Reforming the Bretton Woods Institutions to Support a Global Green New Deal

Executive Summary

This year marks the 75th anniversary of the Bretton Woods Agreement, which led to the creation of the International Monetary Fund (IMF) and the World Bank. These organisations continue to define mainstream economics, even amid calls for an end to their policies of privatisation, austerity, and financisalisation across the globe.

A Green New Deal must pursue large-scale societal transformation if it is to address climate crisis. A rapid and just transition away from fossil fuel capitalism must come with deep systems change. This must include deep reform to the architecture of international finance including the IMF and the World Bank.

In this report as part of Common Wealth's Green New Deal series, Miriam Brett investigates the legacy of the IMF and the World Bank, and the kind of policy measures that could change the way they operate. Among its proposals, this report calls for:

  • Realigning IMF and World Bank goals to address climate crisis
  • A UN intergovernmental body to address tax havens
  • Debt relief and forgiveness schemes for countries in the Global South

This release is included in a series on Green Internationalism, as part of Common Wealth's Green New Deal project.

The full report is available to read and download below.

Miriam Brett
July 22, 2019