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.
Politics latest: Minister makes dig at Tory peer’s wealth as she defends PM’s net zero rollback
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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.
Satoshi Nakamoto, the pseudonymous creator of Bitcoin, marks their 50th birthday amid a year of rising institutional and geopolitical adoption of the world’s first cryptocurrency.
The identity of Nakamoto remains one of the biggest mysteries in crypto, with speculation ranging from cryptographers like Adam Back and Nick Szabo to broader theories involving government intelligence agencies.
While Nakamoto’s identity remains anonymous, the Bitcoin (BTC) creator is believed to have turned 50 on April 5 based on details shared in the past.
According to archived data from his P2P Foundation profile, Nakamoto once claimed to be a 37-year-old man living in Japan and listed his birthdate as April 5, 1975.
Source: Web.archive.org
Nakamoto’s anonymity has played a vital role in maintaining the decentralized nature of the Bitcoin network, which has no central authority or leadership.
The Bitcoin wallet associated with Nakamoto, which holds over 1 million BTC, has laid dormant for more than 16 years despite BTC rising from $0 to an all-time high above $109,000 in January.
Satoshi Nakamoto statue in Lugano, Switzerland. Source: Cointelegraph
Nakamoto’s 50th birthday comes nearly a month after US President Donald Trump signed an executive order creating a Strategic Bitcoin Reserve and a Digital Asset Stockpile, marking the first major step toward integrating Bitcoin into the US financial system.
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Nakamoto’s legacy: a “cornerstone of economic sovereignty”
“At 50, Nakamoto’s legacy is no longer just code; it’s a cornerstone of economic sovereignty,” according to Anndy Lian, author and intergovernmental blockchain expert.
“Bitcoin’s reserve status signals trust in its scarcity and resilience,” Lian told Cointelegraph, adding:
“What’s fascinating is the timing. Fifty feels symbolic — half a century of life, mirrored by Bitcoin’s journey from a white paper to a trillion-dollar asset. Nakamoto’s vision of trustless, peer-to-peer money has outgrown its cypherpunk roots, entering the halls of power.”
However, lingering questions about Nakamoto remain unanswered, including whether they still hold the keys to their wallet, which is “a fortune now tied to US policy,” Lian said.
Related: Bitcoin’s next catalyst: End of $36T US debt ceiling suspension
Is Satoshi Nakamoto wealthier than Bill Gates?
In February, Arkham Intelligence published findings that attribute 1.096 million BTC — then valued at more than $108 billion — to Nakamoto. That would place him above Microsoft co-founder Bill Gates on the global wealth rankings, according to data shared by Coinbase director Conor Grogan.
Satoshi’s new addresses. Source: Conor Grogan
If accurate, this would make Nakamoto the world’s 16th richest person.
Despite the growing interest in Nakamoto’s identity and holdings, his early decision to remain anonymous and inactive has helped preserve Bitcoin’s decentralized ethos — a principle that continues to define the cryptocurrency to this day.
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The United States stock market lost more in value over the April 4 trading day than the entire cryptocurrency market is worth, as fears over US President Donald Trump’s tariffs continue to ramp up.
On April 4, the US stock market lost $3.25 trillion — around $570 billion more than the entire crypto market’s $2.68 trillion valuation at the time of publication.
Nasdaq 100 is now “in a bear market”
Among the Magnificent-7 stocks, Tesla (TSLA) led the losses on the day with a 10.42% drop, followed by Nvidia (NVDA) down 7.36% and Apple (AAPL) falling 7.29%, according to TradingView data.
The significant decline across the board signals that the Nasdaq 100 is now “in a bear market” after falling 6% across the trading day, trading resource account The Kobeissi Letter said in an April 4 X post. This is the largest daily decline since March 16, 2020.
“US stocks have now erased a massive -$11 TRILLION since February 19 with recession odds ABOVE 60%,” it added. The Kobessi Letter said Trump’s April 2 tariff announcement was “historic” and if the tariffs continue, a recession will be “impossible to avoid.”
Source: Anthony Scaramucci
On April 2, Trump signed an executive order establishing reciprocal tariffs on trading partners and a 10% baseline tariff on all imports from all countries.
Trump said the reciprocal tariffs will be roughly half the rate US trading partners impose on American goods.
Related: Bitcoin bulls defend $80K support as ‘World War 3 of trade wars’ crushes US stocks
Meanwhile, the crypto industry has pointed out that while the stock market continues to decline, Bitcoin (BTC) remains stronger than most expected.
Crypto trader Plan Markus pointed out in an April 4 X post that while the entire stock market “is tanking,” Bitcoin is holding.
Source: Jeff Dorman
Even some crypto skeptics have pointed out the contrast between Bitcoin’s performance and the US stock market during the recent period of macro uncertainty.
Stock market commentator Dividend Hero told his 203,200 X followers that he has “hated on Bitcoin in the past, but seeing it not tank while the stock market does is very interesting to me.”
Meanwhile, technical trader Urkel said Bitcoin “doesn’t appear to care one bit about tariff wars and markets tanking.” Bitcoin is trading at $83,749 at the time of publication, down 0.16% over the past seven days, according to CoinMarketCap data.
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