Skip to main content
Default Image

Is Nationalization An Answer to Climate Change?

Kate Aronoff writes for the Intercept on ”Is Nationalization An Answer to Climate Change?” In this article, Aronoff cites research by the Next System Project: 

[…] Others have proposed steps still more dramatic than those laid out by Labour. Researchers with the Next System Project, for instance, have outlined what it would look like for the U.S. government to nationalize major U.S.-based fossil fuel producers through a process known as quantitative easing, wherein the government spends money into existence by changing the makeup of the Federal Reserve’s balance sheet, as it did when it purchased toxic mortgage assets from major banks in 2008. In a paper released this week, Carla Santos Skandier argues that staying within the world’s “carbon budget” — the limited amount of emissions that can be put into the atmosphere before we risk catastrophic warming — will require the state (and central banks, in particular) to play a more active role in economic planning. “The most effective, and timely, way to untangle the paralyzing relationship between government and industry is through a federal buyout of the fossil fuel companies that control these noxious assets,” she writes. “And how would that work? In brief, the federal government would acquire 51 percent or more of the shares of such major US-based, publicly-traded fossil fuel companies as ExxonMobil, Chevron, and ConocoPhillips.” Such a move, Skandier adds, would also kneecap the industry’s political considerable influence over climate and energy policy. […]

Read more in The Intercept 

Publication date: 2018-09-07
Parent publication: The Intercept
Publication URL: Is Nationalization An Answer to Climate Change?

More related work

Default Image

Healthcare as a public service: Redesigning U.S. healthcare with health and equity at the center

The Veterans Health Administration—the country’s only fully public, integrated healthcare system—has a lot to tell us about how a national healthcare service for the United States might operate.

read more
Default Image

Preston is putting socialist policies into practice

Labor movements must pursue a social and economic vision that can address the deep structural inequalities these pandemic years have exposed. Preston gives a glimpse of the exciting possibilities that collaboration with unions could achieve.

read more
Default Image

This must be the year of climate action—we've wasted so many

The climate issue has grown too large and devastating to ignore. We need the demand for action raised to the highest decibel our civil society can generate.

read more