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Ballintoy, County Antrim
11-13 September 2021
The Just Transition
1. What are the features of the Just
Transition
2. Where did the concept emerge ?
Limiting global warming to 1.5 degrees is already likely beyond us.
Achieving the slightly more realistic target of 2 degrees warming will
require a rapid and comprehensive decarbonisation of the global
economy
It was in the 1970s, during the second wave of modern environmentalism,
that environmental, indigenous and labour activists first joined forces to
spell out the need for Just Transition strategies in North America.
Initially understood as a programme of support for workers who stood to
lose their jobs in industries made redundant due to environmental
pressures, the Just Transition gradually broadened to focus on the need
for radical and transformative change.
What is the
‘Just
Transition’?
The guiding principle of a Just Transition is that climate ambition
cannot be divorced from social and economic justice.
The process for decarbonising the economy should not cost
workers or communities their jobs, environment, economic
security, health or wellbeing.
Delivering these structural changes at the scale and speed required
will necessitate state-led planning, regulation and control of key
policy and investment decisions.
This democratic planning of a national economy is not only
feasible in light of technological and logistical advances, but
essential due the market failures which are deepening the climate
emergency.
A Green New Deal that maximises the potential for
creating hundreds of thousands if not millions of
decent, well-paid and unionised green jobs.
That involves sectoral strategies for transport, energy,
manufacturing and transition agreements, a Job
Guarantee, training and apprenticeships, good
pensions.
This agenda can only be maintained by strong trade
unions whose members enjoy the right to access,
enhanced bargaining power and the right to strike.
Meeting the goals of climate action demands a radical
transformation in land use and the transition to
ecologically regenerative and sustainable land use. It
will also require a radically new approach to stewardship
of the commons.
Community Wealth Building - Create public affluence
through the redistribution of wealth and an expansion of
social goods such as green public housing, access to
clean public transport, universal health and social care,
free education, the right to clean air, water and the
commons
A Just Transition will only be possible with a
democratised financial sector that is placed at the
service of a green transformation.
Repurposing of central banks, directs monetary and
fiscal policy towards a Green Industrial revolution New
Deal and promotes democratic investment and lending
vehicles such as credit unions and community banks.
A Just Transition is nothing if not internationalist and anti-
imperialist. The OECD nations which have spent the last century
driving carbon emissions through extractivism, expropriation and
exploitation, are obligated to cut their emissions deepest and
fastest.
Facilitating a Just Transition must extend to significant economic
transfers from the richest countries to the global South to prepare
for the inevitable and disproportionate effects of climate change.
Justice also means that any domestic climate movement worth its
salt has to stand opposed to new imperialist adventures in search
of scarce resources.
‘Tinkering at the margins of an economic
model driving environmental breakdown is
guaranteed to deepen the climate emergency.
To thrive, only a systemic response to a
systems crisis will do.’
www .commonwealth.com
Any fight against climate breakdown requires
serious limits on the free market.
1. Decarbonisation of the economy
2. The democratisation of finance and
state-led investment
3. Building public affluence in place of
private wealth
4. Land reform & ownership
5. A Just Transition and green industrial
revolution
$16 trillion plan for a Green New Deal
100% renewable energy in 10 years an energy-efficient
"smart" grid.
Upgrade all buildings to become energy efficient.
Decarbonize & upgrade infrastructure especially
transportation.
Fund massive investment in the drawdown &
capture of greenhouse gases
The creation of thousands of green jobs to enable low
carbon infrastructure reconstruction
ENERGY
Nationalisation
77% of us believe energy should be in public ownership, Customer
satisfaction with the Big Six companies is extremely low.
The National Grid is a private company.
The Big Six energy companies (British Gas, E.ON, EDF
Energy, nPower, Scottish Energy and SSE) supply 95% of all UK
10.2% of the UK's energy comes from renewable sources
Prices have increased by 13% and 67% respectively since the year
2000. Electricity prices are 10-20% higher than if in public
ownership.
Each UK household could save £158 a year if energy was publicly
owned. Meanwhile, 11% of English households live in fuel poverty.
Private energy distribution companies are making it too slow and
costly for communities to start up new renewable energy projects.
National Grid should be publicly owned so that we can create the
clean, green, decentralised energy future we need.
Buying back energy distribution would pay for itself in around 10
years.
New publicly owned alternatives are springing up, like Bristol
Energy, Robin Hood Energy, The People's
Energy Company and White Rose Energy.
