Tackling the climate crisis means the end of capitalism as we know it

LONDON, ENGLAND - APRIL 25: Environmental campaigners from the "Extinction Rebellion" group block the junction at Bank as part of their ongoing actions and protests across the capital on April 25, 2019 in London, England. Organisers have said demonstrators will target the financial industry as it is due to end blockades at Parliament Square and Marble Arch on the eleventh and final day. The protests have involved roadblocks, sit-ins and the halting of sections of the public transport system, in a bid to highlight environmental concerns. (Photo by Leon Neal/Getty Images)

When John McDonnell announced plans to de-list the companies wilfully destroying the planet through unchecked carbon emissions, the response from the City was predictably hyperbolic. “Financial totalitarianism,” said one banker. “Kamikaze communism,” said the right-wing propaganda website Guido Fawkes.

Labour’s thinking on industrial, fiscal and central bank policy has taken a sharp green turn under the impact of the Extinction Rebellion protests, and last October’s IPCC report, which dramatically shortened the deadline for halving global carbon emissions. But it is not yet radical enough.