PM says COP26 is ‘world’s moment of truth’ in fight to tackle climate change
This year’s UN Climate Change Conference in Glasgow is “the world’s moment of truth” in the fight to tackle global warming, Boris Johnson has said on the eve of its opening.
Speaking ahead of the COP26 climate summit which begins on Sunday, the prime minister described the event as a moment for “decisive action” from world leaders.
More than 120 will travel to the SEC in Glasgow for a two-day World Leaders Summit on Monday 1 and Tuesday 2 November, with 25,000 delegates, ministers and business leaders from 196 countries and the EU expected to attend the conference over the two weeks in which it takes place.
Boris Johnson has called on world leaders to work together for the good of the planet at the Glasgow summit
COP26 will be one of the biggest global gatherings the UK has ever hosted, and the government says a first busy day of events on Monday at the World Leaders Summit will set the tone of high ambition for the rest of the conference.
“COP26 will be the world’s moment of truth. The question everyone is asking is whether we seize this moment or let it slip away,” the prime minister said ahead of its opening.
“I hope world leaders will hear them and come to Glasgow ready to answer them with decisive action. Together, we can mark the beginning of the end of climate change – and end the uncertainty once and for all.”
This year’s summit is particularly important as it will be the first time the parties will review the most up-to-date plans for how they will limit global warming to 2C but ideally 1.5C, a goal set under the Paris Agreement at COP21.
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‘Time is not on our side’
The UK government has set aims for the COP26 summit including to urge countries to drive forward net zero commitments ahead of 2050, to reduce emissions rapidly over the next decade through commitments on coal, cars and trees and to provide the finance needed by developing nations to deal with climate change.
On Monday, Mr Johnson is set to deliver a keynote speech at the opening ceremony of the COP26 World Leaders Summit which will take place at around midday.
The theme of the opening ceremony is “Earth to COP” – a message that represents a direct intervention from the planet and its people for leaders to heed its warnings and advance progress to tackle climate change, the UK government said.
Among those attending and addressing world leaders will include Prince Charles and Sir David Attenborough, the COP26 people’s advocate.
UN Secretary General Antonio Guterres, Italian prime minister and co-host of COP26 Mario Draghi, and Barbadian Prime Minister Mia Mottley will also speak during the ceremony.
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‘I hope and pray that COP26 takes action’
On Monday evening, Mr Johnson is due to host a reception to welcome the world leaders in attendance to Glasgow alongside the Duke and Duchess of Cambridge and the Duke and Duchess of Cornwall.
The Queen, who – it was announced last week – will not be attending the climate summit in person, will address the delegates via a pre-recorded video.
Items on the menu will include traditional Scottish canapes, Ridgeview Vintage English Sparkling Wine and COP26 blended whiskey.
Alongside the refreshments, guests will be entertained with music from a string quartet and brass quintet from the Royal Scottish National Orchestra.
Speaking at the G20 summit in Rome on Saturday, the prime minister told Sky News’ Beth Rigby that success in the fight to tackle global warming “is going to very difficult” but “the whole of humanity is in the ring”.
The prime minister said there is “a chance, if everybody puts their minds to it” that an agreement on climate change can be achieved – but stressed that global temperature rises will not be stopped at COP26.
His comments came a day after he told journalists en route to the first of the global gatherings in Rome that “Team World” was “5-1” down at half-time in the battle to save the planet.
COP26 officially opens on Sunday 31 October and concludes on Friday 12 November.
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Millionaire Tory donor Malcolm Offord has defected to Reform UK, saying he would be campaigning “tirelessly” to “remove this rotten SNP government”.
Nigel Farage announced the former Conservative life peer’s defection during a rally in the Scottish town of Falkirk, where regular anti-immigration protests have taken place outside the Cladhan Hotel – which is being used to house asylum seekers.
Mr Farage, Reform UK’s leader, said he was “delighted” to welcome Greenock-born Lord Offord to Reform, describing his defection as “a brave and historic act”.
