Liberal Democrat Leader Ed Davey has warned that the Government’s new Net Zero Strategy is ignoring the “elephant in the room” by failing to include measures to stop investment in fossil fuel industries through the City of London.
The former Energy and Climate Change Secretary is calling for new oil, gas and coal companies to be banned from the London Stock Exchange and for urgent action to stop the UK hosting the world’s fossil fuel investments.
Liberal Democrat Leader Ed Davey said: “The UK must be net zero as soon as possible – Britain’s economy needs it just as much as the world’s climate does. Yet rapid progress to net zero just isn’t possible while the Government keeps ignoring the elephant in the room.
“The UK produces just 2% of global emissions, so to really impact the global fight against climate change we need to stop financiers in the City of London funding the world’s fossil fuel industries.
“Whilst millions of people across the UK are doing the right thing, often making difficult decisions to live more sustainably, big finance and big fossil fuel giants are raking it in hand over fist on dirty coal, oil and gas deals.
“If the Conservative Government is really serious about Net Zero it will get this dirty money out of the City of London.”