Published: 30th November 2015
On the eve of critical climate change talks in Paris, Molly looks at the issue of climate finance. She says that private money is rapidly being created to fund the carbon reduction pledges that countries have made and warns that ‘the wolves of global finance are circling, scenting our vulnerability, and looking to make a killing’. She says ‘privatising the climate’ in this way will effectively mean poorer countries paying money to wealthy Western investors.
She looks at alternative public sources of interest-free and debt-free funding, including green quantitative easing.
“The negotiations in Paris may well turn on the question of whether or not we can afford to save the planet. Our recent history suggests that if the planet were a bank we would have saved it by now. Green QE offers a way to transition to the green economy we so desperately need without it being hijacked by private finance.”