The Bank of England’s powers to tackle climate change risks in the financial system could be given an overhaul to reflect the scale of the “emergency” facing the planet, John McDonnell has said. In addition to rewriting government spending criteria we’ll now consult on changing the Bank of England's mandate to reflect the climate change emergency highlighted by #ExtinctionRebellion Rebellion demo. https://t.co/n7M7qBnp8jMcDonnell has been examining various ways to reshape the Bank’s mandate, which is set by the government, should Labour come to power. Labour is also considering ways to funnel more investment into green industries and technologies, which will encompass how the role of government and other agencies, such as the Bank, can be used to tackle climate change. “We need to lead by example and by providing such disclosures, we will be playing our part to secure the transition to sustainable financial system,” he said.

Source: The Guardian April 17, 2019 16:46 UTC