Tories will use Ed Miliband’s ‘vainness’ Net Zero venture money to discourage Putin, says Badenoch | Politics | News | EUROtoday

Kemi Badenoch has launched a fierce assault on Energy Secretary Ed Miliband, vowing to redirect billions from his “vanity Net Zero projects” to a £50billion Sovereign Defence Fund designed to strengthen Britain’s armed forces and deter Russian President Vladimir Putin. Tory chief Ms Badenoch unveiled the plan on Thursday, declaring: “The next Conservative Government will move funding from Ed Miliband’s vanity Net Zero projects and use it to back our military to accelerate their war readiness.”

She continued: “We must ensure our armed forces are equipped and ready to defend our country. Because defence of the realm must be the first priority of any Government. In the face of growing threats, we should be investing more in defence, yet all we see from this Labour Government is heel-dragging and vague promises.”

The fund would repurpose £11 billion from the National Wealth Fund – which is currently largely allocated to clean energy schemes – by rebranding it the National Defence and Resilience Bank. A further £6 billion would shift from R&D budgets, with private investment mobilising the remaining capital to reach the £50 billion total.

Shadow Defence Secretary James Cartlidge said: “When we say we back our armed forces – we mean it. With a value of up to £50billion, our Sovereign Defence Fund will accelerate the UK’s war readiness.

The SDF would deliver the drone revolution our armed forces require; galvanise private finance into Defence at an unprecedented scale; and transform the resilience of our Defence industrial base – removing Chinese dependencies and protecting critical supply chains.

“Ultimately, the SDF would deliver a more lethal UK armed forces, whilst supporting innovation and economic growth – making Britain safer and more prosperous.”

Shadow Chancellor Sir Mel Stride stated: “As threats enhance around the globe, it’s important that we put money into our defence capabilities. Galvanising personal sector funding in our defence sector and new expertise can carry big advantages to our economic system in addition to to our nationwide safety.

“Labour are prioritising net zero projects instead of our national defence.The Conservatives would channel investment into our long-term security and seize the growing export opportunities for UK industries.”

The Tories accused Labour of slow progress on defence amid escalating Russian threats, citing military warnings. Mr Miliband has countered that net zero bolsters energy security against figures like Putin.

In a keynote speech at the Energy UK conference on September 17, 2024, he said: “The worst cost of living crisis in a generation [was] driven by the unprecedented energy shock that followed Putin’s invasion of Ukraine. The lesson… is that we must build a new era of greater energy independence on the foundation of clean energy.”

At the Future of Energy Security summit on April 24, 2025, Mr Miliband added: “In an unstable and unsure world, there may be no nationwide or worldwide safety with out vitality safety. As lengthy as vitality may be weaponised in opposition to us, our international locations and our residents are susceptible.”

In response to criticism over the steel crisis on April 19, 2025, he has also argued: “There can be no national security without energy security, and dependence on fossil fuels has left us at the mercy of global markets we do not control.”

The Government maintains its dedication to elevating defence spending to 2.5% of GDP by 2027, with increased targets forward, whereas advancing web zero.

No instant direct Labour response to the proposal was issued, however the announcement sharpens divisions over balancing the inexperienced transition and navy priorities in a tense geopolitical local weather.