Climate change: Home secretary Suella Braverman on net zero pledges: ‘We’re not going to save the planet by bankrupting Britons’

Published

2 years ago

September 20, 2023

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The home secretary has said that “we’re not going to save the planet by bankrupting the British people” in response to reports the government is looking at watering down some of its key green pledges

Among the changes being considering are the pushing back of a ban on the sales of new vehicles with internal combustion engines (ICE) from 2030 to 2035 – and a weakening of plans to phase out gas boilers by 2035.

Suella Braverman told Sky News that, while the government remains committed to the goal of achieving net zero greenhouse gas emissions by 2050, “we need to put economic growth first”.

Politics latest: Tory row as Sunak set to delay net zero policies

“We need to put household costs and budgets first. We need to put the cost of living first,” she added.

“And we’re only going to achieve that net zero target whereby people and the British people can go about their daily lives using their cars, using the facilities that are available.”

The chair of Ford UK says a delay to the 2030 deadline for selling ICE vehicles would undermine the “ambition, commitment and consistency” they need from the UK government.

The 2030 ban on ICE vehicles is considered a key plank of the government’s goal of achieving net zero because experts say it will encourage people to switch to zero-emission electric vehicles sooner.

Climate scientists say that urgent cuts are needed to the world’s greenhouse gas emissions if we are to stop temperatures rising to a potentially catastrophic extent.

Prime Minister Rishi Sunak is set to lay out further details of his plans in a speech in the coming days. The reported change in stance has led at least one Tory MP to “seriously” consider putting in a letter of no confidence in Mr Sunak’s leadership.

In a statement, Mr Sunak said: “No leak will stop me beginning the process of telling the country how and why we need to change.

“As a first step, I’ll be giving a speech this week to set out an important long-term decision we need to make so our country becomes the place I know we all want it to be for our children.”

Conservative MPs are particularly angry at the potential delay to the ending of the sale of internal combustion engines to 2035.

One branded the move “anti-business” given how much has been invested into electric vehicles (EV) and the associated infrastructure.

Could watering down net zero pledges trigger Tory civil war?

Mhari Aurora

Politics and business correspondent

@MhariAurora

An unusual late-night statement from the prime minister triggered by leaks to the media regarding the government’s plans to water down its net zero pledges: Rishi Sunak is continuing to draw the battlelines for the next general election.

Green policy is a contentious topic for both main parties – Keir Starmer, like Sunak, has been heavily criticised for abandoning his green pledges.

But as politicians struggle to balance the cost of going green with boosting the UK’s recovering economy, how much political pain could this really inflict on the prime minister?

Despite a vocal group of critics, behind the scenes many Tory MPs are keen on the climbdown.

One Tory backbencher told Sky News that being “pragmatic and outcome-focused beats virtue signalling every time”.

And Marco Longhi, a Tory MP with a red wall constituency, told me the PM’s decision was extremely welcome.

He said: “While fully behind efforts to deliver a greener planet I am not going to support policies that are only affordable by the richest.”

And at a time when the Conservative party is 19 points behind in the polls – with Labour on 44 points and the Tories lagging on 26 points – Rishi Sunak is keen to make some bold policy decisions in an attempt to close that gap.

However, it remains to be seen whether this is the smartest policy area in which to do that.

According to a YouGov poll from August, 33% of those surveyed said they believe the government should be spending more on the environment and climate change, and 49% believe Sunak’s government isn’t doing enough to reduce carbon emissions.

So, with tentative public support for a green economy, Sunak’s predicted climbdown is an electoral gamble he will be hoping pays off at the ballot box.

They told Sky’s deputy political editor Sam Coates that a push back on the petrol and diesel ban would mean breaking a promise the prime minister made to Conservative MPs privately.

One minister said they would be “staggered” if the ban was delayed, telling Sky News: “Every automotive company is investing in EV, we’ve just given Tata all this money to make batteries, it’s bonkers.”

He was referring to plans by the owner of Jaguar Land Rover to build an electric car battery factory in the UK.

Tory MPs Chris Skidmore, Alok Sharma and Sir Simon Clarke all complained publicly about the potential watering down of the pledges.

Lisa Brankin, the chair of Ford UK, highlighted that her company had invested £430m in UK development and manufacturing facilities, with more cash to come to fit the 2030 timeframe.

Ms Brankin said: “This is the biggest industry transformation in over a century and the UK 2030 target is a vital catalyst to accelerate Ford into a cleaner future.

“Our business needs three things from the UK government: ambition, commitment and consistency. A relaxation of 2030 would undermine all three.

