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Rich countries must do more to help developing nations cut carbon emissions, Boris Johnson will tell other world leaders at a high-level gathering in New York.

The prime minister will be hosting the meeting on climate change with UN Secretary General Antonio Guterres.

It is understood the PM is likely to focus on coal, cash support, cars and trees, which soak up carbon dioxide.

Mr Johnson is also expected to discuss global warming with President Joe Biden in a meeting at the White House in Washington.

Ahead of the gathering in New York, the PM said richer nations have “reaped the benefits of untrammelled pollution for generations”.

This has often been “at the expense of developing countries”, he added.

“As those countries now try to grow their economies in a clean, green and sustainable way we have a duty to support them in doing so – with our technology, with our expertise and with the money we have promised,” the prime minister said.

More on A New Climate

The UN meeting is seen as a way of galvanising action on climate change ahead of the COP26 summit, being held in the UK in November.

Earlier, however, COP26 President Alok Sharma admitted Chinese president Xi Jinping is yet to commit to attending the gathering in Glasgow, now fewer than 50 days away.

That is despite China being “key” to the talks because it is the “biggest emitter in the world”, Mr Sharma told Sky News.

He wants the Chinese to “come forward and make (COP26) a success together with the rest of the world”.

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How will cabinet reshuffle impact climate goals?

Developed countries agreed to give $100bn (£73bn) a year to developing ones by 2020, to help them cut their emissions, Downing Street said.

But by 2019 the level had reached only $79.6bn (£58bn), more than $20bn short of the target set for the following year.

The UK has asked Germany and Canada to take a lead on developing a “$100bn Delivery Plan”, to be published ahead of COP26.

Downing Street said that at the end of the UN General Assembly this week, the UK will publish the detail of countries’ climate finance commitments to date.

The UK has already committed £11.6bn in international climate finance over the next five years, Number 10 said – twice the previous five-year commitment.

Boris Johnson will say in New York that £550m of that will be allocated to support developing countries in adopting policies and technologies that end the use of coal.

The prime minister will also be meeting Amazon boss Jeff Bezos, to discuss the amount of tax the giant online retailer pays, and the help it might be able to offer on the environment.

Despite Amazon’s UK sales rising by 51% to almost £20bn during coronavirus lockdowns last year, it is estimated to have a tax to turnover ratio of just 0.37%.

Asked if Mr Johnson will bring up tax when he sits down with Mr Bezos, the PM’s official spokesman said: “We will very much be looking to raise that.

“We have been a lead advocate for an international solution to the tax challenges posed by digitalisation of the economy.”

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Senator Tim Scott pushes for December vote on crypto market bill

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Senator Tim Scott pushes for December vote on crypto market bill

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.

Law, Senate, US Government, Bills
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. 

Related: Regulator clarifies US banks can handle gas fees using crypto holdings

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.