Labour MP Joan Walley is urging a raid on the balance sheets of UK businesses that hold fossil fuels, according to a document seen by Breitbart London today.
In a speech due to be delivered in the City of London tomorrow, Walley will insist that millions of pounds should be wiped off the values of companies listed on the stock market, on the basis that “oil, coal and gas reserves cannot be burnt without further destabilising the climate”.
The 12th ‘Green Finance’ report, issued by the House of Commons Environmental Audit Committee, attempts to empower renewable energy firms further, while lashing out at major job creators in the oil, coal, and gas markets.
The policy is based on the Grantham Research Institute’s claim that “60-80% of coal, oil and gas reserves of listed firms are unburnable” due to what the effect would be on the earth’s climate. Walley will even claim that, “The record-breaking extreme weather events causing chaos across the globe should be a wake-up call,” and that “more than half of the world’s fossil fuel reserves will have to remain in the ground.” This despite climate scientists stating that Britain’s recent extreme weather had no certain link to climate change.
Tory MP Chris Heaton-Harris told Breitbart London, “This suggestion is short-sighted, would endanger peoples’ pensions and would probably lead to economic suicide. It thus fits in with Labour’s economic policy quite well.”
The anti-business strategy is the latest in the line of Grantham-funded initiatives, which have also previously including cutting fat cheques to Greenpeace and the WWF, as well as paying out $80,000 to environmental journalists.
Walley has served as a Labour MP since 1987, and was recently hailed by Labour leader Ed Miliband as “a first-rate MP”. He said, “Joan is a true Parliamentarian. Her work in holding the Government to account on its environmental policies as Chair of the Environmental Audit Committee has been tremendous.”
Last month, Walley signed an Early Day Motion commending “the excellent work undertaken by staff employed at the Environment Agency in dealing with recent flooding incidents”.