Sunak to ease energy efficiency requirements in rented homes to not ‘overburden landlords’
Rishi Sunak is planning to delay energy efficiency targets for rented homes following pressure from landlords about the cost of the improvements.
The overhaul is part of a wider review of the government’s environmental policies, which some Tory MPs fear are too expensive and will hurt the party’s chances at the next general election.
Politics Live: Green policies shouldn’t penalise people, says Gove
The current proposals would see all new tenancies required to have an energy performance certificate (EPC) rating of C or above by 2025 – where A is the best and G is the worst – with this expanded to all existing tenancies by 2028.
The policy is intended to reduce bills for tenants and stop leaky homes adding to emissions, but on Tuesday night, a Whitehall source pointed to the cost it would have on landlords.
They told Sky News: “We remain committed to our environmental objectives but we cannot overburden landlords facing cost of living pressures…we support delaying requirements for new minimum energy efficiency requirements in the private rented sector.”
As well as delaying the targets, the government wants to overhaul the EPC system.
The source said: “More generally, we recognise that the EPC system which was designed as an informational tool to meet the requirement of EU membership, needs fundamental reform. Further details will be set out as soon as possible.”
The change, first reported by the Financial Times, is likely to anger campaigners who earlier this week urged the government to stick to its plan.
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What is the UK’s net zero climate plan?
After Michael Gove, the Housing Secretary, said he believed ministers were asking “too much too quickly” of landlords, Chris Venables, political director of the Green Alliance think tank, said: “With millions of people on the front line of a cost-of-living crisis driven by sky-rocketing energy bills, it is alarming to see Sunak proposing to weaken already insufficient plans to make sure renters have well-insulated homes.
“Letting landlords off the hook will only further risk the government missing its legally binding climate and fuel poverty targets, never mind playing politics with the lives of the elderly and the vulnerable as we head into another difficult winter.”
Climate change think tank E3G estimated that improving energy efficiency would save renters an average of £570, but landlords would be expected to pay the first £10,000 of any energy efficiency work themselves.
Ben Beadle, chief executive of the National Residential Landlords Association, said ministers need to develop a proper plan that includes a fair financial package to support improvements in the private rented sector.
Flagship recycling policy to be delayed
The government also confirmed on Tuesday that it is delaying its flagship recycling reforms by a year following industry warnings the scheme will drive up food prices.
The Department for the Environment, Food and Rural Affairs (DEFRA) said plans to force manufacturers to cover the costs of collecting and recycling packaging will be pushed back by a year to help drive down inflation.
The Extended Producers Responsibility (EPR) scheme was due to come into effect in October 2024, but will now take off in October 2025.
The change follows months of campaigning from food and retail bosses, who argued the reforms will cost manufacturers £2bn annually and likely prompt further price increases.
Read More:
What are the Conservatives’ green policies – and what could be scrapped?
DEFRA said it will use the additional year to discuss with industry ways to “reduce the costs of implementation wherever possible”.
The government is reviewing its green policies after the Conservative’s narrow and unexpected by-election victory in Uxbridge last week.
Labour’s loss was widely attributed to a backlash over the expansion of ULEZ, which would charge drivers of old polluting petrol and diesel vehicles at least £12.50 per day.
The result has reignited a debate on the cost and speed of policies to reduce carbon emissions.
Some Tories believe creating a dividing line with Labour on the issue will help them gain ground on the Opposition in the polls.
On Monday, Downing Street said that ministers are scrutinising existing net zero pledges “in light of some of the cost-of-living challenges”.
And Rishi Sunak said that while the UK is still committed to reaching the climate target by 2050, any legislation to encourage a green switch would have to be “proportionate and pragmatic” and not add extra costs and “hassle” to households.
The Texas Senate passed the Bitcoin strategic reserve bill SB-21 on March 6. This followed a debate in which State Senator Charles Schwertner, who introduced the bill, argued that it would help Texas add a valuable and scarce asset to its balance sheet.
