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The Green New Deal

The Green New Deal

Why the Fossil Fuel Civilization Will Collapse by 2028, and the Bold Economic Plan to Save Life on Earth
by Jeremy Rifkin 2019 304 pages
3.69
500+ ratings
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Key Takeaways

1. The Green New Deal: A Critical Response to Climate Change

We are facing a global emergency. Our scientists tell us that human-induced climate change brought on by the burning of fossil fuels has taken the human race and our fellow species into the sixth mass extinction event of life on Earth.

Urgent action required. The Green New Deal represents a comprehensive approach to address climate change and transform the global economy. It calls for a rapid transition to renewable energy, increased energy efficiency, and a reduction in greenhouse gas emissions. The IPCC warns that we have only a short window to limit global warming to 1.5°C above pre-industrial levels to avoid catastrophic consequences.

Multifaceted approach. The Green New Deal encompasses:

  • Transitioning to 100% renewable energy
  • Upgrading infrastructure for energy efficiency
  • Creating millions of green jobs
  • Ensuring a just transition for workers in fossil fuel industries
  • Addressing environmental justice concerns

2. Decoupling from Fossil Fuels: Key Sectors Leading the Charge

The ICT sector, which includes telecommunications, the internet, and data centers, rarely comes up. In fact, even researchers monitoring energy use and global greenhouse gas emissions seldom turn their thoughts to the ICT-related industries, as evidenced by the virtual lack of studies, at least until very recently.

Unexpected leaders emerge. Key sectors of the economy are rapidly decoupling from fossil fuels and transitioning to renewable energy sources:

  1. ICT/Telecommunications: Major tech companies like Apple, Google, and Facebook are leading the way in powering data centers with 100% renewable energy.
  2. Electricity: Utilities are shifting from coal and natural gas to solar and wind power.
  3. Transportation: The automotive industry is moving towards electric and autonomous vehicles.
  4. Buildings: Smart, energy-efficient buildings are becoming the norm in new construction and retrofits.

This decoupling process is accelerating the transition to a green economy and leaving behind stranded assets in the fossil fuel industry.

3. The Renewable Energy Revolution: Solar and Wind Power Reshape the Grid

According to a detailed study conducted by researchers from Stanford University and the University of California at Berkeley and published in Joule in 2017, the United States has the capacity to provide nearly 100 percent of its energy needs with renewables, with solar contributing 57.28 percent, wind contributing 38.41 percent, and the remaining 4 percent made up of hydro, wave, and geothermal.

Exponential growth in renewables. The cost of solar and wind energy has plummeted in recent years, making them increasingly competitive with fossil fuels. This dramatic cost reduction is driving a rapid expansion of renewable energy capacity worldwide.

Key developments:

  • Solar panel efficiency continues to improve while costs decrease
  • Wind turbine technology advances, allowing for larger and more efficient installations
  • Energy storage solutions, such as batteries, are becoming more affordable and effective
  • Smart grids enable better integration of intermittent renewable energy sources

The transition to renewable energy is not only environmentally necessary but increasingly economically advantageous.

4. Transportation Transformation: The Rise of Electric and Autonomous Vehicles

By 2028, at least some of the shipments on roads, railways, and water will be carried out by driverless electric and fuel-cell transport, powered by zero-emission and near-zero marginal cost renewable energies and operated by sophisticated algorithms.

Mobility revolution underway. The transportation sector is undergoing a radical transformation, driven by three key factors:

  1. Electrification: Major automakers are investing heavily in electric vehicle technology, with many countries setting targets to phase out internal combustion engines.
  2. Autonomous technology: Self-driving vehicles promise to revolutionize personal and commercial transportation.
  3. Sharing economy: Car-sharing services are changing the way people think about vehicle ownership.

These changes are expected to dramatically reduce transportation-related emissions, improve urban air quality, and reshape cities. The shift to electric vehicles will also have significant implications for the oil industry, potentially leading to peak oil demand in the near future.

5. Smart Buildings and Infrastructure: The Internet of Things Revolutionizes Cities

Buildings are no longer passive, walled-off private spaces but, rather, actively engaged entities sharing their renewable energies, energy efficiencies, energy storage, electric mobility, and a wide range of other economic activity with one another at the discretion of their occupants.

Buildings become active participants. The Internet of Things (IoT) is transforming buildings and infrastructure into interconnected, intelligent systems. This transformation includes:

  • Smart energy management systems that optimize energy use
  • Sensors that monitor and control various building functions
  • Integration of renewable energy generation and storage
  • Electric vehicle charging infrastructure
  • Data-driven maintenance and operations

These smart buildings and infrastructure systems form the backbone of "smart cities," which promise to improve efficiency, reduce resource consumption, and enhance quality of life for urban residents.

