The Green Party is issuing a cautionary statement regarding a proposal ostensibly to finance a just and sustainable transition. Three authors have proposed a financing scheme for a Green International Monetary System (GIMS), including the creation of a Green World Central Bank (GWCB) and a new debt-based "special purpose currency" called the "Ecor."

For Immediate Release:
April 15, 2025

Contact:
Gloria Mattera, Co-chair, Media Committee, [email protected], 202-804-2758
Howard Switzer, Co-Chair, Banking and Monetary Reform Committee, [email protected]

The GWCB would issue loans in Ecor to finance investments such as solar panels. While the authors present an informative discussion of the financial status quo and its numerous shortcomings regarding environmental protection, Greens note that environmentally sound activities are not "special purpose" investments.

Co-Chair of the Banking and Monetary Reform Committee, Kevin McCormick stated, "Using debt as a monetary device to advance sustainability is an inherent contradiction. The environment is not loan collateral and does not make regular monthly payments. Debtors and creditors are concerned with the immediacy of payments and cannot afford to take the long view. A steady-state, ecologically sound and sustainable economy cannot support usury to any significant degree."

Co-Chair, Howard Switzer, stated: "While all this may sound appealing, it leaves global capital in control and undermines our goal of a sovereign monetary system outlined in the "Greening the Dollar" initiative calling for direct debt-free monetary financing.

Committee member, Philena Farley, added: "This proposal risks perpetuating the same issues we face with the current international monetary system. We should not be misled by the term 'green' in this context, it is just another form of greenwashing."

The Green Party urges policymakers, financial institutions, and international organizations to focus on sovereign and sustainable financial solutions that align with the principles in our Constitution for public control of funding to create a fair and sustainable future for all.

MORE INFORMATION

Aguila, N., Haufe, P. & Wullweber, J. The ecor as global special purpose money: towards a green international monetary system to finance sustainable and just transformation. Sustain Sci (2024). https://doi.org/10.1007/s11625-024-01484-8 

Towards a Green International Monetary System | Independent Social Research Foundation  by Nicolás Águila, Paula Haufe and Joscha Wullweber; February 26th, 2025

Greenwashing: A Deep Dive into Misleading Sustainability Claims  Carbon Neutral Britain, March 18th, 2025 

Greens for Monetary Reform 

Economic Justice And Sustainability - Green Party Platform -  Monetary Reform (Greening the Dollar)

Green New Deal description at GP.org

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