Last week Positive Money set off for Brighton and the Labour Party’s 2019 Conference.

Our event, co-hosted with Triodos Bank UK, posed the question “How will Labour pay for the green transition?”.

After Parliament declared a climate emergency earlier this year, and the climate strikes brought together 4 million people around the world on Friday, it’s clearer than ever before, just how much people care about transitioning to a greener economy. So we brought together shadow ministers and outside experts to consider how both public and private finance will need to be mobilised to meet the UK’s climate goals. 

Panellists (from left to right) Bevis Watts, Anneliese Dodds, Chi Onwurah, Fran Boait, Adrienne Buller

Our event featured shadow treasury minister Anneliese Dodds, who talked about Labour’s plans to task the Bank of England with supporting the low-carbon transition. Labour for a Green New Deal director Adrienne Buller laid out how the current banking framework and policies from the Bank of England are driving climate collapse, while Triodos CEO Bevis Watts said that banks should be required to hold more capital against high-carbon loans. Shadow business minister Chi Onwurah explained Labour’s plans for a green industrial strategy and economist Ann Pettifor argued for transformation of the global financial system to fund a Green New Deal.

We filled the room with eager attendees, dozens tuned in to our livestream and we also brought in the voices of keen supporters who couldn’t make it in person by putting their questions to the panel. 

The event took on even greater significance after Labour went on to adopt a ‘Green New Deal’ at conference. An ambitious new policy platform designed to address the climate emergency with a goal of reaching net zero emissions by 2030, plans include a major programme of retrofitting homes and a commitment to make public transport more affordable.

Making the transition to a more sustainable economy will require a vast amount of resources, so we applaud Labour’s ambition with this new set of policies. We now encourage them to look to the Bank of England both as a source of funding, and as a major player in helping us make the move to a green economy a reality. We don’t have any time to waste. 

For more information about how the Bank of England can help us pay for a Green New Deal and to support our calls for change, click here!