In 2015, governments from around the world met in Paris and agreed to take action to limit global warming to 1.5°C. However, analysis by Global Witness has found that the oil and gas industry is set to invest $4.9 trillion globally on fields not yet in development, which is incompatible with the climate goals set by the Paris agreement.
It’s critical that global warming does not exceed 1.5°C as the consequences of further temperature increases would be devastating to wildlife, ecosystems and people. Meeting this target would mean achieving net zero emissions by around 2050, which is still possible, but requires urgent action from the Government.
Much of the investment in oil and gas comes from FTSE 100-registered companies headquartered in London and so the Government should be issuing legal advice to UK-based businesses on their duties under the Paris agreement. Instead, the Tories are cutting support for small scale renewables, scaling back assistance for electric vehicles and promoting shale gas exploration.
In contrast, Labour treats global warming with the seriousness it deserves and we’ve called on the Government to declare a national environmental and climate change emergency. In Government, we’d lead a new green industrial revolution, invest in renewable energy and ban fracking outright – policies I strongly support.
Climate change is an existential threat to humanity and I will continue to press the Government on this issue at every opportunity.