London-listed companies could be thrown off the stock exchange for not doing enough on climate change under new plans which are being drawn up by Britain’s Labour party, it was revealed today.
Shadow chancellor John McDonnell said today his party would delist companies which do not have plans to combat climate change.
“We’ve got to signal now that we’re being serious about tackling climate change. And we’re going to use every lever of government we possibly can to enable that to happen,” he told the Guardian.
McDonnell said the party will discuss whether to include climate change as a criteria of listing on the London Stock Exchange.
“It’s not about threatening or penalising, it’s saying here’s the steps we need to take to save the planet, it’s as simple as that,” he said.
McDonnell’s comments follow weeks of increased public pressure around climate change.
Labour has thrown its support behind proposals from government adviser the Committee on Climate Change which earlier this month recommended that Britain adopt a target to be carbon neutral by 2050.
The committee’s report came after parts of central London were brought to a standstill by climate change protesters who blocked traffic and glued themselves to building and public transport.
Meanwhile, Swedish teenager Greta Thunberg addressed parliament last month after coming to prominence for her school strikes which demand action on climate change.
The 16-year-old daughter of a former Eurovision contestant told MPs that her generation probably does “not even have a future any more.”