadian youth sue federal government seeking stronger climate action

Larose plaintiffs 2019Just days after the federal election, on October 25, fifteen Canadians aged 10 to 19 launched a lawsuit in federal court, seeking a court-ordered plan for climate change based on the best available science.  The plaintiffs, from seven Canadian provinces and the Northwest Territories, announced their suit in Vancouver at the Fridays for Future climate strike alongside Greta Thunberg and recounted their personal experiences, including asthma, Lyme disease, mental health challenges, and injuries from wildfire smoke.

The Statement of Claim   in La Rose v. Her Majesty the Queen alleges that by failing to  protect essential public trust resources like air and water,  the Canadian government has violated the children’s right to life, liberty and security of the person under Section 7 of the Charter of Rights and Freedoms. It also alleges that the government has violated Section 15 of the Charter, since youth are disproportionately affected by the effects of climate change.   A press release from the David Suzuki Foundation includes quotes from some of the individuals involved; the case was widely reported in the following sources:  the CBC , The Energy Mix ,  the National Observer, Toronto Starand the Vancouver Star  .

This is the second climate change case brought by Canadian youth: in 2019,   ENvironnement JEUnesse brought  a class action suit on behalf of Quebecers under the age of 35, which argued that the Canadian government was violating the class members’ fundamental rights by failing to reduce greenhouse gas emissions sufficiently to ensure a safe climate. In July 2019, the Quebec Superior Court dismissed the petitioners’ motion because it rejected the nature of the class , namely, the age limit of 35 years. The case is under appeal.

 

The children in La Rose v. Her Majesty the Queen  are represented by the B.C. law firms of Arvay Finlay LLP and Tollefson Law Corporation, and supported by the Pacific Centre for Environmental Law and Litigation (CELL) , the David Suzuki Foundation, and Our Children’s Trust in the U.S., which pioneered the pending landmark youth case of Juliana vs. United States.  Our Children’s Trust compiles information on climate change lawsuits around the world including Australia, Belgium, Columbia, France, India, the Netherlands, Norway, Pakistan, the Philippines, Uganda, Ukraine, and the United Kingdom. The Sabin Center for Climate Change Law at New York’s Columbia Law School maintains a database of cases in the U.S., and a separate database from the rest of the world – approximately 1400 climate lawsuits against governments and fossil fuel corporations in more than 25 countries.

Protesters arrested as they demand Green New Deal policies from newly-elected Members of Parliament in Canada

trudeau electionThe Liberal party of Justin Trudeau was returned to power in the Canadian federal election on October 21 as a minority government. Enthusiasts such as the Washington Post called the election  “a victory for the planet”, based on the fact that climate change was a key issue and that a strong majority of the popular vote went to the four parties with serious plans for action (Liberals, Greens, NDP, and the Bloc). Catherine Abreu, executive director of Climate Action Network Canada , sums up a more complex situation in a National Observer article  : “With at least 63 per cent of voters casting ballots for parties that put forward strong climate platforms, it is clear that a majority of Canadians asked for more ambitious and urgent climate action…People voted out of fear of the Conservatives today, rejecting their threats to roll back climate policy. At the same time, voters did not have enough confidence in the Liberal climate record to hand them another majority.”

green new deal squadEnvironmental activists are determined to press the Liberal government to forge ahead with strong climate action –  as evidenced by the arrest of 27 protesters on October 28.  Youth activists organized by Our Time for a Green New Deal   were arrested and served with a 30-day ban from Parliament Hill after holding a sit-in in the House of Commons in an attempt to deliver “mandate letters” to newly-elected members of Parliament. The letters call for a Green New Deal, including strong climate action, respect for Indigenous rights, job creation,  and adherence to the IPCC target of limiting global warming to 1.5 degrees.  The CBC   and Common Dreams describe the protest demonstration.  The mandate letter is here, as part of the Our Time ongoing news reports.

What do environmentalists want from the new government? 

In “Climate Community Declares the Win as Polling Shows Climate Concern Driving Vote”  , Energy Mix  compiles reactions from representatives of Climate Action Network-Canada, Smart Prosperity, Clean Energy Canada, and others across Canada and the U.S.

Canada to Trudeau – We expect more on climate” is a press release  from Oil Change International which lays out four core demands: Legislate the UN Declaration on the Rights of Indigenous Peoples; Promote a just transition for oil and gas workers and communities;  Say no to Trans Mountain Pipeline, and Eliminate all fossil fuel subsidies.

