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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.

“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.”

COP26 president Alok Sharma says 'if we do not take this chance to keep 1.5 degrees alive, it will slip from our grasp'.
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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.

In the last month, wildfires have ravaged through southern Europe – forcing thousands from their homes across Greece, Turkey and Italy – and other countries on the continent, notably Germany and Belgium, have experienced devastating flooding.

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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Residents flee Greek island engulfed in flames

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House swept along river in Germany floods

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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Floodwater surges through Chinese subway

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Wildfire leaves US town burned to ashes

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.

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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.”

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Gensler separates Bitcoin from pack, calls most crypto ‘highly speculative’

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Gensler separates Bitcoin from pack, calls most crypto ‘highly speculative’

Former US Securities and Exchange Commission Chair Gary Gensler renewed his warning to investors about the risks of cryptocurrencies, calling most of the market “highly speculative” in a new Bloomberg interview on Tuesday.

He carved out Bitcoin (BTC) as comparatively closer to a commodity while stressing that most tokens don’t offer “a dividend” or “usual returns.”

Gensler framed the current market backdrop as a reckoning consistent with warnings he made while in office that the global public’s fascination with cryptocurrencies doesn’t equate to fundamentals.

“All the thousands of other tokens, not the stablecoins that are backed by US dollars, but all the thousands of other tokens, you have to ask yourself, what are the fundamentals? What’s underlying it… The investing public just needs to be aware of those risks,” he said.

Gensler’s record and industry backlash

Gensler led the SEC from April 17, 2021, to Jan. 20, 2025, overseeing an aggressive enforcement agenda that included lawsuits against major crypto intermediaries and the view that many tokens are unregistered securities.

Related: House Republicans to probe Gary Gensler’s deleted texts

The industry winced at high‑profile actions against exchanges and staking programs, as well as the posture that most token issuers fell afoul of registration rules.

Gary Gensler labels crypto as “highly speculative.” Source: Bloomberg

Under Gensler’s tenure, Coinbase was sued by the SEC for operating as an unregistered exchange, broker and clearing agency, and for offering an unregistered staking-as-a-service program. Kraken was also forced to shut its US staking program and pay a $30 million penalty.

The politicization of crypto

Pushed on the politicization of crypto, including references to the Trump family’s crypto involvement by the Bloomberg interviewer, the former chair rejected the framing.

“No, I don’t think so,” he said, arguing it’s more about capital markets fairness and “commonsense rules of the road,” than a “Democrat versus Republican thing.”

He added: “When you buy and sell a stock or a bond, you want to get various information,” and “the same treatment as the big investors.” That’s the fairness underpinning US capital markets.

Related: Coinbase files FOIA to see how much the SEC’s ‘war on crypto’ cost

ETFs and the drift to centralization

On ETFs, Gensler said finance “ever since antiquity… goes toward centralization,” so it’s unsurprising that an ecosystem born decentralized has become “more integrated and more centralized.”

He noted that investors can already express themselves in gold and silver through exchange‑traded funds, and that during his tenure, the first US Bitcoin futures ETFs were approved, tying parts of crypto’s plumbing more closely to traditional markets.

Gensler’s latest comments draw a familiar line: Bitcoin sits in a different bucket, while most other tokens remain, in his view, speculative and light on fundamentals.

Even out of office, his framing will echo through courts, compliance desks and allocation committees weighing BTC’s status against persistent regulatory caution of altcoins.

Magazine: Solana vs Ethereum ETFs, Facebook’s influence on Bitwise — Hunter Horsley