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Labour’s John McDonnell will tomorrow pledge to use the might of the Treasury as a sledgehammer to deliver climate change targets.

He will warn banks he will stop dodgy unregulated lending and redirect it into measures to combat global warming when he becomes chancellor.

And Mr McDonnell will invite climate change activists to advise on how to do it.

In a speech to City financiers, the shadow chancellor will say: “I am preparing a programme that will harness the full might of the Treasury to make tackling climate change a key priority. We want to be fully prepared to roll out this emergency programme as soon as we take over.”

That way he aims to bring forward the target of zero carbon emissions by 2050.

(Image: PA)

Labour is stepping up plans to take power amid the growing prospect of an autumn election.

Once in No10, Jeremy Corbyn hopes to create a carbon neutral transport system.

To fund green projects, he will target the shadow banking system which secretly shifts money around in the high finance version of back alley loan sharks.