In Germany, public, council owned energy companies supply
around half of the market.
https://youtu.be/LBAKkCOkBJ8
Just transition and Organised Labour
The Green New Deal can act as a template to transform the wider
economy and bring about a fundamental rebalancing of power
Trade Unions for Energy Democracy Initiative, advocate bringing
the entire energy supply into public ownership including the Big
Six energy companies
Both energy transmission & distribution in public control.
Any excess profits generated could be reinvested into the
company to ensure further reductions of emissions, alongside
cheaper and more efficient energy for the public.
Alongside a national, retrofitting, green energy conversion and
insulation programme. All of these measures would, in turn, lead
to a reduction of fuel poverty and winter deaths.
Renewable energy creates more jobs than an equivalent amount
of fossil energy.
Fossil fuel jobs have shrunk mainly because of mechanisation,
not regulation.
For example, in 1980, producing a ton of coal per hour required
52 miners; by 2015 that number dropped to 16.
Even though more coal was being mined, coal mining lost 58
percent of its jobs between 1980 and 2015.
In 2016, there were over 3 million jobs in non-fossil energy &
energy efficiency, compared to 1 million in fossil energy.
Even without a price on carbon, installers and service jobs for
solar & wind are in such demand that those jobs are growing 13
to 15 times faster than the U.S. average.
We will need energy, whether it comes from low- or zero-carbon
sources or from the old polluting sources of the past.
Today, the energy technologies of the future create more jobs than
those of the past, and will likely continue to do so even as the new
technologies mature.
Not only is wind power already cost-competitive with electricity
from fossil fuels, it creates 50 percent more jobs for the same
amount of energy.
With a Just Transition job losses in mining and drilling would be
outweighed by job gains in almost every other category, including
manufacturing, education, construction, finance, retail trades, and
even health care.
UNLOCKING THE JOB POTENTIAL OF ZERO CARBON: A summary of the case studies for the United
Kingdom, Hungary and the Republic of Ireland.
https://gef.eu/wp-content/uploads/2018/12/GEF-Climate_Jobs-leaflet.pdf
Financing an environmentally sustainable
economy – how are we going to afford it?
Delivering greater investment in low-carbon infrastructure and
innovation, & curtailment of investment in high-carbon
infrastructure
Rebalance the economy towards more productive economic activity
and ensuring that money and investment is spread across the country
Establishment of a National Investment Bank (NIB)
Just Transition Funds to mitigate against the negative impacts of
decarbonisation.
Repurposing of existing carbon-intensive industries, re-skilling
programmes, and wage subsidies for workers made unemployed.
ONS 2014 - total unpaid work valued at £1.01tn,
equivalent to approximately 56% of GDP, & 60% done by
women
50% of the United States' $640bn pharmaceutical market
is based on the genetic diversity of wild species
Bees pollinating work underpins about one trillion
dollars-worth of agricultural sales
The GDP value derived from marine fish stocks and the
industries associated with them are about $274bn per
year.
These huge numbers are dwarfed by the wider value of
the marine and coastal systems, in protecting coasts from
storms, in taking in carbon dioxide and replenishing
oxygen levels.
The value of these and other ocean-based services have
been estimated as worth $21 trillion annually
The degradation of nature is costing the global
economy $6.6tn per year (11% of world GDP) and on
present trends will reach $28tn by 2050.
In contrast, to meet global goals that would avert a mass
extinction of species would cost around $76bn per year –
or 0.12% of annual world GDP
Out current economic system sees nature as supplier of
resources and dump for waste
Korean War
Space Race
Vietnam War
Iraq War
WW2
Bail out
The IMF has stated that the bail out
cost 50.4% of global GDP
Green growth is an illusion.
The creation of new raft of ‘green’ public-private partnerships
Public subsidies for transition to green energy for Google,
ExxonMobil, Shell and BP.
The aim is to socialize risk while privatizing profits.
Carbon trading - Stat oil’s purchase of forest in East Africa led to
forced evictions and food scarcity.
The Noor Ouarzazate, world largest solar power pant; population
least connected to the grid.
Green resource exploitation bolstering European energy security
with climate friendly sources of power whilst millions of Africans
have none.
2010 US Energy Innovation Council (AEIC) asked for 3x increase in
spending on green technology to 16 billion annually.
Yet 7 companies that form the AEIC have together spent 237 billion
on stock repurchases between 2001 – 2010.
The US spends more on crisps than energy research and
development.