“We need the policy focus trained on bolstering the EV market in the short term and supporting consumers while headwinds are strong: infrastructure remains immature, tariffs loom and cost-of-living is high.”

A spokesperson for Jaguar Land Rover said: “We are committed to and on track to offer pure electric variants across our brands by 2030 and welcome certainty around legislation for the end of sale of petrol and diesel powered cars.

“We are investing £15bn over the next five years to electrify our luxury brands, which is key to JLR reaching net zero carbon emissions across our supply chain, products, and operations by 2039.”

Stellantis, the owner of Vauxhall, Fiat, Alfa Romeo and DS said: “Clarity is required from Governments on important legislation, especially environmental issues that impact society as a whole.”

BMW MINI, which announced plans to construct its electric Mini in Oxford, said it “neither sought or was made any promises” about the timings of an ICE ban when the decision was made.

Asked about the EV industry, Ms Braverman said: “I’m not going to prejudge what the prime minister is going to set out in detail.

“But I would say I do commend him for taking difficult decisions, long-term decisions in the national interest and in the interest of the British people.”

Asked about the concerns raised by her Conservative MPs, Ms Braverman said “everyone should just wait until they hear the detail from the prime minister himself”.

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Darren Jones, Labour’s shadow chief secretary to the Treasury, said we will need to wait for the reaction of the car companies to the anticipated policy change.

He told Sky News that “part of the problem” is Mr Sunak’s “weak leadership”, and the way in which the changes first surfaced through a leak and with a “late night press release from the prime minister’s bunker”.

Politics

South Korea blocks 14 crypto exchanges on Apple Store — Report

Published

3 hours ago

April 15, 2025

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South Korea blocks 14 crypto exchanges on Apple Store — Report

South Korea is expanding a ban on digital asset firms’ applications servicing its citizens. On April 11, the country’s Financial Services Commission (FSC) announced that 14 crypto exchanges were blocked on the Apple store. Among the affected exchanges are KuCoin and MEXC.

The report, which was made public on April 14, says the banned exchanges were allegedly operating as unregistered overseas virtual asset operators. The report also states that the Financial Information Analysis Institution (FIU) will continue to promote the blocking of the apps and internet sites of such operators to prevent money laundering and user damage.

The request to block applications on the Apple Store comes after Google Play blocked access to several unregistered exchanges on March 26. KuCoin and MEXC were also targeted during the blocking of the Google Play apps. The FSC published a list of 22 unregistered platforms operating in the country, with 17 of them already blocked on Google’s marketplace.

According to the FSC report, users will not be able to download the apps on the Apple Store, while existing users will not be able to update the apps. The FSC notes that “unreported business activities are criminal punishment matters” with penalties of up to five years in prison and a fine of up to 50 million won ($35,200).

FIU considers sanctions against unregistered VASPs

On March 21, South Korean publication Hankyung reported that the FIU and the FSC were considering sanctions against crypto exchanges operating in the country without registration with local regulators. The sanctions included blocking access to the companies’ apps.

In South Korea, operators of crypto sales, brokerage, management, and storage must report to the FIU. Failure to comply with registration and reports is subject to penalties and sanctions.

The latest sanctions come as crypto is reaching a “saturation point” in South Korea. As of March 31, crypto exchange users in the country passed 16 million — equivalent to over 30% of the population. Industry officials predict that the number could surpass 20 million by the end of 2025.

Over 20% of South Korean public officials hold cryptocurrencies, with the total amount reaching $9.8 million on March 27. The assets varied and included Bitcoin (BTC), Ether (ETH), XRP (XRP), and Dogecoin (DOGE).

Magazine: Asia Express: Low users, sex predators kill Korean metaverses, 3AC sues Terra

Politics

Spot Solana ETFs to launch in Canada this week

Published

7 hours ago

April 14, 2025

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Spot Solana ETFs to launch in Canada this week

Spot Solana exchange-traded funds (ETFs) are set to launch in Canada on April 16, according to Bloomberg analyst Eric Balchunas.

In an X post on April 14, the analyst shared a private client note from TD Bank, a Canadian financial institution, claiming the Ontario Securities Commission (OSC) greenlighted asset managers Purpose, Evolve, CI and 3iQ to issue ETFs holding Solana (SOL).

The OSC did not immediately respond to Cointelegraph’s request for comment.

Canada does not have a federal securities agency, with its territories and provinces applying their own securities laws. Toronto’s securities exchange is regulated by Ontario’s OSC.