“With Climate On The Agenda, Advocates Call For Legislated Targets, Fossil Industry Phasedown” is an Opinion piece by Mitchell Beer in The Energy Mix which surveys responses of environmentalists,  including that of Environmental Defence Executive Director Tim Gray, calling for: “a legislated and more ambitious greenhouse gas target, an accountability mechanism to keep emission reductions on track, a swift end to fossil fuel subsidies, and reform of the Canadian Environmental Protection Act as first orders of business for the new government.”

McKenna wins, Sohi loses in mixed result for Liberals on green, energy files”  in the National Observer comments on the results of the Minister of Environment and Climate Change and the loss for the Minister of Natural Resources, both of whom have carried the torch of Liberal climate policy.

“What a Liberal minority government means for Canada’s environment” in The Narwhal predicts the likely policies which will survive in the minority position, including a carbon tax, incentives for electric vehicles, a ban on single use plastics, and “sooner rather than later”, a phase-out of fossil fuel subsidies.

“Minority government an opportunity for progressives” , a press release by Jerry Dias, president of Unifor , states that the union is “already making plans, in fact, to go to Ottawa and push progressive causes, including labour law reform, infrastructure funding, green transition, pharmacare, electoral reform, affordable housing and more.”

Articles addressing the election’s  other take-away, regional divisions:

Why are Albertans so damned angry?” in The Straight (Oct. 25) has been widely praised in the Twittersphere. The article is by Eric Denhoff, a self-described “Prairie boy” and a former deputy minister in B.C. and Alberta under Liberal, NDP, Conservative, and Social Credit governments. He writes that “Trudeau and his Ottawa team are mystified that having factually delivered much more cash to Alberta in four years than Harper in nine-plus, buying a pipeline at considerable political expense, they face this level of hostility.” But sparing no criticism of Alberta Conservative Premier Jason Kenney, Denhoff concludes that  “politicians find it easy to trade in a province with a median family income 25 percent or so higher than the rest of the country, with no sales tax, lower income and corporate taxes, and services Ontarians could only dream about. So, the battle will continue… more intense than ever. Ottawa will have to give, and Alberta will have to adjust. As in any relationship.”

Liberal win stokes talk of separation in Alberta” from the Calgary Herald and “Oilpatch market reaction muted after election of minority Liberal government” in The Star .

A landslide win for climate politics. Now beware its nemeses” (Oct. 22) in the National Observer  states: “We have got to be self-reflective at an important moment like this, and we should beware the twin nemeses of victory — factionalism and triumphalism….We can’t allow the parties’ activists and operators to go on placing politics above planet….we need to raise the chorus demanding deeper, faster action and simultaneously convince sensible, normal people that the policies needed are completely reasonable.”

Of course Canada is divided- that’s the whole point of elections”  by Crawfod Kilian   in The Tyee (Oct. 24)  calls for us to focus on the self-diagnosis in the election results, “and explore possible remedies for all our ailments: Progressive Narcissism, the Tories’ Prairie Victimization Syndrome, the Bloc’s Passive-Aggressive Separatism, and the Liberals’ High-Functioning Climate Denialism.”

Politicians Offered a Choice between Climate Fantasies as Our Future Grows Bleaker” (Oct. 25) in The Tyee  in which Andrew Nikoforuk grimly states:  “Our pathetic politics reflects the inertia in the fossil fuel system, the moral poverty of the status quo and a popular denial about the scale of change required to prevent an unending emergency.”

Shawn McCarthy, former Globe and Mail reporter, writes in the National Observer –   “What Trudeau needs to do to win the West”.  He  calls for  “a multi-pronged approach to address the seemingly contradictory realities: the urgent need to reduce emissions, and the uneven cost that effort imposes across the country.” He argues “We tend to focus on — and argue over — the supply side of the energy equation, especially oil and gas versus renewables. The demand side requires far more attention. There is a vast amount of progress that can be made in improving our national efficiency and reducing energy consumption, thereby saving businesses and consumers money over the medium term.”

In a similar vein, Bruce Lourie ,  Director of Canadians for Clean Prosperity wrote in the National Observer before the election:  “If Scheer wins, Albertans can kiss their economic future goodbye . He promotes a Capital Plan for Clean Prosperity  and states:  “The only option for Canada is to understand and embrace the complexity of how to finance the transition to a clean economy through a measured, long-term transition investment strategy that sees the cleaning up of the fossil fuel sector in a way that demonstrates global leadership. Politicians pitting different parts of Canada against each other is about the worst possible outcome for Canadians and a sad reflection on the narrow-mindedness of our Balkanized politicians. We need to be competing with the world, not each other.”

