Dealing with Losers from the Climate Transition

'Creative destruction' is an inevitable and desirable part of ongoing economic activity, but it does have losers. In particular, the employees of firms that go bust and obsolete industries that disappear. In normal times, these workers will find employment elsewhere or in emerging industries, especially if they are able to retrain easily. But in times of industrial transition, when there are wide ranging structural transformations in the economy, the sheer volume of creative destruction can see many workers fall through the cracks. Such a transition is required if we are to respond meaningfully to the threat of climate change, but how can we deal with the losers of this transition? Fergus Green, Lecturer in Political Theory and Public Policy at University College London (UCL) helps to explain the ethics, political, and economic dimensions of this question. He also gives his thoughts on the green new deal and the kind of transition assistance that could help us to tackle climate change and avoid social misery.