This one in the context of a global green new deal, but still has a banking funding mechanism

Within a more stable financial framework, the state can manage credit in a variety of ways. Direct credit controls became unfashionable in the era of ‘efficient markets’. Yet incentives (e.g. placing government deposits) and disincentives (e.g. portfolio restrictions) can be effective in steering credit to the most productive investment opportunities. Governments can achieve this even more directly by setting up their own development banks, and by engaging central banks, which have more space than is sometimes envisaged, to resume their traditional role of creating and guiding credit to the areas of the economy where it is needed most. Central banks should fully support green bond issuing and green finance by public banks and governments, including by acting as buyer of last resort. Doing so will mean facing up to the “tragedy of the horizon”, realigning the narrow and short-term focus of much monetary and financial policymaking (and modelling) with the long-term adaptation and mitigation challenges linked to climate change. The recent establishment of the Network for Greening the Financial System shows that some central bankers are starting to respond to the risks of climate change, with some members already offering loans at below market rates to financial institutions to support green lending. Reforms must have a global dimension The IMF should be tasked with reducing speculative financial flows and augmenting stable capital flows in support of productive, low-carbon investments, including through the monitoring and elimination of illicit financial flows. Policy coordination will also be essential to resolve trade-offs between growth targets, financial stability and environment protection, and to prevent national policy actions that could trigger a regulatory race to the bottom. For many developing economies, the pressures from servicing their external debts limits their mobilising resources for productive investment; and when environmental disaster strikes – as it did recently in Southeast Africa – any hope of meeting the Sustainable Development Goals by 2030 is extinguished. A multilateral mechanism for restructuring sovereign debt is therefore integral to meeting the investment demands of a Global Green New Deal. Development banks across the world, at the national and global levels, will need to work together to help countries identify and finance low-carbon, high-productivity activities and design appropriate industrial policies, to scale up their resources in sustainable infrastructure, and to support a just transition for workers and communities. The required capital injection for these banks could come from recovered illicit financial flows, including a clampdown on tax avoidance by transnational corporations and high-wealth individuals. Seventy-five years ago at Bretton Woods, bold thinking animated the discussions around establishing a multilateral system that would extend the new deal to the international economy. This is needed again now to combine the desire of prosperity for all with a determined commitment to heal the planet.