In a Green New Deal, the environment as a basic fundamental value in itself will generate new employment if investment is made in adopting a greener way of life and economy.

I believe the budget for 2009 in Malta is a daring step in this direction. Certainly, the measures introduced during the budget have acknowledged the need for action on many environmental challenges, particularly green alternative energy.

The investment in alternative sources of energy generates jobs while it is being undertaken and, moreover, leads to efficiencies that will be contributing to the betterment of our economic performance in years to come.

Furthermore, alternative streams and sources of energy will reduce our risks in terms of energy supply shocks from abroad. These risks are more pronounced in small islands like ours and can lead to dangerous imbalances in the economy if we are too dependent on one source of energy.

We are now in an age of environmental threats, yet these same threats can give us the impetus for a green paradigm shift that puts us on the road to green investment and jobs. Investment for energy conservation, for example, will release resources that are now effectively subsidising oil-producing countries and dirty energy production to be used much more efficiently in our economy.

Of course, this won't happen without courageous decisions. Just one example: Prices we pay have to reflect not only the economic cost of what we buy but also the negative externalities emanating from the process and that are, up to now, borne by the environment and future generations rather than by the polluter.

We are at a crossroads. If we are audacious enough and put our action where our mouth is, we can change the ecologic-economic crossroads from a point of divergence to a point of convergence.