The Green Party is setting out plans to invest a £100 billion a year in tackling climate change as it publishes its manifesto for the General Election on December 12.
It will include legislation for a “Green new deal”, intended to set Britain on track to reduce carbon emissions to net zero by 2030.
The party – which is strongly pro-Remain – is also promising a People’s Vote bill for a fresh referendum on Britain’s relationship with the EU.
Under the party’s plans, it would raise £91 billion a year for the next decade for capital expenditure on tackling climate change.
A further £9 billion a year in operational spending would be funded through raising taxes, including corporation tax which would rise to 24%.
The party argues that borrowing on such a scale is both justified – given the looming “climate crisis” – and prudent as it would kick start economic and social regeneration.
It says public sector investment would act as a catalyst for private sector investment, as private investors seek to share in the financial rewards of a transition to a low carbon future.
Co-leader Jonathan Bartley said: “We’re proud to put forward a manifesto which puts us on track to remain in the European Union and make the whole country carbon neutral by 2030, while delivering social justice across Britain.
“It’s the most ambitious Green new deal proposed anywhere in the world. While the other parties are trying to catch up, we’re still racing ahead, reaching new horizons.”
In other measures, the party said it would increase NHS funding by at least £6 billion a year, scrap university tuition fees and introduce a universal basic income with a “phased-in unconditional payment to everyone at a level above their subsistence needs”.
It would also scrap the first-past-the-post system in elections, replacing it with proportional representation, create a fully elected House of Lords and extend voting rights to 16 and 17 year-olds.