from the world's big
Companies without climate plans will be banned from London Stock Exchange, Labour Party says
The campaign promise could only become law if the Labour Party wins the general election in December.
Photo credit: SOPA Images / Getty
- Shadow chancellor John McDonnell didn't provide specific requirements companies would have to meet, but said climate would be the Labour Party's "overriding priority" if it wins the election.
- The center-left Labour Party hopes to bring the U.K.'s greenhouse gas emissions to zero by 2050.
- The London Stock Exchange currently lists some of the world's largest oil and gas companies.
Companies that fail to "pull their weight" to meet environmental standards could risk being delisted from the London Stock Exchange, according to a radical policy proposal from the U.K.'s Labour party.
The proposal is currently a campaign promise that could only become law if the center-left Labour Party wins the general election on December 12. Led by Jeremy Corbyn, Labour is the second biggest political party in the House of Commons.
At a business event this week in London, shadow chancellor John McDonnell vowed his government would ensure listed companies are "pulling their weight" to tackle the "existential threat" of climate change, which would be the party's "overriding priority" if it wins the election.
"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," he said.
Barcroft Media / Contributor
An ambiguous proposal
McDonnell didn't offer specific requirements that companies would have to meet.
"It will be for, basically, those companies themselves to bring forward their proposals and plans - exactly what sort of proposals they'll be, how effective they'll be," he told the PA news agency. "And then during the listing process, they'll be assessed about how successful they are either performing or how successful their plans will be. On that basis, just as with the rest of the code that there is, they'll then be assessed and determined if they can be listed."
McDonnell said some business leaders support the proposal: "Business bodies are calling for companies to improve climate related financial reporting and for all companies to bring forward decarbonization plans."
However, the London Stock Exchange currently lists some of the world's largest natural resource companies, and it's unclear how they'd react to stricter environmental standards.
Labour's push toward a green economy
In May, McDonnell told The Guardian about his proposal to delist companies from the stock exchange, saying his party aims to reduce greenhouse gas emissions to zero by 2050.
"It's not about threatening or penalizing, it's saying here's the steps we need to take to save the planet, it's as simple as that," he said. "There's a sweeping understanding, right the way across, that our administration has to tackle this issue in a way that no one else is taking that seriously."
In July, oil and gas companies listed on the London Stock Exchange were reclassified under a non-renewable energy category, a move that aimed to provide "greater visibility to other forms of energy such as renewables," according to Susan Quintin, the managing director of product management at FTSE Russell.
McDonnell also described other Labour proposals this week, including putting employees and elected members on company boards, increasing employee ownership of companies, and installing a cap of 20 times the living wage on public sector chief executives' pay.
Emotional intelligence is a skill sought by many employers. Here's how to raise yours.
- Daniel Goleman's 1995 book Emotional Intelligence catapulted the term into widespread use in the business world.
- One study found that EQ (emotional intelligence) is the top predictor of performance and accounts for 58% of success across all job types.
- EQ has been found to increase annual pay by around $29,000 and be present in 90% of top performers.
The rough beauty of the American West seems as far as you can get from the polished corridors of power in Washington DC.
The rough beauty of the American West seems as far as you can get from the polished corridors of power in Washington DC. Until you look at the title to the land. The federal government owns large tracts of the western states: from a low of 29.9% in Montana, already more than the national average, up to a whopping 84.5% in Nevada.
This course collection can get you trained and ready for a six-figure career in this field.
- The Premium 2020 Project & Quality Management Certification Bundle explores the most popular project management methodologies.
- Coursework covers Agile, Agile Scrum, PMI-PMBOK and Six Sigma approaches.
- Valued at $2,699, the course package is on sale for just $45.99.
Researchers are using technology to make visual the complex concepts of racism, as well as its political and social consequences.
- Often thought of first as gaming tech, virtual reality has been increasingly used in research as a tool for mimicking real-life scenarios and experiences in a safe and controlled environment.
- Focusing on issues of oppression and the ripple affect it has throughout America's political, educational, and social systems, Dr. Courtney D. Cogburn of Columbia University School of Social Work and her team developed a VR experience that gives users the opportunity to "walk a mile" in the shoes of a black man as he faces racism at three stages in his life: as a child, during adolescence, and as an adult.
- Cogburn says that the goal is to show how these "interwoven oppressions" continue to shape the world beyond our individual experiences. "I think the most important and powerful human superpower is critical consciousness," she says. "And that is the ability to think, be aware and think critically about the world and people around you...it's not so much about the interpersonal 'Do I feel bad, do I like you?'—it's more 'Do I see the world as it is? Am I thinking critically about it and engaging it?'"
President Vladimir Putin announces approval of Russia's coronavirus vaccine but scientists warn it may be unsafe.