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Green Money

NEW YORK – There is little doubt that green will be the metaphorical color of choice for world leaders when they gather at the G-20 Summit in Pittsburgh. Attention will focus on turning the “green shoots” of recovery into sustainable “green growth,” leading to “green economies” consistent with the goal of protecting the world’s climate.

Governments in rich countries are beginning to spell out just what that will mean in terms of policy and lifestyle changes and the investments required to develop clean energy sources. But, to be successful, a “green new deal” will have to address some enormous challenges in the developing world, where the impact of global warming will be felt first and hardest, and where rapid growth requires massive expansion of cheap energy.