Many people have compared decarbonisation to the world wars. An international crisis, requiring all of society to unite in action and, to an extent, in frugality. This is a natural comparison to make - the first major recycling took place in the wars, people are once again growing their own food at home or in public spaces, the ‘make do and mend’ mentality is returning - but this has only really been matched on a domestic scale.
The real war effort took place in industry. In a matter of weeks, typewriter factories transformed to make machine guns and ribbon factories produced parachutes. The removal of iron railings for smelting, in reality, largely produced useless pig iron - but the psychological impact made it worthwhile regardless.
So maybe we need to look to other areas of the world wars for inspiration - in their positive action and not just their frugality. After all, frugality is only a way to expend more energy in other areas. We need an industrial revolution to match that of the internet, one which will transform our society completely, and that needs funding.
Current government plans to fund ‘green’ investment revolve around proposals for a Green Investment Bank. DECC and the Treasury have said to have been disagreeing over the details for some time, and it has been dramatically restricted (some say to a level which will prohibit its success), but the concept is sound. Now it needs investment. These are projects that will pay back over time, but do require a large capital investment - hard to achieve through taxation.
How was large capital investment achieved through the world wars? Bonds.
Government savings bonds still exist and are a vital way of raising revenue. Many people would like to invest in transition technologies that will lead us to a sustainable economy, but don’t have the right medium in which to do so. The accountability of democratic government will inspire trust to invest much more than the ethically ineffective shareholder-owned banking system. Government backed bonds would be safe, suitable for pension funds and resources would be available to ensure money went to the right places. Combined with investment through taxation, the pot available would be huge.
The public recognise the benefits of a low-carbon economy, on the whole, and are awaiting opportunities to invest intelligently, with proper information on how their money is spent. This is a luxury denied us by the current banking system and one which a system of bonds alongside the Green Investment Bank could deliver.
In the USA during the second world war, American Boy & Girl Scouts sold $8 billion worth of ‘war bonds’. That tactic could even be repeated again - changing the face of British banking. Now those would be some bankers deserving of bonuses.