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Green economists are helping the Biscay regional government in its ambition to develop the world鈥檚 first Sustainable Development Goals-oriented regional tax system.

The provincial government of Biscay is seeking听to design an听innovative听regional听fiscal policy,听which听encourages an听economic and social听landscape听that prioritises public value and听innovation, and听addresses the UN鈥檚 Sustainable Development Goals (SDGs).听

Biscay听is a province in the north of Spain, but听also听refers to听a听historical territory of the Basque Country.听听

A听team听from the UCL Institute for Innovation & Public Prosperity (IIPP)听is working with the Biscay Governor鈥檚 team, based in Bilbao, Spain, on the BEAR project听 鈥� so named because听several relevant听words in the Basque language听begin听with 鈥榖er鈥�:听berdea, meaning green;听berrikuntza, meaning innovation; and听berezia, meaning unique.听

The team is听undertaking technical research and collaborative work with local companies and institutions to develop听a new听framework听for听the provincial economy and taxation system.听鈥淲e鈥檙e aiming to听transform the direction of economic activity in the region听towards sustainable, inclusive听growth,听and in doing so听address听all听the听Sustainable Development Goals,鈥� explains Martha McPherson, IIPP鈥檚 Head of Green Economy and Sustainable Growth.听

The BEAR project听draws on several strands of IIPP鈥檚听ground-breaking听thought leadership and research, which is听considering how听the role of the state听and capitalism can be rethought and how听institutions听might be transformed accordingly.听听For example, for companies in the region that are undertaking specific work to decrease their use of resources,听reduce听pollution, or听narrow the听gender pay gap,听receive听tax benefits and certified recognition of their activities.听

鈥淭o get to听a green transition, we need to rethink the role of government as a market-shaping actor, not purely concerned with identifying and fixing market-failures, but with setting ambitious directions for economic activity,鈥� argues听Martha.听

鈥淲e should be harnessing the full range of government instruments - from听taxation听and听procurement, to听guaranteed loans, grants and prize schemes听鈥撎齮o听mobilise private sector actors to also make听bottom-up investments听in听innovation across the entire economy.鈥澨�

The听BEAR听project听is听aiming听to create a replicable approach to SDG-oriented taxation and听considering the听public value听of听economic growth听at a local level, which听other regional and local governments听could adopt.听