Wednesday, October 27, 2021

Prime Minister should call for climate plans from banks and big companies, says Labor

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Labor said Boris Johnson’s government should require banks and large corporations in the UK to make their own climate change plans.

The opposition party is pushing for tighter regulation of big business to ensure its plans are in line with the Paris Agreement goal of limiting global warming to 1.5 ° C.

Labor said the Prime Minister should “mandate” UK financial institutions and its FTSE100 companies to publish their carbon footprint and adopt a credible plan to reduce emissions.

Speaking to next month’s Cop26 Summit in Glasgow, Labour’s Shadow Business Secretary Ed Miliband said top companies could make a “profound difference” in their pursuit of net zero emissions.

“Many of our leading financial institutions and corporations were ahead of the government on climate action,” said the senior Labor MP. “But we all have to meet the standards of the best.”

Miliband added: “Also in Glasgow we should ask that all other major economies follow suit. This proposal would fundamentally change the fight against climate change, set a global standard and make the UK the green financial capital of the world. “

Investments by firms and financial institutions based in the City of London account for around 15 percent of global emissions, Labor said. The opposition claimed that regulation could be used to mobilize trillions of pounds to pursue the ambitions of the Paris Agreement.

Miliband also used Wednesday’s speech to attack Johnson’s leadership, urging him “get off the sun lounger and become a statesman” to prevent Cop26 from becoming a failure.

The shadow minister also accused the Conservative government of a “decade of inactivity” which has stalled progress in renewable energies and led to Britain’s current fuel crisis.

He referred to Labor’s pledge to raise an additional $ 28 billion each year through 2030.

He condemned the Tory government for cutting its aid budget at a time when trust between developing and developed countries is crucial. “The government was at best a spectator and at worst a contributor to global inaction,” he argued.

It comes when Scotland’s First Minister Nicola Sturgeon said in a TED conversation that the country must “watch out” not to leave the communities behind if it turns away from oil and gas.

The SNP leader again refused to speak out against the development of the Cambo oil field near Shetland, which was strongly opposed by climate activists.

Ms. Sturgeon stressed that the supply of oil and gas could not be stopped in the short term, as this could lead to an increase in imports and economic problems due to mass layoffs.

However, she also repeatedly called for the British government to re-examine licenses to extract oil and gas from the North Sea in light of the current threat from climate change.

“We have to be careful not to leave people and communities behind in this transition,” said the First Minister. “We have to be careful not to convert domestic production to oil and gas imports – that would be counterproductive.”

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