Title: Accelerating the green transformation in the USA: new deal for the economic crisis

Authors: Peter Yang; Injazz Chen

Addresses: Case Western Reserve University, 11112 Bellflower Rd., Cleveland, Ohio 44106, Ohio, USA. ' Cleveland State University, 2121 Euclid Ave. BU 547, Cleveland, Ohio 44115, Ohio, USA

Abstract: Although the United Nations called for a |Global Green New Deal| and the American Recovery and Reinvestment Act (ARRA) includes green incentives, there is far from a consensus on whether the Green New Deal will be a key solution to the economic crisis. To inform the debate, we investigate the relationship between carbon consumption and three major problems facing the US economy – the financial crisis, rising energy prices, and climate change. Our analysis found that the wasteful consumption of finite fossil fuels and a lack of green competitiveness in the USA contribute to the unsustainable economic growth and the triple predicament of the existing carbon-based US economy. This study helps provide a framework for further analysis of more comprehensive green economic strategies that would allow real sustainable growth and provide viable solutions to both the climate crisis and the economic crisis.

Keywords: carbon-based economy; green economic transformation; sustainable growth; market forces; market failure; government role; green economics; Green New Deal; USA; United States; financial crisis; energy prices; climate change; green competitiveness; economic growth.

DOI: 10.1504/IJGE.2011.042557

International Journal of Green Economics, 2011 Vol.5 No.2, pp.184 - 203

Received: 08 May 2021
Accepted: 12 May 2021

Published online: 17 Sep 2011 *

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