In 2019, the government put the goal of reaching net zero by 2050 into law, but recently the future of the Conservative Party’s green agenda has been the subject of intense debate.
Sparked by its narrow win in the Uxbridge and South Ruislip by-election – a battle fought and won by the Conservatives’ opposition to London’s Ultra Low Emission Zone (ULEZ) scheme – some in the party have been calling for a rethink of their current climate commitments, while others demanded the government stayed on track with its pledges.
Making a surprise speech in Downing Street, he insisted he believed in achieving the net zero goal, but said there needed to be a change in approach or we would “risk losing the consent of the British people” for the policies.
Standing in front of a lectern promising “long-term decisions for a brighter future”, he said families should not face “unacceptable costs” to go green, adding: “No one in Westminster politics has yet had the courage to look people in the eye and explain what’s really involved. That’s wrong, and it changes now.”
So what were the climate pledges from the government? And which ones are now being axed by Mr Sunak?
Reaching net zero by 2050
The overarching promise from the Conservative government was to ensure the UK reduced its greenhouse gas emissions by 100% from 1990 levels by 2050.
The measure was made law by Theresa May in the dying days of her premiership back in 2019 and it was backed by Boris Johnson throughout his time in Number 10.
Advertisement
But when Liz Truss entered Downing Street, she ordered a review into the target – though her stint ended before it came to pass – showing not everyone in the party was on board.
Please use Chrome browser for a more accessible video player
0:37
Johnson criticised those against net zero pledge in 2020
Mr Sunak has insisted he is committed to the pledge – even after the changes he has announced.
But questions have been raised over whether the government is doing enough to even meet the target, with the Climate Change Committee warning progress had been “worryingly slow”, and time is “very short” to correct the path.
Phasing out petrol and diesel cars by 2030
In 2020, then prime minister Mr Johnson made a commitment to ban the sale of new petrol and diesel cars in the UK after 2030 – bringing the target forward by 10 years.
The £12bn plan promised to accelerate the rollout of charge points for electric vehicles, as well as the development and mass production of electric vehicle batteries, in an attempt to lower emissions and clean up the air.
Image: The government pledged to build more charging points and develop batteries
Number 10 was saying as recently as August that Mr Sunak was committed to the 2030 date, though they hinted the ban was to be kept under review to ensure the prime minister’s promise to be “proportionate and pragmatic” with climate policies was kept.
Levelling Up Secretary Michael Gove also doubled down over the summer on keeping to the pledge, saying the target is “immoveable”.
But Business Secretary Kemi Badenoch was understood to be pushing back on one element – fining car manufacturers if they don’t meet the target of making at least 22% of the cars they sell electric by 2024.
Current rules would mean a company would be subject to a £15,000 fine for every vehicle that does not comply.
Now, Mr Sunak has confirmed the deadline will be pushed back by five years to 2035 – despite calls from the industry to keep the measure.
He said by 2030 “the vast majority of cars sold” would be electric, but he said he believed that “at least for now, it should be you the consumer that makes that choice, not government forcing you to do it”.
Energy efficient landlords
Another pledge made by Mr Johnson in 2020 was to ensure all privately rented homes had an energy efficiency rating of C or better – where A is the best and G is the worst – by 2028.
While the plan could be costly for landlords, it would lead to a reduction in bills for many renters and stop leaky homes adding to emissions.
The ambition for all new heating system installations to be low carbon by 2035 – accompanied by a pot of £450m to help with household grants – is being watered down.
The prime minister confirmed there would be a new exemption for around a fifth of homes, so that “households who will most struggle to make the switch to heat pumps or other low-carbon alternatives won’t have to do so”.
However, he said the grant available for boiler upgrades for those who do want to change to a greener alternative would increase from £5,000 to £7,500.
There had been a target in place to ensure all new homes were built with an alternative to a gas boiler – such as a heat pump – after 2025, but Downing Street would not confirm if that target remained in place.
But Mr Sunak did announce that the plan to ban all off-grid oil boilers by 2026 was now being delayed to 2035.
