That legislation should focus on creating the demand for decarbonization tech and the right economics mix for each industry (i.e. Leading would mean, in practical terms, 3 key actions: 1) To enact legislation industry by industry towards an effective decarbonization path to NetZero, with clear annual to 2030, and then 5-yr and 10 yr goals to 2050. The point that governments are tinkering rather leading on the climate change challenge is fundamental. If the potential of recent US legislation is to be realized, government must therefore set bold policy goals that include ensuring that the returns on the relevant investments are shared equitably. And as the recent surge in coal and natural-gas investments – a response to the energy crisis triggered by the war in Ukraine – shows, investment trends can be fickle. They thus represent a critical opportunity to promote a just green transformation.īut such forecasts rest on the assumption that green investment trends remain on their current trajectory.
Mariana Mazzucato: According to RMI Analytics, US President Joe Biden’s three big laws – the two you mention, and the Infrastructure Investment and Jobs Act – will more than triple the federal government’s average annual spending on climate and clean energy this decade, compared to the 2010s. Project Syndicate: In June 2020, you and Robert Skidelsky lamented that, despite the deployment of massive amounts of emergency financing during the pandemic, there was “little evidence” of any new fiscal thinking, as the spending was not “structured.” Does recent spending legislation in the United States, the CHIPS and Science Act and the Inflation Reduction Act, reflect progress in “rethinking the role and purpose of fiscal policy”?
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