Urgent action is needed to address climate change or the world will soon face “catastrophe”, the UK’s COP26 chief has warned.
With just 85 days until the climate conference in Glasgow, minister Alok Sharma told the Observer that failing to act would have “catastrophic” consequences.
“I don’t think there’s any other word for it,” said Mr Sharma, who is president of November’s talks.
“You’re seeing on a daily basis what is happening across the world. Last year was the hottest on record, the last decade the hottest decade on record.”
Mr Sharma’s comments come just days before the Intergovernmental Panel on Climate Change (IPCC), the world’s leading authority on climate science, publishes a report showing how close humanity is to the brink of a potentially irreversible disaster.
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“This is going to be the starkest warning yet that human behaviour is alarmingly accelerating global warming and this is why COP26 has to be the moment we get this right,” he said.
“We can’t afford to wait two years, five years, 10 years – this is the moment.
More on Cop26
“I don’t think we’re out of time but I think we’re getting dangerously close to when we might be out of time.
“We will see [from the IPCC] a very, very clear warning that unless we act now, we will, unfortunately, be out of time.”
Image: The UK’s climate minister Alok Sharma says global leaders must get it right at COP26 in November
The consequences of climate change have been evident in recent months, with extreme weather affecting several countries around the world.
Elsewhere, Greenville, a Gold Rush town in California, was flattened by fires – and 25 people died after unprecedented rainfall caused severe flooding in China.
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Mr Sharma said that climate change is about people’s lives and “comes down to the very real human impact this is having across the world”.
“I’ve visited communities that as a result of climate change have literally had to flee their homes and move because of a combination of drought and flooding,” he said.
Mr Sharma is tasked with persuading countries including China, India, Russia, Australia and Brazil to make concrete commitments and policies to cut emissions, while trying to persuade the UK, European Union and other wealthy nations to meet a pledge of £100bn a year in climate finance for the developing world.
He has been travelling to several countries to hold talks with key stakeholders ahead of COP26 in November.
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But earlier this week he was criticised by green campaigners and the Labour Party, after it emerged that he had travelled to 30 countries this year – including seven on the red list – and did not self-isolate upon his return home because of a ministerial exemption.
Labour MP David Lammy said the reports of Mr Sharma flying tens of thousands of miles during a pandemic are “worrying” and demonstrate that “it is one rule for them, another for us”.
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Labour on Sharma travel: ‘One rule for them’
But Mr Sharma has defended his trips, saying that he was “throwing the kitchen sink” at efforts to reach a deal.
“I have every week a large number of virtual meetings, but I can tell you that having in-person meetings with individual ministers is incredibly vital and actually impactful,” he said.
“It makes a vital difference, to build those personal relationships which are going to be incredibly important as we look to build consensus.”
Analysis by Rob Powell, political correspondent
The stakes will be raised again this week when the IPCC lays out the practical impact climate change will have on the world.
But the political and diplomatic challenge for the UK government will be heightened as well, ahead of a crucial few months for Boris Johnson’s green agenda.
November’s COP26 summit is a key moment for the UK to show it can achieve meaningful international commitments on global warming.
Amid recent rumblings that the Glasgow conference could go off half-cock, Alok Sharma will hope his rabble-rousing warning – combined with a stark UN report due on Monday – will begin to focus minds around the world.
There are also domestic climate battle to be fought though.
September will see the government set out how the UK will lead by example and reach net zero by 2050.
That is already causing some political friction with voices within the Conservative Party worried at how much a shift to a greener way of living will cost the taxpayer.
Mr Sharma also told the newspaper that the UK could carry on fossil fuel projects, after criticism over plans to license new oil and gas fields.
Green campaigners have warned that the UK is losing credibility on a world stage after ministers supported the new Cambo oilfield and other North Sea exploration licences were opened earlier this year.
The decisions were made despite warnings from the International Energy Agency, a global energy watchdog, in May that new fossil fuel exploration must cease this year.
But Mr Sharma said new fossil fuel licenses will have climate checks.
He said: “Future [fossil fuel] licences are going to have to adhere to the fact we have committed to go to net-zero by 2050 in legislation. There will be a climate check on any licences.”
Senate Banking Committee Chair Tim Scott says he’s looking to mark up a crypto market structure bill next month to have it on President Donald Trump’s desk by early next year.
Scott told Fox Business on Tuesday that the committee has been negotiating with Democrats to reach a deal, but accused the party’s senators of stalling.
“Next month, we believe we can mark up in both committees and get this to the floor of the Senate early next year so that President Trump will sign the legislation making America the crypto capital of the world,” Scott said.
Banking Committee Chairman Tim Scott says a vote on the market structure bill could occur in December. Source: YouTube
The House passed the CLARITY Act in July, which outlines the Commodity Futures Trading Commission and the Securities and Exchange Commission’s power to regulate crypto, and the Senate has been working on its own version of the bill.
Republicans on the Senate Banking Committee released a discussion draft on their section of the bill in July and suggested it would marry up with the CLARITY Act, and the Senate Agriculture Committee released its discussion draft on Nov. 10, which left much of the bill up for change.
The Agriculture Committee has jurisdiction over the CFTC, while the Banking Committee oversees the SEC and is leading parts of the bill relating to securities laws.
