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

June 30, 2020
Community wealth summit

Community Wealth Summit

The summit is a week of virtual learning and place-based organizing to rebuild local economies around shared ownership and racial justice.
read more
June 23, 2020
Default Image

Racial & Ethnic Economic Inequality and the COVID-19 Pandemic

The Democracy Collaborative prepared a report, created for the Healthcare Anchor Network, that looked at how racial and ethnic disparities in the economy are showing up in the COVID-19 pandemic and in the public policy response to the pandemic. The report also covers how the economic effects of the pandemic will likely impact racial and ethnic inequality.

read more
June 10, 2020
Owning our future after COVID-19

Owning Our Future After COVID-19

The Democracy Collaborative is putting forward a five-point plan for national economic reconstruction and community transformation as the nation faces a once-in-a-generation opening to build a better world.
read more