Starmer: Transition to net zero can ‘turbo-charge growth’

Labour leader Sir Keir Starmer is in Dubai for the Cop28 climate summit.

Labour leader Sir Keir Starmer (Jane Barlow/PA) (PA Wire)

The City of London would be transformed into the world’s green financial capital under Labour, Sir Keir Starmer promised at the Cop28 climate summit.

The Labour leader was meeting international investors at the summit to set out his party’s plans if he becomes prime minister next year.

He said Rishi Sunak’s Government was “sending the wrong signals” on the transition to net zero emissions, but under Labour the shift away from fossil fuels would be used to “turbo-charge growth”.

Sir Keir will meet financiers at the summit in Dubai as he seeks to step up his international profile ahead of the general election expected next year.

While the UK is only behind 1% of global emissions, the investments of companies and financial institutions based in The City of London account for approximately 15% of global emissions, Labour said.

By beefing up requirements for companies to report on their green measures, Sir Keir and shadow climate change secretary Ed Miliband claim they would mobilise private finance to support measures to cut emissions.

Financial institutions and FTSE 100 companies would be legally required to publish their carbon footprint and adopt credible transition plans aligned to the goal of keeping global temperature increases down to a maximum of 1.5C.

Sir Keir said: “Britain’s financial services are a national asset, with world-leading expertise. There’s an enormous opportunity in setting the agenda on green finance; Labour will partner with business to grab it will both hands.

“For too long we’ve had a UK Government sending the wrong signals when it comes to net zero.

“While the Conservatives use it to appease their party and sow political division, my Labour government will harness it in the national interest, to turbo-charge growth.”

Shadow foreign secretary David Lammy is also with Sir Keir and Mr Miliband at the summit and the party hopes to show the international community the UK can be a “reliable and ambitious partner” under a Labour administration.

Sir Keir said: “With a Labour government, Britain will stand tall in the world again – leading internationally, backing business, and delivering for working people at home.”