Last week, Rep. Alexandria Ocasio-Cortez (D-NY) and Sen. Ed Markey (D-MA) released more details on the much-anticipated “Green New Deal” in the form of a non-binding resolution. As the name suggests, the legislators modeled the proposal after President Franklin Roosevelt’s New Deal, credited with bringing the U.S. economy out of the Great Depression through federal investment in infrastructure and the workforce. This ambitious new “Deal” seeks to correlate investment in infrastructure and job creation with climate change-related goals, such as reducing greenhouse gas (GHG) emissions and shoring resilience to climate impacts. The proponents argue that transformative climate action will spur economic growth, create jobs, and support communities and workers across the United States in a “fair and just transition” to achieve net-zero GHG emissions and grow the economy.

Among the proposals are commitments to meet 100 percent of U.S. power demand from clean, renewable and zero-emission energy sources, including through smart power grids, and ensuring new and existing buildings achieve the highest levels of energy efficient construction. The Green New Deal seeks collaboration with the manufacturing and farming communities to support climate-friendly revitalization initiatives. The Deal strives to reduce emissions from the transportation sector to zero, including investments in public transportation and high-speed rail. It also encourages the research and development of new technologies to advance climate actions and promotes education and job training opportunities for vulnerable communities across the United States.

Notably, the Green New Deal in its current form is simply a Congressional resolution or declaration of intent, not draft legislation. Passage of the resolution in any regard is improbable given responses from both sides of the aisle. The Deal is drawing criticism, not only for its ambitious climate goals, but also for its provisions related to universal access to health care and clean water, as well as assuring worker collective bargaining rights. 

Despite the wall of opposition that will face passage of the Deal’s comprehensive reforms, the Green New Deal is already garnering significant press, and stacking up high-profile proponents, such as Sens. Kamala Harris, Elizabeth Warren, Bernie Sanders, Cory Booker and Amy Klobuchar, ensuring that climate change will be a key issue in the Democratic presidential primaries. Moreover, the Deal likely will spur conversations among corporate management and boards of directors. Indeed, given the increased role that the private sector is taking on climate issues since the Paris Climate Conference in 2015, and increased interest in environmental action by consumers, shareholders, and other key stakeholders such as state and local governments, aspects of the Green New Deal may prevail even in the absence of federal action.

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