Tuesday 7 May 2024

Labour plans crackdown on corporates for net zero

Labour plans crackdown on corporates for net zero

Labour is considering the introduction of net zero legislation aimed at compelling major corporations and banks to curtail their carbon dioxide emissions in accordance with UN climate objectives.

Ed Miliband, the Shadow Climate and Net Zero Secretary has disclosed proposals for a stringent approach that would mandate corporate leaders to ensure their organisations are in alignment with the objective of limiting global temperature increases to below 1.5 degrees Celsius by the end of the century.

Should the Labour Party win the general elections, forthcoming legislation would require directors to annually disclose their company’s carbon footprint and demonstrate adherence to the UN Paris Climate Agreement ratified in 2015.

Mr Miliband reiterated these intentions during a recent conference in London, asserting that under Labour’s governance, companies would be compelled to outline transition strategies to meet the 1.5-degree Celsius target.

A Labour spokesperson said: “Labour plans to require financial institutions and FTSE 100 companies to publish their carbon footprints and adopt credible 1.5-degrees-aligned net zero plans and to push ahead with a UK Green Taxonomy.”

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