What is Green New Deal, a weapon to fight both climate change and economic stagnation?

Washington, Dec 25: With the threat of climate change becoming all the more catastrophic with each passing day but the president of the world's largest economy - the United States - refusing to acknowledge that it's a reality, the frustration is only rising with each passing day.

Now, former US secretary of labour Robert Reich, a Democrat, has come up with a suggestion that he claims would tackle two biggest problems that the world is facing today - climate change and stagnant wages with widening inequality, from an American perspective.

"For decades, scientists have warned of the catastrophic consequences of carbon pollution and climate change. But the window is closing for action. Experts now predict that within 10 years climate change will be irreversible, devastating the economy and threatening the health and safety of millions of Americans and countless people around the world," Reich is quoted as saying by nowthisnews.com.

"Meanwhile, the wages and economic prospects of Americans have stagnated for decades. The typical American workers now earn around $44,500 a year which isn't much more than what the typical worker earned 40 years ago, adjusted for inflation."

'Clean energy can create more jobs than fossil fuels'

Reich then said that a Green New Deal would provide massive investments in the clean-energy infrastructure necessary to curb carbon pollution, creating good paying jobs and revitalising the economy. "Clean energy also creates more jobs than fossil fuels. In fact, American can't afford not to invest in clean energy," he said, citing reports that if the US fails to act against climate change, its economy will shrink by 10 per cent by the end of the 21st century.

He said the basis of the proposal would be a carbon tax on polluters creating incentives for companies to cut their use of fossil fuels and switch to clean energy.

Reich also said during the Great Depression, former president Franklin D Roosevelt had brought America back on track through his New Deal and it is time to renew the spirit today.