A "Green New Deal" to tackle the triple threats of the credit crunch, high oil prices and climate change has been proposed by a group of experts in finance, energy and the environment. The Green New Deal Group, drawing inspiration from the tone of President Roosevelt’s comprehensive response to the Great Depression, propose a modernised version, a ‘Green New Deal’ designed to power a renewables revolution, create thousands of green-collar jobs and rein in the distorting power of the finance sector while making more low-cost capital available for pressing priorities. In their report they call for:

• Massive investment in renewable energy and wider environmental transformation in the UK, leading to,
• The creation of thousands of new green collar jobs
• Reining in reckless aspects of the finance sector – but making low-cost capital available to fund the UK’s green economic shift
• Building a new alliance between environmentalists, industry, agriculture, and unions to put the interests of the real economy ahead of those of footloose finance

The Green New Deal group are: Larry Elliott, Economics Editor of the Guardian, Colin Hines,Co-Director of Finance for the Future, former head of Greenpeace International’s Economics Unit, Tony Juniper, former Director of Friends of the Earth, Jeremy Leggett, founder and Chairman of Solarcentury and SolarAid, Caroline Lucas, Green Party MEP, Richard Murphy, Co-Director of Finance for the Future and Director, Tax Research LLP, Ann Pettifor, former head of the Jubilee 2000 debt relief campaign, Campaign Director of Operation Noah, Charles Secrett, Advisor on Sustainable Development, former Director of Friends of the Earth, Andrew Simms, Policy Director, nef (the new economics foundation)