Ed Miliband has urged the Government to take action on credible climate transition plans

He wants all financial institutions to bring forward plans by 2023

Ed Miliband has urged the Government to ask all financial institutions to bring forward by 2023 credible climate transition plans that are consistent with a 1.5 degree pathway.

Speaking at an event by the Green Alliance think tank, the shadow business secretary said: “London is one of the world’s financial centres. The UK may be 1% of global emissions but according to Carbon Tracker, the investments of companies and financial institutions based in the City of London account for approximately 15% of global emissions.”

He added: “Government should ask all financial institutions not just to report on climate risks, as they plan to, but to bring forward by 2023 credible transition plans that are consistent with a 1.5 degree pathway. This would make a profound difference in the flow of finance out of fossil fuels and into green energy.

“We should ask all our FTSE 100 companies to do the same and have their own climate transition plans, consistent with 1.5 degrees, by 2023. And furthermore, we should be asking in Glasgow that all major economies follow suit.”

Published: 13/10/2021 by Radio NewsHub