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“It’s one minute to midnight and we need to act now,” the UK’s Prime Minister Boris Johnson will declare on Monday as he seeks to stir world leaders into dramatic action at urgent UN climate talks.

At the COP26 opening ceremony, the prime minister will say humanity has “long since run down the clock on climate change”, warning that if we don’t get serious today, “it will be too late for our children to do so tomorrow”.

Mr Johnson will call for action from the audience of more than 120 world leaders on “coal, cars, cash and trees” – his signature shorthand for four priority areas for COP26. They roughly translate to phasing out coal, accelerating the transition to electric vehicles and ending deforestation, as well as stumping up climate finance to help developing nations on the frontline of the climate crisis.

The prime minister will use his speech in Glasgow to announce a further £1bn of UK aid for climate finance over a five years, bringing the total to a “world-leading” £12.6bn by 2025 – subject to the economy growing as forecast.

Environmentalists welcomed the new funding for climate finance, a longstanding thorny issue in negotiations, but said the figure was overshadowed by earlier UK cuts to foreign aid.

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Tom Burke, chairman and co-founder of think tank E3G, said: “this looks much more like managing today’s headlines than managing the climate crisis.”

Richard Black, senior associate at ECIU, said the proviso on economic growth may “strike the poorest countries on Earth as deeply ironic” given they need climate finance precisely because their own economies are suffering from climate change impacts driven by emissions from developed countries.

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If COP26 fails ‘then the whole thing fails’

He also said that France, Germany and Japan are already providing greater sums than the UK, “and this relatively small increase won’t change that”.

Last week a report revealed that developed countries would not mobilise the $100bn goal for public and private finance until 2023.

World leaders will also today hear from Prince Charles, who will call for a “war-like footing” to tackle the climate crisis, and Sir David Attenborough, who has described these talks as the last chance to prevent “runaway” global warming.

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Leaders will then throughout Monday and Tuesday deliver statements on their own climate action. These announcements will provide the fuel to see through the rest of the talks over the next two weeks, as negotiators and ministers seek side deals on things like phasing out coal or financing adaptation, which means helping poor countries with the infrastructure to cope with the impacts of global heating.

It is expected that we will hear statements from US President Joe Biden, Charles Michel, president of the European Council, Ursula von der Leyen, president of the European Commission, Indonesian President Joko Widodo, French President Emmanuel Macron and Turkey’s President Recep Tayyip Erdoğan, among many others.

Momentum going into the talks was modestly boosted by the G20 meeting over the weekend, where 20 major economies agreed to end international coal finance this year, following similar commitments by G7, South Korea, Japan, China, and OECD.

There was also a new stronger consensus about the need to limit warming to 1.5C rather than a previous upper limit of 2C.

Science has recently become even clearer that we will still experience extreme weather and human suffering even at 1.5C and that we should therefore keep warming as low as possible and under the lower limit. The world is currently on track for 2.2-2.7C of warming.

However the G20 was less clear on how they would phase out fossil fuel subsidies and domestic coal use, or how they would mobilise climate finance.

Alex Scott, E3G’s climate diplomacy lead, called the agreement on 1.5C “significant”, saying it gives a “clear sense of direction” for COP26. But she said they hardly made it “crystal clear” how these promises would be put into practice, making it difficult for COP negotiators come up with the answers.

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What will be discussed at COP26?

For full coverage of COP26 watch Climate Live on Sky channel 525.

Follow live coverage on web and app with our dedicated live blog.

Get all the latest stories, special reports and in depth analysis at skynews.com/cop26

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Most RWAs remain isolated and underutilized instead of composable, DeFi-ready building blocks. It’s time to change that.

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Collapsed crypto firm Ziglu faces $2.7M deficit amid special administration

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Heidi Alexander says ‘fairness’ will be government’s ‘guiding principle’ when it comes to taxes at next budget

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Heidi Alexander says 'fairness' will be government's 'guiding principle' when it comes to taxes at next budget

Another hint that tax rises are coming in this autumn’s budget has been given by a senior minister.

Speaking to Sunday Morning with Trevor Phillips, Transport Secretary Heidi Alexander was asked if Sir Keir Starmer and the rest of the cabinet had discussed hiking taxes in the wake of the government’s failed welfare reforms, which were shot down by their own MPs.

Trevor Phillips asked specifically if tax rises were discussed among the cabinet last week – including on an away day on Friday.

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Tax increases were not discussed “directly”, Ms Alexander said, but ministers were “cognisant” of the challenges facing them.

Asked what this means, Ms Alexander added: “I think your viewers would be surprised if we didn’t recognise that at the budget, the chancellor will need to look at the OBR forecast that is given to her and will make decisions in line with the fiscal rules that she has set out.

“We made a commitment in our manifesto not to be putting up taxes on people on modest incomes, working people. We have stuck to that.”

Ms Alexander said she wouldn’t comment directly on taxes and the budget at this point, adding: “So, the chancellor will set her budget. I’m not going to sit in a TV studio today and speculate on what the contents of that budget might be.

“When it comes to taxation, fairness is going to be our guiding principle.”

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Afterwards, shadow home secretary Chris Philp told Phillips: “That sounds to me like a barely disguised reference to tax rises coming in the autumn.”

He then went on to repeat the Conservative attack lines that Labour are “crashing the economy”.

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Chris Philp also criticsed the government’s migration deal with France

Mr Philp then attacked the prime minister as “weak” for being unable to get his welfare reforms through the Commons.

Discussions about potential tax rises have come to the fore after the government had to gut its welfare reforms.

Sir Keir had wanted to change Personal Independence Payments (PIP), but a large Labour rebellion forced him to axe the changes.

With the savings from these proposed changes – around £5bn – already worked into the government’s sums, they will now need to find the money somewhere else.

The general belief is that this will take the form of tax rises, rather than spending cuts, with more money needed for military spending commitments, as well as other areas of priority for the government, such as the NHS.

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