ABSTRACT
This chapter examines the economic framing of low-carbon energy transitions. The dominant, contemporary framing is that of green growth. This view argues that large-scale investment in innovation and deployment of low-carbon energy technologies can drive a new surge of economic growth by stimulating wider economic activity and creating jobs. This resonates with the political aspirations of most governments to increase the rate of economic growth to stimulate job creation and raise tax revenues for public services, especially in the context of the slowdown in economic activity due to the COVID-19 pandemic. However, critics of this view argue that climate change is symptomatic of a wider sustainability crisis. They argue that this needs urgent action and a more fundamental systems change in economic systems to prioritize social and environmental goals rather than economic growth in rich countries, which predominantly benefits the already well-off. The chapter examines recent ideas in the US and Europe proposing a Green New Deal and analyzes whether such an initiative can combine stimulating rapid emissions reductions with a large program of job creation, while benefiting more disadvantaged communities in a just transition.
