Money, Renewable Energy and Climate Change

23 Pages Posted: 17 Feb 2009

See all articles by Shann Turnbull

Shann Turnbull

International Institute for Self-Governance; Sustainable Money Working Group; New Garden City Alliance

Multiple version iconThere are 2 versions of this paper

Date Written: February 16, 2009


Climate change has been identified as "The biggest market failure the World has ever seen", (Stern 2006). This paper identifies the cost of finance as an influential element of this market failure to allocate resources to renewable energy. One approach to mitigate market failure is the selective introduction of Islamic Banking to remove the bias against renewable energy created by interest costs. Another approach is the introduction a complementary currency redeemable into units of renewable energy. This could improve the efficiency, stability and resilience of the financial system. Renewable "Energy Dollars" create a unit of value independent of any increases in the costs of coal, oil, gas, or taxes on their consumption.

Keywords: Climate change, Demurrage currency, Energy dollars, Islamic Banking, Monetary policy

JEL Classification: D49, E50, G28, N50, Q42

Suggested Citation

Turnbull, Shann, Money, Renewable Energy and Climate Change (February 16, 2009). Available at SSRN: or

Shann Turnbull (Contact Author)

International Institute for Self-Governance ( email )

PO Box 266 Woollahra
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SKYPE: shann.turnbull

Sustainable Money Working Group ( email )

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New Garden City Alliance ( email )

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