Rishi Sunak is set to issue a statement from Downing Street this afternoon setting out his approach to cutting emissions.

Reports suggest the prime minister is poised to announce the watering down of climate change commitments. It comes despite widespread industry backlash and the prospect of a damaging rift in the Tory party.

Mr Sunak held a hastily arranged call with Cabinet ministers on Wednesday morning after speculation about his net-zero plans emerged on Tuesday night. A speech had been due to take place later this week but the leak to the BBC about the plans appears to have persuaded Downing Street to bring the announcement forward.

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Measures being considered include weakening the plan to phase out gas boilers from 2035 and delaying the ban on the sale of new petrol and diesel cars – currently due in 2030 – by five years, the BBC reported. In a statement, Mr Sunak said his plans would not be derailed by a “leak”, claiming politicians “of all stripes have not been honest about costs and trade-offs” associated with net zero.

Home Secretary Suella Braverman, a key figure on the Conservative right, backed the Prime Minister for making “difficult decisions” on net zero and putting “household costs first”. But former prime minister Boris Johnson said “business must have certainty about our Net Zero commitments” and “we cannot afford to falter now or in any way lose our ambition for this country”.

The potential policy also alarmed the car industry, which has invested on the basis of a 2030 shift away from petrol and diesel. Ford UK chairwoman Lisa Brankin said: “Our business needs three things from the UK Government: ambition, commitment and consistency. A relaxation of 2030 would undermine all three.”

The Prime Minister will deliver his speech at 4.30pm and you can follow live updates below.