The Green New Deal – a report released on July 21, 2008 by the Green New Deal Group and published by the New Economics Foundation, outlines a series of policy proposals to tackle climate change, the current financial crisis, and peak oil. The report calls for the re-regulation of finance and taxation, and major government investment in renewable energy sources. Its full title is: A Green New Deal: Joined-up policies to solve the triple crunch of the credit crisis, climate change and high oil prices.

It is widely discussed and often criticized. The European Greens call EU to accept the Green Deal in order to create green collar jobs for five million Europeans within 5 years, mobilize a cohesive strategy for private and public investment in the green economy and above all help to fight climate change and green the European economy. But should it really be accepted by the EU in the times of the global economic crisis?

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