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Green New Deal for East Asia

Updated On: Apr 21, 2009

Japan’s prominent economist Mr Eisuke Sakakibara is advocating Japan’s own version of the Green New Deal, following the lead of the US.

He argued that rather than giving out handouts or tax cuts or spending on public works, public assistance can be directed to subsidies to solar power, wind generation or to individual households that find ways to save energy.

The Green New Deal in Japan, according to him, could also take the form of subsidies to the agricultural sector to resolve Japan’s food self-sufficiency problem.

He argues that the agricultural sector needed to be deregulated and allow private sector to come into the industry, lured by the subsidies.

With such policy, he fells Japan’s food problems might be mitigated and push the rate about 40%.

In his view, the region could also come together and cooperate in a regional fund for infrastructure development.

The urgency of his proposal is that it must be moved quickly in order to see the desired effects.

But he acknowledged that this will require a massive shift in bureaucratic thinking and planning.

Sources:

Rowley, Anthony, “East Asia needs a new growth model” dated 14 April 2009 in the Business Times (Singapore: Business Times), p. 39.







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