“The total upper limit for the creation of this new money should be constrained only by the need to ensure that performance targets are met and the new goods and services are produced as contracted,” says Jakob v. Uexküll, founder of the World Future Council.
The money for renewable energy in the form of Special Drawing Rights (SDR) of the IMF will not increase the debt burden if the rules for SDRs are reformed, making them interest-free as they originally were designed, according to the World Future Council.
Issuing new SDRs will not be inflationary since this money will be used to build up renewable energy productive facilities in line with new demand.
An experts conference should be called, e.g. by UNEP and the International Renewable Energy Agency (IRENA), to develop a global emergency plan to maximise the usage of renewable energy, protect natural resources and promote the transition to sustainable systems of production, the World Future Council says.
This plan should be broken down into regional renewable energy projects, for which competitive tenders should be sought. “The time frame should not exceed 10 years, offering the greatest entrepreneurial opportunity of all time,” says v. Uexküll.
While the IMF is best equipped to organise the new funding, the UN Trusteeship Council could supervise project implementation. Alternatively UNDP, UNEP and IRENA could take this on.