Amid fears of Bitcoin (BTC) contending against the US dollar as a global reserve currency, Pro-Bitcoin lawmakers argued that Bitcoin was similar to gold and a hedge against inflation.
If SB-21 is enacted, Texas will be the first state in the US to have a digital asset reserve. However, the governor must still sign the bill before it becomes law.
New York bill aims to protect crypto investors from memecoin rug pulls
New York lawmakers introduced a bill to protect crypto users from memecoin rug pulls, where insiders abandon a project after investors have purchased their token. These scams usually end up with token prices plummeting, causing millions in losses to crypto investors.
On March 5, Assemblymember Clyde Vanel introduced the legislation to establish criminal penalties for offenses that involve “virtual token fraud.” This explicitly targets deceptive practices associated with crypto.
Fideum co-founder and CEO Anastasija Plotnikova told Cointelegraph that scams and rug pulls should be more thoroughly regulated. “In my view, these activities should fall firmly within the jurisdiction of law enforcement agencies,” Plotnikova added.
SEC’s Crypto Task Force to host roundtable on crypto security status
The Crypto Task Force of the US Securities and Exchange Commission will host a series of roundtables to discuss the “security status” of crypto assets, with the first set for March 21.
Crypto Task Force lead Commissioner Hester Peirce said she is looking forward to “drawing the expertise of the public” to develop a workable framework for crypto.
The roundtable series is called the “Spring Sprint Toward Crypto Clarity,” and the first topic of discussion is dubbed “How We Got Here and How We Get Out — Defining Security Status.”
Utah’s Senate passes Bitcoin bill — but scraps key provision
Utah lawmakers passed a Bitcoin bill after removing a section that would have allowed its state treasurer to invest in Bitcoin. While the HB230 bill passed the state Senate, it removed a key reserve clause that would’ve authorized the state treasurer to invest in digital assets with a market cap of over $500 billion.
The clause passed the second reading but was scrapped in the third and final reading. Still, the bill provides citizens basic custody protections, the right to mine, run a node and stake, among other things.
Argentine prosecutor aims to freeze assets in LIBRA memecoin fraud case
Argentine Federal Prosecutor Eduardo Taiano, the lead prosecutor investigating Argentine President Javier Milei’s alleged role in the LIBRA crypto scandal, requested the freezing of almost $110 million in digital assets related to the memecoin case.
Taiano also requested the recovery of Milei’s deleted social posts and detailed records of all LIBRA transactions since its launch. The prosecutor aims to reconstruct the financial operations of Feb. 14 and 15, when the project’s trade volume peaked.
Opinion by: Merav Ozair, PhD
Technology is advancing at the speed of light today more than ever. We have surpassed Moore’s law — computational power is doubling every six months rather than every two years — while regulations are, and have been, playing catchup.
The EU Artificial Intelligence Act just came into force in August 2024 and is already falling behind. It did not consider AI agents and is still wrestling with generative AI (GenAI) and foundation models. Article 28b was added to the act in June 2023 after the launch of ChatGPT at the end of 2022 and the flourishing of chatbot deployments. It was not on their radar when lawmakers initially drafted the act in April 2021.
As we move more into robotics and the use of virtual reality devices, a “new paradigm of AI architectures” will be developed, addressing the limitations of GenAI to create robots and virtual devices that can reason the world, unlike GenAI models. Maybe spending time drafting a new article on GenAI was not time well spent.
Furthermore, technology regulations are quite dichotomized. There are regulations on AI, like the EU AI Act; Web3, like Markets in Crypto-Assets; and the security of digital information, like the EU Cybersecurity Act and The Digital Operational Resilience Act.
This dichotomy is cumbersome for users and businesses to follow. Moreover, it does not align with how solutions and products are developed. Every solution integrates many technologies, while each technology component has separate regulations.
It might be time to reconsider the way we regulate technology.