Please use Chrome browser for a more accessible video player
1:10
From May: ‘There’s a lot of myths around heat pumps’
Hydrogen levy
Another move that already appears to have been shelved is the introduction of an annual levy to cover the cost of producing low-carbon hydrogen, instead of using fossil fuels, for energy at home.
The fee – which was expected to cost households around £118 a year – was due to be added to bills in 2025, and would help cut emissions by cleaning up the energy market.
But former energy security secretary Grant Shapps – who was recently appointed defence secretary – made numerous protestations about the cost being borne by people rather than companies, and has pledged numerous times to find another way of funding the change.
What else is being chopped?
A number of policies that hadn’t been announced have been pre-emptively scrapped by Mr Sunak.
He said he would rule out policy ideas requiring people to share cars, eat less meat and dairy, or have seven bins to hit recycling targets.
The prime minister also said he would not put forward any plans to discourage their flying by taxing it further.
“There will be resistance – and we will meet it,” he said.
What about the other parties?
When it comes to Labour, one of Sir Keir Starmer’s missions for government is to “make Britain a green energy super power”.
The party said, if it got into power, it would cut bills and increase energy security by making all electricity zero-carbon by 2030, and carry out upgrades to 19 million homes to make sure they are insulated.
Spreaker
This content is provided by Spreaker, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Spreaker cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Spreaker cookies.
To view this content you can use the button below to allow Spreaker cookies for this session only.
It would also create a new publicly owned company called GB Energy, tasked with championing clean energy, increasing jobs and building better supply chains.
But Labour has backtracked on its £28bn a year investment pledge to accelerate the shift towards net zero, with shadow chancellor Rachel Reeves blaming rising interest rates and the “damage” the Conservatives had done to the economy since the announcement was made.
Please use Chrome browser for a more accessible video player
1:38
January: Energy crisis ’caused by Tory experiment’ – Labour
The Liberal Democrats have a raft of green policy proposals, including upgrading insulation in all existing homes by 2030 and ensuring all new builds are “eco friendly”.
Other measures include investing to get 80% of the UK’s electricity from green energy by 2030, and creating a £20bn Clean Air Fund to create walking and cycling routes to schools, and investment in pollution-free public transport.
The US Nasdaq stock exchange is making SEC approval of its proposal to offer tokenized versions of stocks listed on the exchange a top priority, according to the exchange’s crypto chief.
“We’ll just move as fast as we can,” Nasdaq’s head of digital assets strategy, Matt Savarese, said during an interview with CNBC on Thursday, when asked whether the SEC could approve the proposal this year.
“I think what we have to really evaluate where the public comments come back in and then answer and respond to the SEC questions as they come through,” Savarese said. “We hope to kind of work with them as quickly as possible,” Savarese said.
Savarese says Nasdaq isn’t “upending the system”
The proposal, submitted by Nasdaq on Sept. 8, is requesting to allow investors to buy and sell stock tokens — digital representations of shares in publicly traded companies — on the exchange.
Savarese emphasized that Nasdaq is not trying to overhaul the way stocks are invested in when asked whether he expects other major exchanges to follow suit.
Nasdaq’s head of digital assets, Matt Savarese, spoke to CNBC on Thursday. Source: CNBC
“We’re not looking at upending the system; we want everyone to come along for that ride and bring tokenization more into the mainstream,” he said.
“We want to do it in that responsible investor-led way first, under the SEC rules themselves,” he added.
It was only in October that Robinhood CEO Vlad Tenev said that tokenization will “eventually eat the whole financial system.”
The crypto industry is divided on tokenized equities
Savarese emphasized that Nasdaq is aiming to be an innovator in the ecosystem, noting that the exchange was the first to transition markets from paper-based trading to electronic systems.
Tokenizing stocks has been one of the most significant talking points in the crypto industry this year.
On Sept. 3, Galaxy Digital CEO Mike Novogratz said the company became the first Nasdaq-listed company to tokenize its equity on a major blockchain following its launch on the Solana network.
The conversation around tokenized equities has also drawn skepticism from the crypto industry.
