Rishi Sunak watering down green pledges not a ‘cynical ploy’ but what is ‘right’, says business secretary
Rishi Sunak’s watering down of climate pledges is not a “cynical ploy” – but is rather the prime minister doing “what is right”, Business Secretary Kemi Badenoch has said.
Last night, Mr Sunak announced a raft of changes to the UK’s climate pledges, including delaying the ban on the sale of new internal combustion engine (ICE) vehicles by five years to 2035.
The prime minister explained that he was making the changes as the previous plans were unaffordable and unachievable.
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However, as Sky science and technology editor Tom Clarke explained, the decision seemed to be more about politics – and the general election expected next year – than the climate.
And Ms Badeonch told Sky News this morning: “This is not some sort of cynical ploy.”
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Net zero change ‘not a cynical ploy’
“This is the right thing to do, and I fully support the prime minister.”
Mr Sunak defended his change of direction this morning, telling the BBC that the UK’s decarbonising ambitions are “more ambitious than pretty much any major economy in the world”.
The move has been welcomed by some Conservative MPs, who, believing it may be popular with voters, have been calling for green policies to be delayed to avoid exacerbating the cost of living crisis.
But it has been opposed by sections of the business community, opposition parties, and campaigners – including Al Gore.
One of the critics of the move was Lord Goldsmith, a Conservative former minister.
Ms Badenoch said: “I know Zac Goldsmith very well. He is a friend… I fundamentally disagree with what he has said.
“We are listening to the concerns people are raising with us. Most people in this country do not have the kind of money that he has.”
Kemi Badenoch at the MINI plant in Oxford last week
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Last week, Ms Badenoch visited the BMW MINI plant in Oxford as the company announced it would build its next generation electric vehicles there, securing government funding in the process.
She was asked if yesterday’s roll-back was known about when she announced the deal.
The business secretary said: “Well, I had been making representations to the prime minister – he had not made his decision known to all of us.
“But these were conversations that we were having, So I’m quite pleased that this has happened.”
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The car industry was one of the most vocal critics of the government’s changes, as many had planned to stop selling ICE vehicles in seven years time.
Ford was the most sceptical, saying that the new path undermined the “ambition, commitment and consistency” needed for the UK.
Ms Badenoch pointed out the US car giant made the statement “without even hearing what the announcement was”, and added that Toyota welcomed the move.
When asked about criticism from the chief executive of EON – who claimed the changes would mean people have to live in draughty homes – Ms Badenoch urged the leader of the energy giant to “actually look at what the prime minister announced”.
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UK’s new net zero plans
Daisy Powell-Chandler, the head of energy and environment at polling company Public First, explained to Sky News how the public tends to hold a dim view of parties that water down green policies.
She said: “The public aren’t very keen on that, including Conservative and Labour swing voters.
“Most people think that the government should be doing more rather than less to reach net zero.
“So about three times more people think the government should be doing more on the environment than think they should be doing less.
“And there’s an extraordinary consensus right across the age range. For example, climate change these days is amongst people’s tier one concerns.
“It’s just below things like the NHS, but it’s still up there in the top five on most trackers.”
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Sarah Jones, Labour’s shadow industry and decarbonisation minister, told Sky News that her party would return the deadline for ICE sales to 2030, but would not unpick other parts of the changes announced yesterday.
She said that on heat pumps, for example, the government “has utterly failed” to get close to the previous target, and that it was more important to focus on insulating homes first.
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.
“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.
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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.
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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.”
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.
The comments came as the Digital Asset Market Structure Clarity Act, a crypto market structure bill that includes provisions for self-custody, anti-money laundering(AML) regulations, and asset taxonomy, is delayed until 2026, according to Senator Tim Scott.
Related: SEC to hold privacy and financial surveillance roundtable in December
Exchange-traded funds (ETFs) challenge Bitcoin’s self-custody ethos
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.
In February, notable Bitcoin analyst and investor PlanB, the developer of the BTC stock-to-flow model, announced that he transferred his Bitcoin to ETFs to alleviate the “hassle” of private key management.
PlanB’s announcement caused an outcry in the Bitcoin community, as many voiced concerns that handing over custody to a third party clashed with Bitcoin’s core values.
Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice
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.
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.
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.
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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.
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