December 6, 2019
Finance

UK Labour: Delist companies that fail to tackle climate change

LONDON — A Labour government would delist companies that fail to take steps to tackle the climate crisis, Shadow Chancellor John McDonnell announced today.

Companies must contribute to greening the economy or else get “delisted from the London Stock Exchange,” McDonnell said in a speech in Westminster.

“The Corporate Governance Code and legislation will be amended to set out a minimum standard for listing related to evidencing the action being taken to tackle climate change,” the shadow chancellor said. The policy will appear in the Labour partys election manifesto which will be unveiled Thursday.

McDonnell cited publishing decarbonization plans and improved climate-related financial reporting as examples of steps that companies could take.

“Tackling the existential threat of climate change is Labours overriding priority as we enter government,” he said. “If we are to meet the climate change target to keep global warming to 1.5 degrees above pre-industrial levels, we need to ensure that companies are pulling their weight alongside government.”

“Tackling the existential threat of climate change is Labours overriding priority as we enter government.” — John McDonnell

McDonnell first said he was considering the measure in an interview with the Guardian in May. He said then that the proposals were about “weeding out those that are not taking it seriousRead More – Source

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