For readers  from the international community seeking  more insight into Canadian politics,  the New York Times focuses on the regional differences in “Trudeau Re-election Reveals Intensified Divisions  in Canada”    and Jeremy Wildeman of the University of Bath, England explains “Justin Trudeau’s political setback: A surprise to the world, but not to Canada”   in The Conversation .

Just Transition Initiative among positive developments at U.N. Climate Action Summit 2019

UN summit climate action 2019The United Nations 2019 Climate Action Summit in New York at the end of September has been viewed as a disappointment by many because it failed to deliver new and dramatic commitments from the major polluting countries, as summarized by Inside Climate News in “Small Countries Step Up While Major Emitters Are Silent, and a Teen Takes World Leaders to Task” . But CBC provides a more optimistic view in its summary of the “Big Takeaways” from the meetings, including news that the Net Zero Asset Owner Alliance, composed of  pension fund managers and insurers (and including La Caisse de dépôt et placement du Québec) committed to carbon-neutral investment portfolios by 2050  . A  compilation of UN Press releases reveals many new initiatives announced at the Summit.

Climate Action Jobs Initiative to promote Just Transition

One important such initiative:  the Climate Action Jobs Initiative, aimed at the creation of decent jobs and protecting livelihoods as part of climate action. The Initiative will be led by the International Labour Organization (ILO), along with  International Trade Union Confederation and the International Organisation of Employers, and will build on the ILO Guidelines for a Just Transition, released in 2016.   According to the press release of September 18, almost 50 countries have committed to forming Just Transition Plans, with suggested specific measures including skills development and upgrading, social protections, and mechanisms for inclusive social dialogue to achieve consensus for transformative change.

“The commitments represent a significant engagement by governments, employers organizations, trade unions, UN agencies and civil society to pursue a common agenda to advance a just transition to environmentally sustainable economies and societies for all.”

Other Reports announced before and during the U.N. Climate Summit included:

UN the heat is onThe Heat is On: Taking Stock of Global Climate Emissions,   released by the UNFCC and the U.N. Development Program in advance of the Summit meetings. It analyses trends in the international progress to “ratchet” the emissions reductions goals under the Paris Agreement and emphasizes the urgency for countries to put plans in place for the 5-year review of the Paris targets in 2020… “While climate action has accelerated since Paris, it still falls far short of an unprecedented transformation needed to limit impacts of climate change. …Many developed economies are mapping out long-term plans to eliminate GHGs by 2050, even as they have yet to clarify plans for shorter-term NDC revisions.” Regarding “Long Term Strategies”: “12 countries have submitted LTS to the UNFCCC since 2016 – Canada, Germany, Mexico, the United States, Benin, France, Czech Republic, United Kingdom, Ukraine, Marshall Islands, Fiji and Japan.”

The United in Science report, which is composed of a number of reports from such agencies as the World Meterological Organization, United Nations Environment Programme (UNEP), Global Carbon Project, the Intergovernmental Panel on Climate Change (IPCC). The reports state that the world is currently on track for a more than 10 per cent rise in emissions above 2016 levels by 2030, and concluded that governments must triple their 2015 pledges to keep global warming well below 2 C by 2100, or increase them fivefold to hold it to 1.5 C . The WMO’s greatest concern is with sea level rise, which has averaged 3.2 millimetres per year since 1993 but hit 5.0 millimetres per year between 2014 and 2019. It also found that the oceans had the highest heat content on record in 2018.

Special Report on the Ocean and Cryosphere in a Changing Climate (SROCC)  : this IPCC report presenting the work of 104 scientists from 36 countries, synthesizing 7,000 publications – the most comprehensive study to date of the current and future impacts of the climate crisis on Earth’s oceans and the cryosphere (the parts of the planet that are covered in ice). Rising ocean temperatures means more intense tropical cyclones, with more powerful storm surges and downpours, leading to more extreme weather along the coasts and potentially devastating loss of marine ecosystems. Summaries are provided by the National Observer  , Inside Climate News  and international NGO OneOcean

