Top Posts
NDDC, others push for climate change awareness in...
Heaviest monsoon in a decade kills 458 people...
Council releases first fully electric bin lorry
Report: A fifth of migratory species face extinction...
Stakeholders seek integration of climate change into national...
Study shows US asthma inhalers produce same emissions...
Report: Nigeria, others may lose $300 billion, 49m...
Pope Leo hits out at climate change critics
Nigeria insurers prepare to global delegates on climate...
Energy Dept. asks employees not to use words...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Labour to prioritise fighting global heating

by admineconai March 20, 2024
written by admineconai March 20, 2024
767

Rachel Reeves, the shadow chancellor will announce that a Labour government will make fighting global heating a priority for the Bank of England as it seeks to put environmental sustainability at the heart of its plans to grow the economy.

Reeves is expected to say in a speech in London on Tuesday evening that if Labour wins the general election she will reverse Jeremy Hunt’s decision last year to downgrade the emphasis on the climate crisis in Threadneedle Street’s main objectives.

Reeves’s announcement comes weeks after she was criticised by environmentalists for drastically scaling back Labour’s plans to invest £28bn a year in a Green Prosperity Fund – an important plank in its plan to cut greenhouse gas emissions and to achieve carbon net zero.

In her Mais lecture, the shadow chancellor will say Labour remains committed to greening the economy and will be able to achieve the twin goals of stability and higher growth only if it makes tackling the climate crisis a priority.

“There can be no durable plan for economic stability and no sustainable plan for economic growth, that is not also a serious plan for net zero,” she will say.

Read also: UN report shows last year was hottest on record by clear margin

The chancellor writes letters once a year to the Bank of England governor to set the remit for the financial policy committee (FPC) and the monetary policy committee.

In November, Jeremy Hunt downgraded the emphasis put on climate change in both remit letters and removed climate change from a list of four objectives for the FPC – the body that identifies systemic potential risks to the financial system.

Writing to the Bank’s governor, Andrew Bailey, the chancellor said the FPC’s four priorities for supporting the government’s financial policy objectives were growth and competitiveness, competition and innovation, home ownership and boosting productive finance.

Story was adapted from the Guardian.

Global heatingLabourPriority
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
UN report shows last year was hottest on record by clear margin
next post
UNFCCC, IEA collaborate in climate change fight

Related Posts

Heaviest monsoon in a decade kills 458 people...

October 9, 2025

Council releases first fully electric bin lorry

October 9, 2025

Study shows US asthma inhalers produce same emissions...

October 7, 2025

Pope Leo hits out at climate change critics

October 3, 2025

Protesters seek $5tr payment from fossil fuel companies

October 1, 2025

UN official says climate change displaces up to...

September 30, 2025

UN ends high-level week with calls for peace,...

September 30, 2025

China announces plans to cut greenhouse gas emissions...

September 25, 2025

China locks down as Super Typhoon Ragasa nears...

September 24, 2025

Trump says climate change ‘greatest con Job in...

September 24, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World