Earth Day and it’s time to think outside the box.

Here is a suggestion as to how we can plan, manage and finance it. 

Given that our government has become immobile with infighting and our financial institutions have become rapacious and risk adverse we need an end run around both of them.

Enter the Public Earth Corporation (PEC)

The PEC would be a public corporation governed by a board of highly qualified environmental scientists and engineers, futurists, political and financial thinkers, etc., as well as a cross-section of common Americans.

PEC staff would be made up of Americans from a wide range of disciplines and industries. Positions would be paid middle range salaries and have full benefits. Staff drawn from industry or government would be prohibited from returning to former types of employment for 10 years:  thus, hopefully, ending the revolving door syndrome seen in Washington.  

PEC would be responsible for creating and managing a coherent long-term plan for the mitigation of climate change in the United States. It would, as PBS does, watch every penny spent and guarantee that every project, loan, or action was monitored for effectiveness and cost containment. 

As part of PEC’s charter, it would be responsible for the distribution of grants and low or no interest loans for the development of educational and community programs and technology focused on reducing greenhouse gases, water and air pollution, and restoration of natural resources such as forests, wetlands and shore lines.

The PEC would be transparent with its books open for review and criticism. And, like NASA, new technologies financed by PEC and developed in Universities would be made freely available to private enterprise that could step in and continue development and manufacture.  

Another area that the PEC would be responsible for would be the development of education materials and programs that provide citizens up to date, holistic information about the current situation and the things that each person can do to help.

PEC would not legislate or takeover any governmental functions. It would a public corporation. PEC could provide capital to a state if it develops a program that meets PEC standards and goals including transparency and accountability.

Where would the PEC get its funds?

Unlike PBS that depends on donations, PEC would receive its capital from the Federal Reserve. These funds would go into the PEC account directly bypassing the banks. This would make PEC independent of the burdens of the financial industry keeping capital costs minimal and increasing the efficiency of operation.  Ultimately, the banks would prosper because this infusion of capital would flow throughout society stimulating our economy from the ground up. 

Unlike countries that receive loans from the World Bank and the IMF, PEC would be independent of interference from the Federal Reserve or any other financial entity, except for its quarterly and annual audits which would be provided to the public for review and comment. This allows the PEC to finance projects that will benefit the public but have a low, slow or no ROI in strict financial terms.

In summary: PEC would create a national level plan of action to combat climate change. PEC would provide plans with clear goals and accountability and then direct capital, again through a completely transparent process, to organizations chosen to do the planning, coordinating, research and work.  

PEC would be financed by the Federal Reserve Bank through a hands-off agreement that permits PEC to do what is necessary without the constraints of traditional profit economics. Capital distributed by PEC would stimulate the national economy in the most basic way at ground level where the work is done. It would then trickle up through society multiplying its effect as it goes.  

We need to think outside of the box. This is one idea.