6. The Economic Impact: Stranded Assets and the Carbon Bubble

Stranded assets are all the fossil fuels that will remain in the ground because of falling demand as well as the abandonment of pipelines, ocean platforms, storage facilities, energy generation plants, backup power plants, petrochemical processing facilities, and industries tightly coupled to the fossil fuel culture.

Financial risks of climate change. The transition to a low-carbon economy poses significant risks to fossil fuel-dependent industries and investors. Stranded assets represent a potentially massive economic disruption:

  • Trillions of dollars in fossil fuel assets may become "stranded" as demand declines
  • The "carbon bubble" could lead to a financial crisis if not managed carefully
  • Investors and financial institutions are increasingly recognizing these risks

This economic reality is driving divestment from fossil fuels and increased investment in renewable energy and green technologies.

7. Financing the Green Transition: The Power of Pension Funds

Pension funds are the deferred wages of millions of workers in the public and private sector, payable upon retirement from their employment.

Workers' capital drives change. Pension funds, representing trillions of dollars in assets, are emerging as a powerful force in financing the green transition:

  • Public and private pension funds are divesting from fossil fuels
  • Increasing investment in renewable energy and green infrastructure projects
  • Creating pressure for companies to adopt more sustainable practices

This shift in investment strategy not only supports the transition to a green economy but also protects workers' long-term financial interests by avoiding the risks associated with stranded assets.

8. Global Collaboration: EU, China, and the US in the Green Era

Without all three elephants marching in sync, sharing best practices, establishing common codes, regulations, standards, and incentives, and reaching out together to bring the rest of humanity into the fold, the race to a zero-carbon civilization in less than twenty years will be lost.

International cooperation crucial. The transition to a green economy requires global collaboration, with the European Union, China, and the United States playing key roles:

  • EU: Leading in policy development and renewable energy adoption
  • China: Investing heavily in renewable energy and electric vehicle technology
  • US: Potential to drive innovation and accelerate the global transition

Harmonizing standards, sharing best practices, and coordinating efforts can accelerate the global transition to a sustainable economy.

9. The Age of Resilience: Adapting to a Changing Climate

We are entering into a frontier of a new kind. Nature is rewilding, and we have to learn how to live with the uncertainty while adapting moment to moment to its surprises.

Resilience becomes paramount. As climate change impacts intensify, societies must focus on building resilience:

  • Developing adaptive strategies for communities and ecosystems
  • Redesigning infrastructure to withstand extreme weather events
  • Embracing a "biosphere consciousness" that recognizes our interconnectedness with nature
  • Shifting from an "Age of Progress" mindset to an "Age of Resilience"

This new paradigm requires a fundamental rethinking of our relationship with the natural world and our approach to economic development.

10. Peer Assembly Governance: A New Model for the Green Transition

Peer assemblies are informal bodies that bring the voice of the public into the process and encourage elected officials and government agencies to be more responsive and integrative in their missions and assignments and to be more systemic and attentive to the multiple perspectives rising up from their communities.

Participatory decision-making. The Green New Deal requires a new form of governance that is more inclusive and responsive to community needs:

  • Peer assemblies bring together diverse stakeholders to develop and implement green transition plans
  • This model allows for more localized, customized solutions
  • It ensures continuity beyond electoral cycles and fosters long-term commitment to sustainability goals

Peer assembly governance represents a shift towards more democratic, participatory decision-making in addressing the climate crisis and transitioning to a green economy.

Last updated:

FAQ

What's The Green New Deal about?

  • Climate Emergency Focus: The book addresses the urgent need to tackle human-induced climate change, warning of a sixth mass extinction if swift action isn't taken.
  • Economic Transformation Proposal: Jeremy Rifkin advocates for a radical global economic shift to decarbonize within a decade, creating green businesses and jobs for a sustainable future.
  • Political Mobilization: It highlights the rise of young politicians and activists, especially in the U.S., pushing for a Green New Deal to combat climate change and economic inequality.

Why should I read The Green New Deal by Jeremy Rifkin?

  • Understanding Urgency: The book provides insights into the pressing climate crisis and the scientific consensus on its impacts, helping readers understand the necessary timeline for change.
  • Informed Action Guide: It serves as a guide for individuals and policymakers on mobilizing for a sustainable future, outlining actionable steps and potential economic growth through green initiatives.
  • Historical Context: Rifkin connects the current climate crisis to past economic transformations, offering a broader perspective on societal adaptation to change.

What are the key takeaways of The Green New Deal?

  • Urgent Decarbonization: The book stresses the need to cut global warming emissions by 45% from 2010 levels within twelve years to avoid catastrophic impacts.
  • Third Industrial Revolution: Rifkin introduces a new paradigm integrating renewable energy, digital communication, and autonomous transportation for a sustainable economy.
  • Public Support: There is significant bipartisan support for a Green New Deal in the U.S., indicating a potential shift in political dynamics to facilitate necessary changes.

What specific methods does The Green New Deal propose for achieving its goals?

