This comprehensive and practical handbook is the guide that transformers need to green the financial institutions that impact the economy.” - Ann Pettifor, director of Policy Research in Macroeconomics (PRIME) and author of The Production of Money and The Case of the Green New Deal “This is a conversation that’s long overdue and now must be pursued with the utmost seriousness. [...] Crises can be transformative but, as Naomi Klein warns, “In recent decades, that change has mainly been for the worst.”27 On the same day that the Mayor of London announced an expansion to make the city’s car-free zone “one of the largest in the world”, the UK government used the collapse of revenues to push through a new round of austerity for the city’s public transport system, offering a modest. [...] While the urgency of tackling climate change requires improving the current system, this needs to happen at the same time as challenging the role of “big finance.” A financial system that works for the climate will be one in which the financial sector plays a considerably smaller role. [...] Risk management tends to focus on short-term factors, underplaying the longer term impact of climate change – as pointed out by the Governor of the Bank of England, Mark Carney, who has dubbed this “the tragedy of the horizon.”10 More fundamentally, some of the most significant potential impacts of climate change get lost in translation when they are reduced to the categories of environmental or c. [...] The climate crisis fundamentally threatens those resources and the very human livelihoods that depend on them.24 Kelton and her co-authors go on to argue that deficit spending was the underpinning of the original New Deal, and that creating new money is already at the core of how the US government pays for its programmes.
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