Extinction Rebellion: John McDonnell defends disruption caused by climate change activists

Labour threatens companies which fuel the climate crisis with delisting from London markets

'We'll look at options, run the pilots and see if we can roll it out,' shadow chancellor says (AFP)

The disruption caused by Extinction Rebellion demonstrators and student climate strikers has “definitely been worth it” to raise awareness of the global warming emergency, shadow chancellor John McDonnell has said.

Mr McDonnell said that overcoming the threat of climate emergency will be “the key priority” of the Treasury in the next Labour government. And he revealed he has invited representatives of the Extinction Rebellion to brief shadow ministers on their assessment of the problem and possible solutions, after more than 1,000 of the group's members were arrested during a series or "direct action" protests in London and other cities in April.

Labour will take measures not only to encourage green investment, but also to deter financial institutions from putting money into polluting assets, said.

Financial institutions will be subjected to “policing of investments” to ensure they live up to their climate change responsibilities.

And Mr McDonnell said that legislation could be introduced to allow companies which fail to contribute to the battle against climate change to be delisted on the London markets.

The shadow chancellor announced the appointment of a review group, with experts from the world of finance, to examine how the banking system is causing or exacerbating the problem of climate change and how it could provide solutions.

Speaking in the City of London, Mr McDonnell said: “Regulation as well as incentives will be required to divert investment away from fossil fuels and into environmentally sustainable activities.”

He said Labour was committed to secure net zero carbon emissions by 2050 and will be “as ambitious as possible” in bringing that date forward.

“I have paid tribute to, and indeed joined, those people who have been campaigning and protesting to force the issue of the climate emergency more firmly onto the political agenda,” said the shadow chancellor.

“The relatively minor disturbance to everyday life caused by the demonstrations by Extinction Rebellion and the school student strikes has definitely been worth it.

“These forms of direct action have secured the publicity that clearly has focused people’s minds, not just on the threat of climate change but importantly on the solutions available to us.

“A space has been created for an ongoing creative and constructive dialogue on the key issue facing current generations.”

Chief Executive of trade body UK Finance, Stephen Jones, said: “Achieving net zero carbon by 2050 is a difficult but critical target that we must all work together to address and as an industry we stand ready to respond.

“Only last week the governor of the Bank of England credited the first steps taken by business, including financial services, to put in place the framework offered by the Taskforce on Climate-related Financial Disclosure.

“Describing what is needed as a ‘green industrial revolution’ is by no means an overstatement. Banking and financial services will not be found lacking.”