  • Renewable Energy Investment: Rifkin advocates for massive investments in solar, wind, and other renewable sources, which are becoming cheaper and can underpin a new energy economy.
  • Infrastructure Overhaul: The book calls for transforming existing infrastructure to support green technologies, including retrofitting buildings and upgrading the energy grid.
  • Job Creation: Transitioning to a green economy will create millions of jobs, with training programs needed to prepare the workforce for new roles in the renewable sector.

What are the best quotes from The Green New Deal and what do they mean?

  • "We are facing a global emergency.": This quote underscores the urgency of the climate crisis and the need for immediate action, setting the book's tone.
  • "The human race faces a razor-thin timeline for a radical reorientation of civilization.": It highlights the critical timeframe for implementing changes to avert disaster.
  • "The Green New Deal would generate 100% of the nation’s electricity from clean, renewable sources within the next 10 years.": This emphasizes the ambitious goals and feasibility of a complete shift to renewable energy.

How does The Green New Deal address economic inequality?

  • Equitable Resource Distribution: Rifkin argues for equitable distribution of wealth and resources in the green economy transition, ensuring disadvantaged communities benefit.
  • Job Creation for Marginalized Groups: The book emphasizes creating employment opportunities for marginalized groups, with training programs to help them transition into the green economy.
  • Political Mobilization for Justice: Young activists play a crucial role in advocating for social and economic justice alongside environmental sustainability.

What challenges does The Green New Deal foresee in implementing its proposals?

  • Political Resistance: Significant pushback from established fossil fuel interests is expected, requiring a united front from activists, politicians, and the public.
  • Public Awareness: Widespread public understanding of the climate crisis and proposed solutions is essential for building momentum for change.
  • Technological and Financial Hurdles: The transition involves substantial technological advancements and financial investments, critical to the Green New Deal's success.

How does The Green New Deal relate to previous economic transformations?

  • Historical Context: Rifkin draws parallels between the current climate crisis and past industrial revolutions, explaining how shifts in energy and technology reshaped economies.
  • Lessons from the Past: Understanding past transitions' successes and failures can guide effective action today.
  • Cultural Shifts: Economic transformations often come with shifts in cultural values and societal norms, fostering a new consciousness around sustainability.

What role do global movements play in The Green New Deal?

  • International Solidarity: Global cooperation is crucial for addressing climate change, with movements in Europe and other regions serving as models for the U.S. Green New Deal.
  • Shared Knowledge: Sharing best practices and technologies across borders is essential for accelerating the transition to renewable energy.
  • Youth Activism: Young activists worldwide are vital for driving the Green New Deal forward with their energy and commitment.

How does The Green New Deal envision the future of energy?

  • Decentralized Energy Production: Rifkin advocates for communities generating their own renewable energy, reducing reliance on fossil fuels.
  • Smart Energy Grids: The need for smart grids to efficiently manage energy distribution from various sources is discussed, enhancing system resilience.
  • Near-Zero Marginal Cost: As renewable technologies become cheaper, the marginal cost of energy will approach zero, changing energy economics.

What is the significance of the term "stranded assets" in The Green New Deal?

  • Definition: Stranded assets are fossil fuel investments that become obsolete due to market changes or regulatory shifts, central to understanding economic implications.
  • Financial Risks: The book highlights the financial risks for investors and economies reliant on fossil fuels, as renewable energy becomes more competitive.
  • Proactive Measures: Recognizing stranded assets' reality is crucial for policymakers and investors, with proactive steps needed to transition to a green economy.

How does The Green New Deal propose to finance its initiatives?

  • Carbon Tax: An aggressive carbon tax is suggested to generate revenue and discourage fossil fuel use, funding green infrastructure projects.
  • Divestment from Fossil Fuels: The book advocates for divesting public pension funds from fossil fuels and reallocating resources to green initiatives.
  • Green Banks: Establishing green banks to provide financing for sustainable projects, leveraging public and private capital for the green transition.

Review Summary

3.69 out of 5
Average of 500+ ratings from Goodreads and Amazon.

The Green New Deal receives mixed reviews, with some praising its comprehensive approach to addressing climate change and transitioning to renewable energy. Readers appreciate Rifkin's detailed plan and economic analysis. However, critics argue the book is repetitive, overly optimistic, and lacks practical implementation details. Some find the economic concepts challenging, while others value the insights into global green energy strategies. Overall, reviewers acknowledge the urgency of climate action but debate the feasibility of Rifkin's proposed solutions.

Your rating:

About the Author

Jeremy Rifkin is an American economic and social theorist known for his work on technological and social trends. He has advised governments worldwide, including the European Union and China, on economic and environmental issues. Rifkin has taught at the University of Pennsylvania and is president of the Foundation of Economic Trends. He has authored numerous books translated into multiple languages, focusing on topics such as the impact of scientific and technological changes on the economy, workforce, society, and environment. Rifkin's expertise lies in analyzing the intersection of technology, economics, and societal shifts.

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