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Will the Greens’ new deal with the Scottish National Investment Bank work?

© Steen Jepsen

The Scottish Greens have put forward an ambitious plan to give a new Scottish National Investment Bank a wide ranging mandate to tackle Scotland’s emissions.

Despite the 2009 Climate Change Act, the Green’s argue that it has not “made a difference” and that more steps are needed for Scotland to reduce its carbon footprint.

This week, the Scottish Greens announced their ‘Green New Deal‘ in a paper that was published on Thursday pushing for more investment in infrastructure projects that have a low carbon footprint. The idea of a ‘Green New Deal’ is in the style of former US President Franklin D. Roosevelt’s New Deal programme after the Great Depression, with spending on large infrastructure projects.

Following the legislation passed to create the Scottish National Investment Bank, which will be up and running next year, political parties have been focusing on what the bank should finance, and how the money should be used to improve Scotland’s economy with longterm investments over a 15-year period.

The Scottish Greens want public investment in low-carbon projects to be increased from 31% to 71% in the face of our current “climate emergency” which threatens Scotland’s economic future.

After this year’s Extinction Rebellion protests, governments around the world have been stepping up their programmes to tackle the emerging crisis, with more investment in renewable energy and some G7 countries like France and Britain committing to a net zero carbon future by 2050. Is this a step in the right direction for the Greens?

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