MPs are set to vote today on whether to adopt a new carbon emissions target for the UK, in the first stage of a legislative process that will likely see the UK adopt one of the most ambitious climate goals of any industrialised nation. MPs in the Commons are set to debate a motion in the Chamber this afternoon on the new Net Zero legislation, laid by the government earlier this month. It proposes a change to the Climate Change Act 2008 to replace the existing target of an 80 per cent cut in emissions by 2050 with a net zero goal by the same date.
Business Green 24th June 2019 read more »
Labour will back measures deterring investment in fossil fuels as part of a new drive to stop the financial sector from funding global heating, John McDonnell will reveal this week. In the latest attempt by Labour to display its green credentials, the shadow chancellor will use a speech in the City on Monday to commit to using the “full might of the Treasury” to tackle the issue. He will commit the party to forcing the private sector into investing in the “green industrial revolution”. He will announce a review of the financial sector’s role in the climate crisis, looking at “where and how it is causing or exacerbating problems”. It will examine measures preventing financial institutions from “actively contributing to planetary heating or exposing our economy to financial instability”.
Edie 24th June 2019 read more »
A Labour government would hand the Bank of England climate change powers and would delist companies from the main London market if they failed to hit environmental targets, the shadow chancellor has said. John McDonnell said in a speech yesterday that Labour would harness “the full might of the Treasury” to force financial institutions to stop investing in polluting assets. Commercial and investment banks as well as pension fund and hedge funds would be scrutinised over contributions to climate change. “We need to make sure all of the finance sector is pulling together,” Mr McDonnell said. “This means mobilising private sector resources for green investment. But it also means preventing financial institutions from contributing to planetary heating or exposing our economy to financial instability.”
Times 25th June 2019 read more »
Telegraph 24th June 2019 read more »
Guardian 24th June 2019 read more »