“The important thing for governments is not to do things which
individuals are doing already, and to do them a little better or a
little worse; but to do those things which at present are not done
at all”
JM Keynes The End of Laissez faire 1926
Trade unions and a Just Transition
1) A trade union idea whose time has come
2) Repositions trade unions back at the
heart of the struggle for societal
transformation
3) Offers a positive narrative for workers
and communities

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The Just Transition

  • 1. Ballintoy, County Antrim 11-13 September 2021 The Just Transition
  • 2. 1. What are the features of the Just Transition 2. Where did the concept emerge ?
  • 3. Limiting global warming to 1.5 degrees is already likely beyond us. Achieving the slightly more realistic target of 2 degrees warming will require a rapid and comprehensive decarbonisation of the global economy It was in the 1970s, during the second wave of modern environmentalism, that environmental, indigenous and labour activists first joined forces to spell out the need for Just Transition strategies in North America. Initially understood as a programme of support for workers who stood to lose their jobs in industries made redundant due to environmental pressures, the Just Transition gradually broadened to focus on the need for radical and transformative change.
  • 5. The guiding principle of a Just Transition is that climate ambition cannot be divorced from social and economic justice. The process for decarbonising the economy should not cost workers or communities their jobs, environment, economic security, health or wellbeing. Delivering these structural changes at the scale and speed required will necessitate state-led planning, regulation and control of key policy and investment decisions. This democratic planning of a national economy is not only feasible in light of technological and logistical advances, but essential due the market failures which are deepening the climate emergency.
  • 6. A Green New Deal that maximises the potential for creating hundreds of thousands if not millions of decent, well-paid and unionised green jobs. That involves sectoral strategies for transport, energy, manufacturing and transition agreements, a Job Guarantee, training and apprenticeships, good pensions. This agenda can only be maintained by strong trade unions whose members enjoy the right to access, enhanced bargaining power and the right to strike.
  • 7. Meeting the goals of climate action demands a radical transformation in land use and the transition to ecologically regenerative and sustainable land use. It will also require a radically new approach to stewardship of the commons. Community Wealth Building - Create public affluence through the redistribution of wealth and an expansion of social goods such as green public housing, access to clean public transport, universal health and social care, free education, the right to clean air, water and the commons
  • 8. A Just Transition will only be possible with a democratised financial sector that is placed at the service of a green transformation. Repurposing of central banks, directs monetary and fiscal policy towards a Green Industrial revolution New Deal and promotes democratic investment and lending vehicles such as credit unions and community banks.
  • 9. A Just Transition is nothing if not internationalist and anti- imperialist. The OECD nations which have spent the last century driving carbon emissions through extractivism, expropriation and exploitation, are obligated to cut their emissions deepest and fastest. Facilitating a Just Transition must extend to significant economic transfers from the richest countries to the global South to prepare for the inevitable and disproportionate effects of climate change. Justice also means that any domestic climate movement worth its salt has to stand opposed to new imperialist adventures in search of scarce resources.
  • 10. ‘Tinkering at the margins of an economic model driving environmental breakdown is guaranteed to deepen the climate emergency. To thrive, only a systemic response to a systems crisis will do.’ www .commonwealth.com Any fight against climate breakdown requires serious limits on the free market.
  • 11. 1. Decarbonisation of the economy 2. The democratisation of finance and state-led investment 3. Building public affluence in place of private wealth 4. Land reform & ownership 5. A Just Transition and green industrial revolution
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  • 14. $16 trillion plan for a Green New Deal 100% renewable energy in 10 years an energy-efficient "smart" grid. Upgrade all buildings to become energy efficient. Decarbonize & upgrade infrastructure especially transportation. Fund massive investment in the drawdown & capture of greenhouse gases The creation of thousands of green jobs to enable low carbon infrastructure reconstruction
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  • 18. Nationalisation 77% of us believe energy should be in public ownership, Customer satisfaction with the Big Six companies is extremely low. The National Grid is a private company. The Big Six energy companies (British Gas, E.ON, EDF Energy, nPower, Scottish Energy and SSE) supply 95% of all UK 10.2% of the UK's energy comes from renewable sources Prices have increased by 13% and 67% respectively since the year 2000. Electricity prices are 10-20% higher than if in public ownership. Each UK household could save £158 a year if energy was publicly owned. Meanwhile, 11% of English households live in fuel poverty.
  • 19. Private energy distribution companies are making it too slow and costly for communities to start up new renewable energy projects. National Grid should be publicly owned so that we can create the clean, green, decentralised energy future we need. Buying back energy distribution would pay for itself in around 10 years. New publicly owned alternatives are springing up, like Bristol Energy, Robin Hood Energy, The People's Energy Company and White Rose Energy. In Germany, public, council owned energy companies supply around half of the market. https://youtu.be/LBAKkCOkBJ8
  • 20. Just transition and Organised Labour The Green New Deal can act as a template to transform the wider economy and bring about a fundamental rebalancing of power Trade Unions for Energy Democracy Initiative, advocate bringing the entire energy supply into public ownership including the Big Six energy companies Both energy transmission & distribution in public control. Any excess profits generated could be reinvested into the company to ensure further reductions of emissions, alongside cheaper and more efficient energy for the public. Alongside a national, retrofitting, green energy conversion and insulation programme. All of these measures would, in turn, lead to a reduction of fuel poverty and winter deaths.
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  • 26. Renewable energy creates more jobs than an equivalent amount of fossil energy. Fossil fuel jobs have shrunk mainly because of mechanisation, not regulation. For example, in 1980, producing a ton of coal per hour required 52 miners; by 2015 that number dropped to 16. Even though more coal was being mined, coal mining lost 58 percent of its jobs between 1980 and 2015. In 2016, there were over 3 million jobs in non-fossil energy & energy efficiency, compared to 1 million in fossil energy. Even without a price on carbon, installers and service jobs for solar & wind are in such demand that those jobs are growing 13 to 15 times faster than the U.S. average.
  • 27. We will need energy, whether it comes from low- or zero-carbon sources or from the old polluting sources of the past. Today, the energy technologies of the future create more jobs than those of the past, and will likely continue to do so even as the new technologies mature. Not only is wind power already cost-competitive with electricity from fossil fuels, it creates 50 percent more jobs for the same amount of energy. With a Just Transition job losses in mining and drilling would be outweighed by job gains in almost every other category, including manufacturing, education, construction, finance, retail trades, and even health care. UNLOCKING THE JOB POTENTIAL OF ZERO CARBON: A summary of the case studies for the United Kingdom, Hungary and the Republic of Ireland. https://gef.eu/wp-content/uploads/2018/12/GEF-Climate_Jobs-leaflet.pdf
  • 28. Financing an environmentally sustainable economy – how are we going to afford it? Delivering greater investment in low-carbon infrastructure and innovation, & curtailment of investment in high-carbon infrastructure Rebalance the economy towards more productive economic activity and ensuring that money and investment is spread across the country Establishment of a National Investment Bank (NIB) Just Transition Funds to mitigate against the negative impacts of decarbonisation. Repurposing of existing carbon-intensive industries, re-skilling programmes, and wage subsidies for workers made unemployed.
  • 29. ONS 2014 - total unpaid work valued at £1.01tn, equivalent to approximately 56% of GDP, & 60% done by women
  • 30. 50% of the United States' $640bn pharmaceutical market is based on the genetic diversity of wild species Bees pollinating work underpins about one trillion dollars-worth of agricultural sales The GDP value derived from marine fish stocks and the industries associated with them are about $274bn per year. These huge numbers are dwarfed by the wider value of the marine and coastal systems, in protecting coasts from storms, in taking in carbon dioxide and replenishing oxygen levels.
  • 31. The value of these and other ocean-based services have been estimated as worth $21 trillion annually The degradation of nature is costing the global economy $6.6tn per year (11% of world GDP) and on present trends will reach $28tn by 2050. In contrast, to meet global goals that would avert a mass extinction of species would cost around $76bn per year – or 0.12% of annual world GDP Out current economic system sees nature as supplier of resources and dump for waste
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  • 33. Korean War Space Race Vietnam War Iraq War WW2 Bail out The IMF has stated that the bail out cost 50.4% of global GDP
  • 34. Green growth is an illusion.
  • 35. The creation of new raft of ‘green’ public-private partnerships Public subsidies for transition to green energy for Google, ExxonMobil, Shell and BP. The aim is to socialize risk while privatizing profits. Carbon trading - Stat oil’s purchase of forest in East Africa led to forced evictions and food scarcity. The Noor Ouarzazate, world largest solar power pant; population least connected to the grid. Green resource exploitation bolstering European energy security with climate friendly sources of power whilst millions of Africans have none.
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  • 37. 2010 US Energy Innovation Council (AEIC) asked for 3x increase in spending on green technology to 16 billion annually. Yet 7 companies that form the AEIC have together spent 237 billion on stock repurchases between 2001 – 2010. The US spends more on crisps than energy research and development. “The important thing for governments is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all” JM Keynes The End of Laissez faire 1926
  • 38. Trade unions and a Just Transition 1) A trade union idea whose time has come 2) Repositions trade unions back at the heart of the struggle for societal transformation 3) Offers a positive narrative for workers and communities

Editor's Notes

  1. The demand for a systemic, whole society approach to climate action has also led an increasing number of Just Transition advocates to coalesce around the need for a Green New Deal
  2. The demand for a systemic, whole society approach to climate action has also led an increasing number of Just Transition advocates to coalesce around the need for a Green New Deal
  3. The demand for a systemic, whole society approach to climate action has also led an increasing number of Just Transition advocates to coalesce around the need for a Green New Deal
  4. The demand for a systemic, whole society approach to climate action has also led an increasing number of Just Transition advocates to coalesce around the need for a Green New Deal
  5. To avert a climate catastrophe, states will need to tackle one of the major causes of carbon emissions: a self-regulating, globalised financial system that continues to pour exponential quantities of credit into socially and environmentally destructive activities.
  6. The demand for a systemic, whole society approach to climate action has also led an increasing number of Just Transition advocates to coalesce around the need for a Green New Deal
  7. The democratisation of the banking sector, to channel finance away from speculation and environmental destruction and towards socially useful, green investment in public transport, infrastructure A green industrial strategy for all of the main economic sectors, creating the 400,000 jobs Building public affluence in place of private wealth –an expansion of social goods , green public housing, the NHS, etc – re nationalisation all the things that have been privatised Alongside the growth of local forms of economic ownership such as vibrant social and worker cooperative sector To create a society where land, forests, rivers, biodiversity is managed by the people, held in common and protected from exploitation
  8. file:///D:/Users/Stevie/Downloads/Common-Wealth-GND-work.pdf
  9. After being a fringe idea that was briefly discussed in the wake of the 2008 financial crisis, the Green New Deal is back on the agenda in a big way Bernie Sanders is the latest to reveal his $16 trillion plan for a Green New Deal Ten times bigger than the proposals put forward by his rivals and is quite radical by American standards, aiming to achieve 100 percent renewables within ten years Sets aside $200bn to assist developing countries in reducing their emissions Funds directed towards supporting workers and communities in the transition
  10. Bernie Sanders is the latest to reveal his $16 trillion plan for a Green New Deal Ten times bigger than the proposals put forward by his rivals and is quite radical by American standards, aiming to achieve 100 percent renewables within ten years Sets aside $200bn to assist developing countries in reducing their emissions Funds directed towards supporting workers and communities in the transition
  11. At the Scottish Labour conference John McDonnell has committed his party to a green industrial revolution that would create 50,000 jobs in Scotland and 400,000 skilled jobs in total
  12. file:///D:/Users/Stevie/Downloads/Common-Wealth-GND-work.pdf Nottingham city council launched Robin Hood Energy in 2015, with Bristol city council following suit with Bristol Energy the next year. They remain the only two fully licensed energy suppliers run by local authorities. Together they have attracted about 200,000 customers, hundreds of thousands behind even a mid-sized player such as Ovo or First Utility.
  13. Current Labour policy is to bring the National Grid back into public ownership whilst also setting up publicly-owned national and regional energy companies to compete with the Big Six privately-owned energy companies. In practice this means that the transmission of energy would be publicly owned but the distribution of energy to households, businesses and so on, would be done via a mix of public and private companies.
  14. file:///D:/Users/Stevie/Downloads/Common-Wealth-GND-work.pdf
  15. file:///D:/Users/Stevie/Downloads/Common-Wealth-GND-work.pdf Laybourn-Langton L and Hill T (2019b) Facing the crisis: Rethinking economics for the age of environmental breakdown, IPPR. http://www.ippr. org/research/publications/rethinking-economics-forthe-age-of-environmental-breakdown Colebrook C (2016) An industrial strategy that works for the UK: Framework and principles, IPPR. http://www.ippr.org/publications/an-industrial-strategy-that-works-for-the-uk-framework-and-principles; Mazzucato M and McPherson M (2018) The Green New Deal: A bold mission-oriented approach https://www.ucl.ac.uk/bartlett/public-purpose/ sites/public-purpose/files/iipp-pb-04-the-greennew-deal-17-12-2018_0.pdf
  16. file:///D:/Users/Stevie/Downloads/Common-Wealth-GND-work.pdf Laybourn-Langton L and Hill T (2019b) Facing the crisis: Rethinking economics for the age of environmental breakdown, IPPR. http://www.ippr. org/research/publications/rethinking-economics-forthe-age-of-environmental-breakdown Colebrook C (2016) An industrial strategy that works for the UK: Framework and principles, IPPR. http://www.ippr.org/publications/an-industrial-strategy-that-works-for-the-uk-framework-and-principles; Mazzucato M and McPherson M (2018) The Green New Deal: A bold mission-oriented approach https://www.ucl.ac.uk/bartlett/public-purpose/ sites/public-purpose/files/iipp-pb-04-the-greennew-deal-17-12-2018_0.pdf
  17. file:///D:/Users/Stevie/Downloads/Common-Wealth-GND-work.pdf Laybourn-Langton L and Hill T (2019b) Facing the crisis: Rethinking economics for the age of environmental breakdown, IPPR. http://www.ippr. org/research/publications/rethinking-economics-forthe-age-of-environmental-breakdown Colebrook C (2016) An industrial strategy that works for the UK: Framework and principles, IPPR. http://www.ippr.org/publications/an-industrial-strategy-that-works-for-the-uk-framework-and-principles; Mazzucato M and McPherson M (2018) The Green New Deal: A bold mission-oriented approach https://www.ucl.ac.uk/bartlett/public-purpose/ sites/public-purpose/files/iipp-pb-04-the-greennew-deal-17-12-2018_0.pdf
  18. Its protection is an unavoidable prerequisite for sustaining economic development 50% of the United States' $640bn pharmaceutical market is based on the genetic diversity of wild species, The cost of losing India's vultures has been estimated at $34bn, largely because of the public health costs associated with their demise, including increased rabies infections. he services provided by animals, such as bees, doing the pollination work that underpins about one trillion dollars-worth of agricultural sales The GDP value derived from marine fish stocks and the industries associated with them are about $274bn per year – and this could be worth another $50bn if fish stocks were managed more intelligently. But even these huge numbers are dwarfed by the wider value of the marine and coastal systems, in protecting coasts from storms, in taking carbon dioxide from the atmosphere and replenishing its oxygen levels. The value of these and other ocean-based services have been estimated as worth about $21tn per year. And then when one comes to how much the degradation of nature is costing the global economy a study by Trucost estimates that is already about $6.6tn per year (11% of world GDP) and on present trends will reach $28tn by 2050. In contrast, a study from a group of leading conservationists suggests that to meet global goals that would avert a mass extinction of species would cost around $76bn per year – or 0.12% of annual world GDP. Economists and economic planners have become used to seeing nature as supplier of resources and dump for waste
  19. Technologycal optimist feel capitalism will provde through green technology Alterbatvely technologicla advances will inevitabley lead to a post capiyals order Both of these narratives negelect the capcity of caitalism to re gernearet find new markets, find pofit in new places And ignires policcal struggle is necessary
  20. Technologycal optimist feel capitalism will provde through green technology Alterbatvely technologicla advances will inevitabley lead to a post capiyals order Both of these narratives negelect the capcity of caitalism to re gernearet find new markets, find pofit in new places And ignires policcal struggle is necessary
  21. Beginning with Bill McKibben, the environmental activist and founder of 350.org, people have been talking in terms of a warlike mobilisation of societies productive capacities to avert catastrophic climate change You could argue that the use of this metaphor could be detrimental in selling the message, by invoking fear rather than hope But it is an accurate characterisation of the resources and the wholesale transformation that will be required in the next decade
  22. CEO Elon Musk, already worth an estimated $20 billion, is set to increase his wealth by as much as another $55.8 billion if the company meets its established targets. Meanwhile, Tesla recently laid off 7% of its workforce—over 3,000 workers—in an effort to maintain profitability. The company has always been staunchly anti-union, A state-owned and democratically operated energy industry would also demonstrate the possibilities of a fully planned economy and open the door to nationalizations in all other sectors
  23. A development finance institution (DFI) or development bank or development finance company (DFC) is a financial institution that provides risk capital for economic development projects DFIs often provide finance to the private sector for investments that promote development and to help companies to invest, especially in countries with various restrictions on the market DFIs help to bridge the gap between public and private sector investments and play an important romle in mobilising commercial investors. Government-backed institutions that invest in privatesector projects in low and middle income countries to promote
  24. The current moment also presents a massive opportunity for trade unions