Climate Crisis and the Global Green New Deal

If Noam Chomsky is willing to plunge into the Green New Deal (GND) debate, I am certainly willing to read it. Unfortunately, Chomsky’s comments are mostly the same as in his political criticism. He defers to experts for environmental issues. Robert Pollin is that expert, and the two of them answer questions about the Green New Deal from Chronis Polychroniou in Climate Crisis and Global Green New Deal. Sadly, the questions are softball lobs meant only to advance the narrative, and no three-way argument ever takes shape. The book never heats up beyond tepid on the GND.

Chomsky is no fan of Donald Trump. In one of his first answers, he diverts to Trump in language he normally saves for linguists who disagree with his theories of language acquisition or generative grammar, where he is, to put it mildly, biting. “The Chief is an infantile megalomaniac, and very effective conman, who couldn’t care less if the world burns or explodes, as long as he can pretend to be the winner as he two-steps over the cliff waving his little red hat triumphantly.” That sets the stage for Chomsky’s criticisms of the US government’s activities in things environmental.

Just one example: In 2018 the National Highway Traffic Safety Administration issued a 500 page environmental impact statement on vehicle emissions. It said that since temperatures will rise by more than four degrees Celsius anyway, the amount of emissions from vehicles will make no significant difference. “If one can find a comparable document of similar malevolence in the historical record, I would be interested in knowing about it.” Classic Chomsky. Classic Trump administration. But he is not nearly as sharp, informed or focused on the Green New Deal, and that’s what the book is supposed to be about.

Pollin is more on topic. In fact, the whole nub of the book is his analysis of how to pay for the Green New Deal. It appears halfway through, and he is able to show it is most doable. If there is the political will.

The four funding sources are:
1, A carbon tax in which 75% of the proceeds are rebated to the public, and 25% into clean energy projects.
2. A transfer of funds out of the military budgets globally
3. A Green Bond lending program from the US Federal Reserve and the European Central Bank
4. The end of all fossil fuel subsidies, with 25% of amount channeled into clean energy projects.

Pollin backs them up with stats. In 2019 Credit Suisse calculated the total value of global financial assets at $317 trillion. The Green New Deal requires $2.4 trillion a year (at first). This is just 7/10 of one percent of those financial assets. He says the $1.3 trillion from public contribution net investment is all of 2.5% of GDP. That would allow the world to reach zero emissions by 2050, without breaking the bank. He does this for all four sources. Getting governments to agree however, is out of scope.

Sadly, rather reducing the 33 billion tons of carbon dumped into the ecosphere annually, we are still increasing. We’re now looking at 38 billion tons a year. With perhaps a temporary dip from the coronavirus pandemic.

In other words, there is no political will to accomplish anything at all. All of the Paris COP21 nations have failed to live up to their commitments. What is needed is a Franklin Delano Roosevelt to implement the New Deal by directing the entire government to focus on it. FDR mobilized the country to climb out of the Depression and then again to produce everything needed to win World War II. Both Chomsky and Pollin consider the ecological disaster to be an emergency of at least the same magnitude as the ones FDR faced. Like his program, the Green New Deal will create jobs and increase wealth – just not in fossil fuels. But short of an FDR in charge, this book shows no path to avoid oblivion at all.

If all it is is the four funding sources, this would have been better much received as a magazine article. It is not enough for a book.

David Wineberg

This book delivers what it needs to do. It's a sobering reminder of the challenge humanity faces, the obvious steps forward required, and the mass movements needed to execute said steps.