... bold proposals for a GND [Green New Deal] have been gaining political traction, notably in the US, where the idea is to transform the economy through a harmonious marriage of economic justice, social solidarity, and environmental rehabilitation. The GND has already triggered a rich debate on policy options, and provoked a predictable response from vested interests and their political retainers.
But the marriage Green New Dealers envision cannot be left to the benefaction of a global hegemon. Capital is mobile, and carbon-heavy growth is no longer the preserve of the advanced economies. For the GND to work, it must also be globalized through international cooperation.
The problem is that multilateral rulemaking in recent decades has been subject to the same political pressures as domestic policymaking. It is not a coincidence that the current framework for governing the global economy primarily benefits financial entities and large multinational corporations. The original goal of post-war multilateralism was to protect the weak from the strong so that they could grow. Yet its current version encourages strong countries to impose their preferred development model on the weak, thereby promulgating a world of “winner-takes-most” outcomes.
Under these conditions, fine-tuning existing arrangements simply will not do. To make a global GND work, many of the multilateral programs that have accumulated over decades will have to be culled, and a new generation of smarter institutions will have to be established. [Source]