The ETFs are permitted to stake a portion of the SOL holdings for added yield, Balchunas said, adding that the upcoming listings are “our first look at the alt coin race.”

Waiting on US approval

The US Securities and Exchange Commission (SEC) has acknowledged dozens of applications to list ETFs holding alternative cryptocurrencies, or “altcoins,” but so far has only approved funds holding spot Bitcoin (BTC) and Ether (ETH) for trading.

Staking is still off limits for US crypto ETFs. Bloomberg analyst James Seyffart said Ether ETFs could be greenlighted to start staking as soon as May, but the process may take months longer.

However, investors’ demand for altcoin ETFs may be weaker than for funds holding core cryptocurrencies, Katalin Tischhauser, crypto bank Sygnum’s research head, told Cointelegraph in August.

“[T]here is all this frothy excitement in the market about these ETFs coming, and no one can point to where substantial demand is going to come from,” Tischhauser told Cointelegraph.

In March, asset manager Volatility Shares launched the first ETFs to track Solana’s performance using financial derivatives.

Volatility Shares Solana ETF (SOLZ) has seen a lukewarm reception, attracting only around $5 million in net assets as of April 14, according to its website.

“FWIW, the 2 solana ETFs in US (which track futures so not a perfect guinea pig) haven’t done much. Very little in aum. The 2x XRP already has more aum than both the solana ETFs and it came out after,” Balchunas said.

Balchunas added that he “[w]ouldn’t read a ton into it” as a predictor for spot SOL ETFs.

Magazine: Bitcoin eyes $100K by June, Shaq to settle NFT lawsuit, and more: Hodler’s Digest, April 6–12

Politics

Anchorage Digital faces scrutiny from US Homeland Security — Report

Published

7 hours ago

April 14, 2025

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Anchorage Digital faces scrutiny from US Homeland Security — Report

The US Department of Homeland Security’s El Dorado Task Force has reportedly launched an investigation into Anchorage Digital Bank, a Wall Street-backed cryptocurrency firm.

According to an April 14 Barron’s report, members of the task force have contacted former employees of the company over the past weeks to examine its practices and policies. Citing unidentified sources, the report claims the probe looks at potential financial crimes within Anchorage.

The reported Homeland task force probe hints at cross-national financial activities. Established in 1992, the El Dorado Task Force focuses on “transnational money laundering” activities and financial crimes carried out by organizations.

Anchorage is co-founded by Portuguese-American entrepreneur Diogo Mónica and Nathan McCauley, according to its website. Along with its US businesses, Anchorage has operations in Singapore and Portugal. Its investors include Andreessen Horowitz, Goldman Sachs and Visa, among others.

Anchorage Digital is the only federally chartered crypto bank in the United States. It received its national trust bank charter from the Office of the Comptroller of the Currency (OCC) in January 2021.

Despite its advanced regulatory position, Anchorage Digital has faced regulatory challenges in the US. In April 2022, the OCC issued a consent order against the bank for deficiencies in its Bank Secrecy Act and Anti-Money Laundering compliance programs. At the time, the company was ordered to establish a committee to address the alleged issues under the oversight of the OCC.

Cointelegraph reached out to Anchorage for comment but had not received a response at the time of publication.

Anchorage’s crypto footprint

Anchorage was founded in 2017, and since then has been expanding its crypto footprint with services for institutional clients. The company is a custodian of BlackRock’s Bitcoin exchange-traded funds (ETFs) alongside Coinbase and BitGo. BlackRock’s BTC funds have attracted over $35.5 billion in cumulative inflows since its launch in January 2024.

Another of Anchorage’s clients is Cantor Fitzgerald. The company has offered custody and collateral management for Cantor’s Bitcoin holdings since March 2025. Anchorage reported over $50 billion in assets under management in 2024.

Among Anchorage’s custody competitors are players such as Ripple, Kraken, Taurus and Fireblocks, but the storage of digital assets has also attracted traditional financial institutions to the crypto field. HSBC, Citi and BNY Mellon — America’s oldest bank — are also competing to safeguard crypto assets for institutional clients.

According to Fireblocks’ Adam Levine, senior vice president of corporate development, the US market lacks qualified custodians for digital assets. “[…] there are limited options for certain market participants to keep their digital assets in safe keeping via a qualified custodian,” Levine told Cointelegraph in a previous interview.

A 2025 survey by EY reveals that 59% of institutional investors plan to allocate over 5% of their assets under management to cryptocurrencies, indicating a growing demand for institutional-grade custody services.