Bill will create clear rules and unlock crypto: Armstrong
Coinbase CEO Brian Armstrong said in a video posted to X on Tuesday that he was in Washington, DC, “pushing for market structure legislation,” and noted there had been “a lot of progress.”
“Senate banking is also working nights and weekends to get the next iteration of their text out, so we’ve got a good chance, I think, of a markup for this bill in December, hopefully get it to the president’s desk shortly thereafter,” Armstrong said.
“This would be a big milestone to get crypto unlocked with clear rules in the US, which would benefit all companies,” he added.
Where the bill will go from here
The CLARITY Act was one of three major crypto bills the House passed in July after a 10-hour voting session alongside the GENIUS Act, which aims to regulate stablecoins and the Anti-CBDC Surveillance Act, which outlaws central bank digital currencies.
As the Senate is working on its own version, the CLARITY Act will return to the House for final approval if it’s passed by the Senate. It would then be sent to Trump to be signed into law.
Republicans hold the majority in the Senate with 53 seats, compared to the Democrats’ 47 seats, with legislation effectively requiring 60 votes to pass.
The Republic of the Marshall Islands announced that it would allow citizens to access funds through a government-issued digital asset as part of the nation’s Universal Basic Income (UBI) program.
In a Wednesday announcement shared with Cointelegraph, the government of the island nation said it had launched a digital wallet called Lomalo, which will utilize the US dollar-pegged stablecoin USDM1 to enable citizens to access the UBI program. According to the government, the first disbursement of funds will occur in late November, allowing citizens to access them through their wallet, by physical check, or via direct deposit.
“By introducing a secure digital option alongside our traditional methods, we are strengthening our financial systems and ensuring that no community is left behind,” said David Paul, finance minister for the Marshall Islands.
Neighboring Pacific island nations have rolled out similar programs over the years, including Palau’s stablecoin on the XRP Ledger for government employees, and the central bank of the Solomon Islands’ Bokolo Cash for peer-to-peer transactions and retail payments in the nation’s capital, Honiara.
“Citizens will be able to transfer to other registered Lomalo users,” a spokesperson for the Marshall Islands’ finance minister told Cointelegraph. “Right now, only citizens registered for the UBI can set up a wallet.”
Warnings from the IMF on the Marshall Islands utilizing digital assets
The launch of the digital wallet as part of the islands’ UBI program followed warnings from the International Monetary Fund (IMF). In 2023, the group urged the government of the Marshall Islands to reconsider its central bank digital currency program, then known as SOV.
“Progress on rolling back past digital initiatives is welcome,” said the IMF in a Sept. 10 notice. “Current plans to issue a ‘digital sovereign bond’ carry significant risks relative to perceived returns, which cannot be effectively mitigated given lack of pre-requisite capacity. Thus, in the mission’s view, the authorities should not proceed with the global launch as planned.”
The IMF said that the expansion of Decentralized Autonomous Organizations (DAOs), which the Marshall Islands began recognizing as legal entities in 2022, and the launch of the UBI program using the “untested” USDM1 could have “adverse macro-fiscal and financial integrity implications.” The fund urged the government to scale back the UBI program to a “more targeted scheme to those who need it the most.”
Kemi Badenoch has said she does not want to scrap the triple lock “now” but said “lets see mess Labour leaves for us”.
The Tory leader told Sky News that the triple lock was a Conservative idea and that it was right to protect people who had contributed to the welfare system.
The triple lock means the state pension must rise by whichever is highest of either average earnings, inflation or 2.5%.
However, she said she would not say she would “never” reform it or explicitly rule it out for the next parliament.
In April, the government stated that 55% of social security expenditure in 2025-26 would be spent on pensioners.
The Office for Budget Responsibility says the triple lock has pushed up the spending on the state pension by £12bn a year, compared to if it had been uprated in line with average earnings.
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The problem with the triple lock, Ms Badenoch suggested, was low growth – with 0.1% in the UK.
She suggested it was also the reason why Argentinian President Javier Milei – whom she has praised as “fantastic” and “fearless” – could block pensioner entitlement rises is because they are growing at 6%.
“If we were growing a 2% to 3%, you wouldn’t have a problem with pensions,” she explained.
“Argentina is growing at 6%. What we’re seeing right now is growth at 0.1%. Growth is flatlining. We need to start with getting growth.”
But asked whether the Tories would “never” look at reforming the policy, she said: “That moment is not now. And I don’t want people to be confused about what our policy is right now. Our policy is to keep the triple lock. Let us focus on welfare, that is the picture of what we mean by right now.”
Asked how long that would be her position for, Ms Badenoch replied: “Well, let’s see what this budget leaves. Let’s see what mess Reeves leaves for us.”
The triple lock is the cause of much debate, given the economic climate, with Reform UK leader Nigel Farage also saying its future depended on the state of the economy.
Asked by political correspondent Tamara Cohen whether a potential Reform government would keep the triple lock, Mr Farage said the matter was one of “open debate” and that keeping the triple lock would depend “on the state of the economy”.
Pressed on when he would make a decision because pensioners were becoming concerned, he said: “Not now. Nearer the election.”
He added: “Right now they’re getting above inflation increases.
“That doesn’t mean they’re wealthy. The real worry for many pensioners will be even with modest pensions, this budget could drag them all into the tax system. That’ll worry them even more.”