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This paper highlights the role of climate change as a persistent, systemic, long-term inflationary driver. The inflationary impacts of climate change have been commonly overlooked in the economic literature. As global temperatures rise and extreme weather events become more frequent and severe, the inflationary effects of climate change will only intensify. These effects could be further exacerbated by the considerable pricing power of the corporate sector. As a persistent inflationary driver, climate change poses a serious threat to central banks' ability to maintain price stability mandates. The traditional tools of monetary policy will be ineffective in curbing climate change-induced price pressures. Further, growth-based Green New Deal and related fiscal policies will be ineffective at mitigating climate change and reducing its inflationary impacts. Unless degrowth solutions are sought, climate change and its price effects will only intensify over time. [ABSTRACT FROM AUTHOR]

This paper provides a detailed review of the basis and prospects for United Kingdom (UK) proposals for the most ambitious mainstream social, economic, and environmental policy program of the 21st century: the Green New Deal (GND), providing critical reflection for its implementation at a local or regional level. Through a review of academic, policy and book publications we examine the key proposed features of a UK GND, identifying five core elements: financial reforms; green infrastructure investment; financing the GND; ownership structures; and economic, social and climate justice. We subsequently review these policy areas through the lens of multi-level governance (MLG) to understand what scales of policy action are required for these aims to be achieved. We find that, whilst core elements of a UK GND, such as reforms to the financial system, and expansionary fiscal and monetary policy require policy change at national and supra-national level, the majority of GND investments require implementation at the local level. We suggest that, in the context of contemporary UK MLG, there are challenges for fully funding and delivering a GND without a national programme, while highlighting emerging options for coordinating and implementing a GND by local government actors, in the absence of national support. [ABSTRACT FROM AUTHOR]