financetom
World
financetom
/
World
/
UK PM Rishi Sunak delays petrol, diesel car ban in net zero reset
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
UK PM Rishi Sunak delays petrol, diesel car ban in net zero reset
Sep 20, 2023 10:39 PM

British Prime Minister Rishi Sunak on Wednesday laid out a shift in strategy towards achieving the country’s net zero climate action targets, including a delay of five years in imposing a proposed ban on petrol and diesel cars to 2035.

In a speech at Downing Street, the British Indian leader reiterated that there is no change to the UK’s commitment to reduce carbon emissions to hit its net zero target by 2050 but only a shift towards a more “pragmatic, proportionate and realistic path” to achieving that goal amid a cost-of-living crisis.

Net zero refers to global commitments that harmful greenhouse gas emissions must be balanced by carbon dioxide removals over a specified time period. “This country is proud to be a world leader in reaching net zero by 2050. But we simply won’t achieve it unless we change,” said Sunak.

“We’ll now have a more pragmatic, proportionate, and realistic approach that eases the burdens on families. All while doubling down on the new green industries of the future. In a democracy, that’s the only realistic path to net zero,” he said.

There has been a mixed reaction to his announcements, with environmental groups and even sections of his own Conservative Party questioning the delays. But Sunak stressed the modified approach was necessary to reduce the financial burden on already struggling families.

“There will be resistance — and we will meet it. Because I am determined to change our country and build a better future for our children. Nothing less is acceptable,” added Sunak.

Among the other measures announced include a delay on the ban on installing oil and LPG boilers, and new coal heating, for off-gas-grid homes to 2035, instead of phasing them out from 2026. An exemption to the phase out of fossil fuel boilers, including gas, in 2035, for a switch to low-carbon alternatives and scrapping policies to force landlords to upgrade the energy efficiency of their properties.

The UK's commitment to reach net zero by 2050 was written into law in 2019. Downing Street reiterated the changes unveiled this week will not require the UK to change or abandon its upcoming emissions targets and that it will meet its international agreements, including the promises at the COP climate summits in Paris and Glasgow to limit global warming to 1.5 degrees Celsius.

The British government said the UK’s “over-delivery” on reducing emissions provides space to take this changed approach to reaching net zero. Sunak also confirmed that “worrying proposals” such as seven recycling bins and taxes on meat and flying will never happen on his watch.

“The Prime Minister has made clear that the plans to meet net zero will only succeed if public support is maintained or we risk losing the agenda altogether, unable to meet our goals. The UK will remain the country with the most ambitious, stringent de-carbonisation targets in the world even after these changes are made,” Downing Street claimed.

The Opposition, however, came down heavily against the proposals, with the Labour Party dubbing it an “act of weakness”.

"Delaying the phase out of petrol and diesel cars will add billions in costs to families and damage investor confidence in the UK, as we have seen from the furious business reaction today," said Ed Miliband, Labour’s Shadow Energy Security and Net Zero Secretary.

Lib Dem leader Ed Davey said: "This is a Prime Minister who simply doesn't understand and cannot grasp for Britain the opportunities for jobs and our economy of driving forward with action on clean energy.”

Also Read: Saudi Crown Prince Mohammed bin Salman says deal with Israel is closer every day

First Published:Sept 21, 2023 7:39 AM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
PRECIOUS-Gold falls as markets await clarification on tariffs, inflation data
PRECIOUS-Gold falls as markets await clarification on tariffs, inflation data
Aug 11, 2025
* US CPI due on Tuesday, PPI on Thursday * US gold futures down over 2% after scaling record on Friday * Trump and Putin to meet to discuss Ukraine peace deal (Updates for US morning hours) By Ashitha Shivaprasad Aug 11 (Reuters) - Gold prices fell on Monday as investors awaited White House clarification regarding potential U.S. tariffs on...
European Equities Traded in the US as American Depositary Receipts Begin Week Lower in Monday Trading
European Equities Traded in the US as American Depositary Receipts Begin Week Lower in Monday Trading
Aug 11, 2025
11:11 AM EDT, 08/11/2025 (MT Newswires) -- European equities traded in the US as American depositary receipts kicked off the week slightly lower late Monday morning, declining 0.17% to 1,486.47 on the S&P Europe Select ADR Index. From continental Europe, the gainers were led by internet browser company Opera (OPRA) and medical device maker EDAP (EDAP), which rose 3.1% and...
GLOBAL MARKETS-Stock and bond markets cautious ahead of big week for geopolitics and economic data
GLOBAL MARKETS-Stock and bond markets cautious ahead of big week for geopolitics and economic data
Aug 11, 2025
* US futures slightly higher, world index near record top * Dollar, bonds await US CPI report to refine rate cut chances * Oil steadies ahead of Trump/Putin meeting on Ukraine * Gold down around 1%, traders grapple with tariff uncertainty (Updates prices) By Wayne Cole and Alun John SYDNEY/LONDON, Aug 11 (Reuters) - Stocks marked time on Monday, holding...
Asian Equities Traded in the US as American Depositary Receipts Open Week Higher in Monday Trading
Asian Equities Traded in the US as American Depositary Receipts Open Week Higher in Monday Trading
Aug 11, 2025
10:45 AM EDT, 08/11/2025 (MT Newswires) -- Asian equities traded in the US as American depositary receipts began the week higher Monday morning, rising 0.30% to 2,429.13 on the S&P Asia 50 ADR Index. From North Asia, the gainers were led by automotive marketplace Token Cat ( TC ) and computer hardware maker Canaan (CAN), which rose 5% and 4.8%,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved