An Internationalist Green New Deal
Report: Climate Vanguard x Green New Deal Rising, 21 September 2023
Executive Summary
Researched and championed by young people across the UK, ‘An Internationalist Green New Deal Programme’ charters a bold path through the headwinds of climate, ecological, and social crisis. Internationalism is a lifeline that connects domestic transformation with global climate justice. The program outlines four policy directions for a Labour government to lead an internationalist Green New Deal:
1. Relieve Debt
Debt is a large barrier to necessary climate action and urgent development needs in the Global South. As it stands, the Global South spends five times more on debt repayment than on addressing climate breakdown. A Labour government should cancel all bilateral debt with the Global South, reign in private creditors, and lead on multilateral debt relief.
2. Pay Up
The Global South requires finance for climate mitigation, adaptation, and loss and damage. Estimates for the UK’s actual fair share contribution for climate finance ranges from £40 billion up to £100 billion per year. Labour can fund the UK’s annual fair share of climate finance by levying a 95% windfall tax on fossil fuel companies, redirecting fossil fuel subsidies, implementing a wealth tax, and reallocating Special Drawing Rights (SDRs). Put together, these policies would generate £96.9 billion per year. All climate finance must be unconditional and interest-free.
3. Transform Trade
International trade rules are incompatible with climate action. As an influential global economy and emerging green industrial power, Labour can harness the UK’s formidable economic strength to meaningfully tackle trade rules. A Labour government should democratise trade governance, end Investor-State Dispute Settlements (ISDS), and facilitate low-carbon technology (LCT) transfer.
4. Support Migrants
Already at record numbers, climate breakdown is predicted to displace 1.2 billion people by 2050. As a former colonial power and the fourth largest historical emitter, the UK not only has a responsibility to lead on migrant justice but an opportunity to align humane reform with the British public’s positive outlook on migration. A Labour government should establish safe routes, end the backlog, and support migrants at home.
Labour has a tremendous opportunity to stand with our generation and lead. Time to be bold.