A comprehensive approach
Tech companies have been pushing the boundaries with cutting-edge technologies, including Web3, AI, quantum computing and others yet to emerge. Other industries are following suit in the experimentation and implementation of these technologies.
Everything is digital, and every product integrates several technologies. Think of the Apple Vision Pro or Meta Quest. They have hardware, goggles, AI, biometric technology, cloud computing, cryptography, digital wallets and more, and they will soon be integrated with Web3 technology.
A comprehensive approach to regulation would be the most suitable approach for the following principal reasons.
A full-system solution
Most, if not all, solutions require the integration of several emerging technologies. If we have separate guidelines and regulations for each technology, how could we ensure the product/service is compliant? Where does one rule start and the other end?
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Separate guidelines would probably introduce more complexity, errors and misinterpretations, which eventually might result in more harm than good. If the implementation of technologies is all-encompassing and comprehensive, the approach to regulating it should also be.
Different technologies support each other’s weaknesses
All technologies have strengths and weaknesses, and often, the strengths of one technology can support the shortcomings of the other.
For example, AI can support Web3 by enhancing the accuracy and efficiency of smart contract execution and blockchain security and monitoring. In contrast, blockchain technology can assist in manifesting “responsible AI,” as blockchain is everything that AI is not — transparent, traceable, trustworthy and tamper-free.
When AI supports Web3 and vice versa, we implement a comprehensive, safe, secure and trustworthy solution. Would these solutions be AI-compliant or Web3-compliant? With this solution, it would be challenging to dichotomize compliance. The solution should be compliant and adhere to all guidelines/policies. It would be best if these guidelines/policies encompass all technologies, including their integration.
A proactive approach
We need proactive regulation. Many of the regulation proposals, across all regions, seem to be reactions to changes we know about today and don’t go far enough in thinking about how to provide frameworks for what might come five or 10 years down the line.
If, for example, we already know that there will be a “new paradigm of AI architectures,” probably in the next five years, then why not start thinking today, not in 5 years, how to regulate it? Or better yet, find a regulatory framework that would apply no matter how technology evolves.
Think about responsible innovation. Responsible innovation, simplistically, means making new technologies work for society without causing more problems than they solve. In other words: “Do good, do no harm.”
Responsible innovation
Responsible innovation principles are designed to span all technologies, not just AI. These principles recognize that all technologies can have unintended consequences on users, bystanders and society, and that it is the responsibility of the companies and developers creating those technologies to identify and mitigate those risks.
Responsible innovation principles are overarching and international and apply to any technology that exists today and will evolve in the future. This could be the basis for technology regulation. Still, companies, regardless of regulation, should understand that innovating responsibly instills trust in users, which will translate to mainstream adoption.
Truth in Technology Act
The Securities Act of 1933, also known as the “truth in securities” law, was created to protect investors from fraud and misrepresentation and restore public confidence in the stock market as a response to the stock market crash of 1929.
At the core of the act lie honesty and transparency, the essential ingredients to instill public trust in the stock market, or in anything for that matter.
This act has withstood the test of time — an “evergreen” law. Securities trading and the financial industry have become more digital and more technological, but the core principles of this act still apply and will continue to.
Based on the principles of responsible innovation, we could design a “Truth in Technology Act,” which would instill public trust in technology, internationally, now and in the future. Fundamentally, we seek these products and services to be safe, secure, ethical, privacy-preserving, accurate, easy to understand, auditable, transparent and accountable. These values are international across regions, industries and technologies, and since technology knows no boundaries, neither should regulations.
Innovation may create value, but it may also extract or destroy it. Regulation helps limit the latter two types of innovation, while well-designed regulation may enable the first kind to survive and flourish. A global collaboration may find ways to incentivize innovation that creates value for the good of the global economy and society.
It might be time for a Truth in Technology Act — an international, comprehensive, evergreen regulation for the good of the citizens of the world.
Opinion by: Merav Ozair, PhD.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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