Climate change litigation in Canada: ENvironnement JEUnesse is under appeal

environnement jeunesse demonstrationA September blog published by legal firm Aird Berlis  summarizes the July 2019 decision of the Quebec Superior Court in Canada’s youth climate change litigation: ENvironnement JEUnesse v. Canada.  The environmental group  ENvironnement JEUnesse also summarizes the progress of the case, which sought to represent Quebecers under the age of 35 in a class action suit, arguing that the Canadian government was violating the class members’ fundamental rights by failing to reduce greenhouse gas emissions sufficiently to ensure a safe climate. In July 2019, the Quebec Superior Court dismissed the petitioners’ motion because it rejected the nature of the class proposed by the petitioners, namely, the age limit of 35 years. Lawyers for ENvironnement JEUnesse filed an appeal of the decision in August and await a hearing. The French-language decision is here ; an unofficial English-language translation posted by Columbia Law School is here .  ENvironnement JEUnesse  sees itself as part of the global movement of climate litigation begun with the Urgenda decision in The Netherlands, and summarizes other cases around the world on its English-language website. The French-language website is much more informative – in addition to updates on the case, it posts news on the Quebec climate youth movement and its  annual conference.

Ontario Court rules that government broke the law by failure to consult on repeal of Cap and Trade regulations

doug ford scrap the taxA suit against the Conservative Ford government of Ontario was dismissed by the Ontario Divisional Court on October 11, but in the decision, a majority of judges wrote that the government breached Ontario’s Environmental Bill of Rights (EBR) by repealing the province’s Cap and Trade regulations without the required public consultation.  The CBC summarizes the decision and the National Observer writes,

“the judges found the Ford government was in “clear breach of the EBR” and that “its apparent efforts to avoid judicial review of this conduct raises serious concerns – not about whether the government had the lawful authority to repeal the Cap and Trade Act, but of its respect for the Rule of Law and the role of the courts, as a branch of government.”

The suit was brought by Greenpeace and Ecojustice in 2018.  The Greenpeace reaction on October 11 states:

“Scrapping cap-and-trade not only undercut a successful program that was helping Ontario reduce climate change-causing greenhouse gas emissions, it also cancelled 227 clean energy programs that would have benefit schools, hospitals, small businesses and public housing projects. It’s especially concerning that the Ford government did this in a way that silenced groups like Greenpeace and Ontario’s youth – who do not have a voice to vote, but stand to lose the most from climate inaction… Ontarians are marching in the streets demanding real action in response to the climate emergency and we call on the Ford government to listen to the people this time, starting with an abandonment of its challenge of the federal carbon tax.”

The Greenpeace statement also refers to Failure to Launch , a progress report on climate action in Ontario released on October 10 by Environmental Defence. A blog summarizes the findings; the full report is here , describing the destruction of climate change policies from the previous Liberal government, and making recommendations for improved future action.

How are workers affected by PG&E power outage in California?

california map PGE_outage_10-10-2019The California utility company largely blamed for the catastrophic Camp Fire in 2018 is making headlines again.  In the midst of dry, windy weather conditions, Pacific Gas & Electric shut off power to approximately 800,000 accounts (translating into 1.8  million people) on October 8, in an effort to reduce the risk of another wildfire caused by sparking from their electricity transmission lines.  The Los Angeles Times provides a general overview in “Gov. Newsom slams PG&E over ‘unacceptable’ power outages and failure to fix systems”  (Oct. 10) and “Millions Brace for Unprecedented Power Cuts in California” in Bloomberg News reports that shutoffs will affect major cities in the San Francisco Bay area,  including Oakland, San Jose and Berkeley, with a possible duration of up to 6 days.

The chaos, anger and inconvenience has additional  significance for workers, described briefly in  “Confusion reigns as California utility cuts power in 34 counties to reduce wildfire risk” (Oct. 10) in Energy Mix . More details appear in “What happens when a power company decides to turn off the electricity for millions of residents?” in Wildfire Today which states: “The indirect effects of having no electricity expand to a much larger population when you consider traffic lights not working, tunnels on highways being shut down, plus the closure of gas stations, schools, and businesses …. At some point, cellular telephone towers and infrastructure may exhaust their emergency power supply systems, not to mention the batteries in the public’s cell phones…And in an emergency, firefighters’ communications could be hampered by the disabling of their radio repeaters on mountaintops. Notifying residents of approaching fires and conducting evacuations in order to save lives could be challenging.”

