While setting lofty goals, the plan does not explicitly call for eliminating the use of fossil fuels such as oil and natural gas, a nod to pragmatism that may disappoint some of Ocasio-Cortez's strongest supporters.
Nearly every major new economic initiative proposed by Democrats - the Green New Deal, Medicare for all, debt-free college - has a common feature: Unlike most current social programs, it would benefit younger Americans at the expense of older Americans.
"The Green New Deal fully tackles the existential threat posed by climate change by presenting a comprehensive, 10-year plan that is as big as the problem it hopes to solve while creating a new era of shared prosperity", according to a summary of the resolution released by the politicians on Thursday.
The resolution, which was posted on NPR, came hours before a Thursday afternoon press conference featuring Ms. Ocasio-Cortez and Mr. Markey. "The green dream or whatever they call it, nobody knows what it is, but they're for it right?"
Later in the morning, Pelosi said she had not seen the proposal. The panel is simply exploratory and will be offering solutions to standing committees with jurisdiction to actually draft any legislation that is needed.
The government can take an equity stake in Green New Deal projects "so the public gets a return on its investment", she added.
The Green New Deal was put into the media spotlight by a youth coalition called the Sunrise Movement and Ocasio-Cortez, 29, the youngest woman to serve in Congress.
The resolution marks the first time Ocasio-Cortez and other lawmakers have attached legislative language onto the Green New Deal, a concept that until now has been largely undefined other than as a call for urgent action to head off catastrophic climate change and create jobs.
The freshman lawmaker and veteran Sen.
It envisions a 10-year mobilization that would upgrade and expand power sources and power grids to meet 100 percent of power demand via clean energy sources, as well as overhauling transport systems to "eliminate pollution and greenhouse gas emissions from the transportation sector as much as is technologically feasible". Ed Markey (D-Mass), unveiled a plan to revamp the USA economy and eliminate carbon emissions on Thursday, suggesting in an NPR interview that deficit spending might be the best way to pay for it.
The resolution paints a grim view of present-day America, saying it is "experiencing several related crises" including declining life expectancy, economic stagnation, erosion of worker bargaining power, increasing income inequality and the exacerbation of "systemic racial, regional, social, environmental and economic injustices".
Even so, their Green New Deal goes far beyond the Clean Power Plan proposed by President Barack Obama.
The proposal has no chance of gaining support in the Republican-controlled Senate, let alone being signed into law by President Donald Trump, but has become a rallying cry among some liberals and a lightning rod among conservatives.