LONDON (AP) — Environmental groups on Thursday criticized Britain’s opposition Labour Party for ditching a pledge to invest 28 billion pounds ($35 billion) a year in green projects if it wins an upcoming general election.
Labour leader Keir Starmer said the party could no longer commit to the figure because the Conservative government had left the economy in dire condition.
“Interest rates have gone though the roof; we have to adjust,” he said.
The left-of-center party has been out of power since 2010, but leads Prime Minister Rishi Sunak ’s Conservative Party in opinion polls, with a national election due to be held this year.
The 28 billion promise, first made in 2021, has become a major political issue, with the Conservatives accusing Labour of planning a public spending spree that would raise people’s taxes.
Labour said it still plans to hit its goal of generating all Britain’s power from renewable sources by 2030, and to fund green investment through a windfall tax on oil and gas firms.
“It is a plan for more jobs, more investment and cheaper bills,” Starmer said.
Greenpeace said Labour was abandoning green investment that is “hugely popular with voters.”
“The British public and businesses are crying out for a green industrial strategy fit for the 21st century, not a hollowed-out plan with an empty wallet,” said Areeba Hamid, co-executive director of Greenpeace U.K.
Alice Harrison, head of fossil fuels campaigning at Global Witness, said the policy change “is a real setback for all those hoping that a Labour government would herald a much-needed shift on tackling the climate crisis.”
The government boasts of Britain being a leader in cutting carbon emissions. It says U.K. greenhouse gas emissions have fallen by half from 1990 levels, mainly because of the almost complete removal of coal from electricity generation. The government has pledged to reduce emissions by 68% of 1990 levels by 2030 and to reach net zero by 2050.
That was before Sunak’s government weakened some of the U.K.’s environmental commitments, postponing a ban on the sale of new gas and diesel cars and issuing new licenses for oil and gas drilling in the North Sea.
Sunak argues that fighting climate change should not impose “unacceptable costs” on ordinary people.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
