This letter is in the Guardian this morning:
Theresa May’s “genuinely innovative speech” (Editorial, 12 July) contained a commitment to government-backed project bonds which could be used to boost infrastructure nationally. This is very timely, coinciding as it does with the Committee on Climate Change’s warnings that the UK is inadequately prepared for dealing with expected temperature rises, plus the fact that their findings have to be acted upon by law by the UK government in developing its adaptation plan (Report, 12 July).
Fusing these strands together, then, infrastructural renewal is clearly the key. One proposal that meets Theresa May’s new objectives is that of the Green New Deal group’s suggestion of making the UK’s 30 million buildings super-energy-efficient, dramatically reducing energy bills, fuel poverty and greenhouse gas emissions. The housing crisis should be tackled by building affordable, highly insulated new homes, predominantly on brownfield sites. Such a programme would provide jobs and business opportunities in every constituency in the UK and require finance of the order of £50bn a year.
Theresa May’s proposed “project bonds” could, for example, be funded by green quantitative easing (QE). Between 2009 and 2012 the Bank of England e-printed £375bn of QE and Mark Carney is already on the record as saying that QE could possibly be used to fund such a green approach.
As Theresa May replaces David Cameron, such an initiative could enable her to truly take on the mantle of leader of the greenest government ever.
Convener, Green New Deal Group
One has to live in hope.