As the December election draws closer, Labour has begun to reveal more of its flagship policies, including a raft of plans to help combat climate change.
The party said it would introduce tough new rules that would mean all newly built homes would be carbon zero by 2022, and that they’re developing plans to “go after” banks and hedge funds which are “financing climate change”.
The last Labour government had announced similar plans back in 2007, with a goal of making new homes “zero carbon” by 2016, but the party say these plans were scrapped by the Conservatives six months before they were due to come into force.
They also claim the changes, which would involve fitting solar panels and not installing gas boilers, would mean homeowners would save £200 a year on their bills, as well as not adding more carbon to the atmosphere.
The Conservatives, however, have rubbished the plans, saying they are “unrealistic” and would slow down house building plans.
‘It’s totally do-able’
Speaking to BBC Radio 4’s Today programme, Shadow Housing Secretary John Healey said the plans were “totally do-able without big price increases”.
“We really should be looking to house builders to absorb these costs as well, because this is an industry in recent years that has made billions in profits and paid millions in bonuses to top executives,” he added.
Meanwhile, Shadow Chancellor John McDonnell also revealed the party would bring forward the legally binding deadline for a zero carbon economy.
Currently, the Government has committed to achieving a zero carbon economy by 2050, but Labour say they would reach the goal by 2030.
He added: “It’s clear there is a long way to go before the finance sector is pulling its weight to achieve the rapid changes our economy needs to meet our climate obligations.”
Speaking at the launch of the Finance and Climate Report, which recommends all banks and hedge funds should be “forced to publish the climate-related risks associated with their financial assets”, he said the party would “take on board the findings”.
He added that the party will release full proposals on how this would be achieved ahead of the general election.
The report will also recommend that larger banks should penalised for involvement in environmentally unfriendly investments.
Additional reporting by the Press Association.