On Oct. 1, Rob Hadick, general partner at crypto venture firm Dragonfly, told Cointelegraph that tokenized equities will be a significant benefit to traditional markets, but may not be a boon to the crypto industry as others have predicted.
Hadick said that if tokenized stocks use layer-2 networks, it creates “leakage” as value and may not flow back to Ethereum or the broader crypto ecosystem as much as hoped.
Hester Peirce, a commissioner of the United States Securities and Exchange Commission (SEC) and head of the SEC’s Crypto Task Force, reaffirmed the right to crypto self-custody and privacy in financial transactions.
“I’m a freedom maximalist,” Peirce told The Rollup podcast on Friday, while saying that self-custody of assets is a fundamental human right. She added:
“Why should I have to be forced to go through someone else to hold my assets? It baffles me that in this country, which is so premised on freedom, that would even be an issue — of course, people can hold their own assets.”
SEC commissioner Hester Peirce discusses the right to self-custody and financial privacy. Source: The Rollup
Peirce added that online financial privacy should be the standard. “It has become the presumption that if you want to keep your transactions private, you’re doing something wrong, but it should be exactly the opposite presumption,” she said.
Many large Bitcoin (BTC) whales and long-term holders are pivoting from self-custody to ETFs to reap the tax benefits and hassle-free management of owning crypto in an investment vehicle.
“We are witnessing the first decline in self-custodied Bitcoin in 15 years,” Dr. Martin Hiesboeck, the head of research at crypto exchange Uphold, said.
Hiesboeck attributed the shift to the SEC approving in-kind creations and redemptions for crypto ETFs in July, which allowed authorized holders to exchange crypto for ETF shares and vice versa without triggering a taxable event, unlike cash-settled ETFs.
“A move away from the self-custody mantra of ‘not your keys, not your coins’ is another nail in the coffin of the original crypto spirit,” Hiesboeck added.
Jeremy Corbyn has declined to say his Your Party co-founder Zarah Sultana is a friend as supporters of the new grouping gather in Liverpool.
Speaking to Sky News on the eve of the conference, Mr Corbyn acknowledged “stresses and strains” in the set-up of the party but said it had become “a lot better in the last few days and weeks and we’re going to get through this weekend”.
The former Labour leader has publicly clashed with Ms Sultana, the MP for Coventry South, over the launch and structure of the new party.
Asked if they were friends, Mr Corbyn said they were “colleagues in parliament, and we obviously communicate and so on”.
The pair appeared at separate events on the eve of the party’s inaugural gathering.
Ms Sultana had previously claimed she was being “sidelined” by a “sexist boys’ club” within the fledgling party.
Mr Corbyn said her comments were an “unfortunate choice of words” but added that he had been more involved in the organisation of the conference than she had.
Image: The co-founders have had a strained relationship since setting up the party. Pic: Your Party
The Islington North MP also said that Your Party was still waiting for Ms Sultana to transfer all of the funds she had raised from supporters.
“Obviously having money up front for a conference is a big help,” he said.
Ms Sultana has insisted she is transferring the donations in stages.
The weekend gathering in Liverpool will see supporters choose between four options for a permanent party name: Your Party, Our Party, Popular Alliance, For the Many.
The preferred choice of Ms Sultana – The Left – did not make the ballot.
Monterosa
This content is provided by Monterosa, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Monterosa cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Monterosa cookies.
To view this content you can use the button below to allow Monterosa cookies for this session only.
Similarly, the Coventry MP had said she favoured a co-leader approach, but members will only be able to pick between single leadership or collective leadership models.
Speaking at her own pre-conference rally, Ms Sultana blamed a “nameless, faceless bureaucrat” for restricting the choices.
The meeting also risked being disrupted by a series of member expulsions. One of those ejected, Lewis Nielsen, accused a “clique” of trying to “take over”.
Your Party sources said expulsions related to members of the Socialist Workers Party and that holding another national party membership was not allowed.
Ms Sultana blamed a “culture of paranoia at the top” and said she believed the same people who had been briefing against her were now also expelling members.
Mr Corbyn will open the conference on Saturday, while the results of the main decision-making votes will be announced on Sunday.