He added: “He will take Reform UK Scotland to a new level.”
During a speech, Lord Offord, who previously donated nearly £150,000 to the Tories, said he would be quitting the Conservative Party and giving up his place in the House of Lords as he prepares to campaign for a seat in Holyrood in May.
The 61-year-old said he wanted to restore Scotland to a “prosperous, happy, healthy country”.
“Scotland needs Reform and Reform is coming to Scotland,” he told the rally.
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“Today I can announce that I am resigning from the Conservative Party. Today I am joining Reform UK and today I announce my intention to stand for Reform in the Holyrood election in May next year.
“And that means that from today, for the next five months, day and night, I shall be campaigning with all of you tirelessly for two objectives.
“The first objective is to remove this rotten SNP government after 18 years, and the second is to present a positive vision for Scotland inside the UK, to restore Scotland to being a prosperous, proud, healthy and happy country.”
The latest defection comes as Mr Farage finds himself at the centre of allegations of racism dating back to his time in school.
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Claims made against Nigel Farage
Sky News reported on Saturday that a former schoolfriend of Mr Farage claimed he sang antisemitic songs to Jewish schoolmates – and had a “big issue with anyone called Patel”.
Jean-Pierre Lihou, 61, was initially friends with the Reform UK leader when he arrived at Dulwich College in the 1970s, at the time when Mr Farage is accused of saying antisemitic and other racist remarks by more than a dozen pupils.
Mr Farage has said he “never directly racially abused anybody” at Dulwich and said there is a “strong political element” to the allegations coming out 49 years later.
Reform’s deputy leader Richard Tice has called the ex-classmates “liars”.
A Reform UK spokesman accused Sky News of “scraping the barrel” and being “desperate to stop us winning the next election”.
The European Commission’s proposal to expand the powers of the European Securities and Markets Authority (ESMA) is raising concerns about the centralization of the bloc’s licensing regime, despite signaling deeper institutional ambitions for its capital markets structure.
On Thursday, the Commission published a package proposing to “direct supervisory competences” for key pieces of market infrastructure, including crypto-asset service providers (CASPs), trading venues and central counterparties to ESMA, Cointelegraph reported.
Concerningly, the ESMA’s jurisdiction would extend to both the supervision and licensing of all European crypto and financial technology (fintech) firms, potentially leading to slower licensing regimes and hindering startup development, according to Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho.
“I am even more concerned that the proposal makes ESMA responsible for both the authorisation and the supervision of CASPs, not only the supervision,” she told Cointelegraph.
The proposal still requires approval from the European Parliament and the Council, which are currently under negotiation.
If adopted, ESMA’s role in overseeing EU capital markets would more closely resemble the centralized framework of the US Securities and Exchange Commission, a concept first proposed by European Central Bank (ECB) President Christine Lagarde in 2023.
Related: Bank of America backs 1%–4% crypto allocation, opens door to Bitcoin ETFs
EU plan to centralize licensing under ESMA creates crypto and fintech slowdown concerns
The proposal to “centralize” this oversight under a single regulatory body seeks to address the differences in national supervisory practices and uneven licensing regimes, but risks slowing down overall crypto industry development, Elisenda Fabrega, general counsel at Brickken asset tokenization platform, told Cointelegraph.
“Without adequate resources, this mandate may become unmanageable, leading to delays or overly cautious assessments that could disproportionately affect smaller or innovative firms.”
“Ultimately, the effectiveness of this reform will depend less on its legal form and more on its institutional execution,” including ESMA’s operational capacity, independence and cooperation “channels” with member states, she said.
Related: Grayscale Chainlink ETF draws $41M on debut, but not ‘blockbuster’
The broader package aims to boost wealth creation for EU citizens by making the bloc’s capital markets more competitive with those of the US.
The US stock market is worth approximately $62 trillion, or 48% of the global equity market, while the EU stock market’s cumulative value sits around $11 trillion, representing 9% of the global share, according to data from Visual Capitalist.
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