And what of the PG&E workers?  The local Sacramento Bee newspaper reported “PG&E employee shot at ahead of utility’s massive Northern California power shutoff” (Oct. 9) as residents take out their frustrations on employees doing their jobs.  The Washington Post reported “PG&E pleads for employee safety amid outage after police report egging, gunfire at vehicle”  .  One worker’s wife is  widely reported to have issued a social media plea  stating that utility workers “are simply employees and have no say in any decision making so shouting profanities or resorting to violence towards PG&E workers will never do any good but it would instead hurt someone’s father, mother, brother, sister, husband or wife. ”  Truly a dark time.

Norway municipal pension fund divests from Canada’s oil sands

On October 7, the National Observer reported  “Norway public pension fund severs final link with Canada’s oilsands” . The article describes that KLP, which manages the pensions of Norway’s 900,000 nurses, firefighters and other local and state government employees, has sold off US$33 million worth of equity holdings and US$25 million in bonds from Canada’s Cenovus Energy, Suncor Energy, Imperial Oil (majority owned by ExxonMobil) and Husky Energy, as well as Russia’s Tatneft PAO. This follows the June 2019 vote by the Norwegian Parliament to to tighten the coal exclusion criteria of Norway’s Government Pension Fund Global (GPFG), and the October 1 decision by the GPFG to divest from oil exploration companies (although it still maintains investment in downstream and integrated ventures).  The moves are seen as reflective of the instability of oil and gas investments, and it is notable that the KLP fund has had a 22.8 percent return so far this year, 1.5 per cent ahead of its benchmark.

In contrast to the Norweigian pension administrators, the Canada Pension Plan Investment Board (CPPIB) as recently as March 2019  invested $1.34 billion in a joint venture which will expand fracking in the western Marcellus and Utica shale basins of the U.S.. The CPPIB manages $400 billion to support the public pensions of Canadians, and continues to hold hundreds of millions of dollars in oil and gas companies, including Enbridge , Suncor  and Pembina Pipeline.   The Green Party of Canada platform in the 2019 election  commits to “regulate the CPP Investment Board to require divestment of coal, oil and gas shares and ensure that all investments are ethical and promote environmental sustainability.”

Another recent, high-profile divestment:  The University of California announced that by the end of September, the university’s $70 billion pension fund and $13.4 billion endowment  fund will have divested all investments related to fossil fuel extraction.  The reason given:  “The reason we sold some $150 million in fossil fuel assets from our endowment was the reason we sell other assets: They posed a long-term risk to generating strong returns for UC’s diversified portfolios.”  A September 18 article in Vox is one of many reporting on this high-profile decision.

 

Calls for public banks to finance a Green New Deal and Just Transition

Two new reports in September call for a greater role for public banks to finance a Green New Deal and just transition.

A US Green Investment Bank for All: Democratized finance for a Just Transition   was published by the Next System Project in September, proposing  a new, democratically- managed  structure for financial institutions so that they function in the public interest to achieve a green and just transition.  From the report: “Of the $454 billion in climate finance invested in 2016, the private investment sector, which controls 80 percent of all banking assets, contributed $230 billion, while the public sector contributed $224 billion. That is, with only 20 percent of total assets, public banks invest nearly as much as all private banks combined. The short-term, return-maximizing horizons of private finance have failed, utterly, to drive anything like a green transition. The future of climate finance must look to the public sphere, not the private.” ….  “ The key political-economic decision in the design is the balance between concessionary lending (nonprofit and loss-making operations) and non-concessionary lending (that is, for-profit). The answers must follow from the bank’s public interest mandate and triple bottom line.” The full report is summarized in “We need a democratized Green Infrastructure Bank  for a Just Transition ” in Open Democracy.

A second report also cites the failures of the international global market-based financial system.  The 2019 Trade and Development Report: Financing a Global Green New Deal  was released by the  United Nations Conference on Trade and Development (UNCTAD) on September 25,  and states: “We can meet the UN Sustainable Development Goals (SDGs) by 2030, but only if we find the political will to change the rules of the international economic game and adopt policies that scale up the resources needed for a big investment push led by the public sector and set the global economy on an expansionary course.”

UNCTAD economists project that a net increase in global employment of at least 170 million jobs, with an overall reduction in carbon emissions by 2030, if total green investment were increased annually  by around US$1.7 trillion, which they estimate at one third of what is currently spent by governments on subsidizing fossil fuels.  Although each country will require a unique policy mix, the report calls for changes for all to include fiscal stimulus, public investment in infrastructure and green energy, and measures to boost wages. The report also contends that the 2030 Agenda goals  to eradicate poverty and meet nutrition, health and education goals will impose unsustainable financial burdens on many developing countries, also requiring reforms to the international trade, financial and monetary system.