Daniel Driscoll and Mark Blyth at the Heinrich Böll Stiftung:
This paper links two things that are often dealt with separately when discussing what we mean by the word “just” in the notion of a “just transition”. On the one hand, activists and reformers – especially those promoting the United States (US) version of the Green New Deal (GND) – see this as an opportunity to empower marginalised populations and redistribute wealth-generating assets using the state in the form of green industrial policy. On the other hand lies private finance, especially in the form of asset managers, who own huge swathes of global companies. Their investment decisions are critical to the transition, but they have no intention of allowing such a redistribution of assets and power. Indeed, they see the function of the state as using its balance sheet to insure private investors against losses. We use these competing notions of “just” as a way to discuss how we can have a transition that leverages the investments of the private sector without once again simply giving capital everything it wants at the expense of everyone else.