Race to the stars

Quick work trip to Stratford today via North Greenwich. On entering the O2 complex i came across this obelisk which is winning the race to the sky against the poor tree, the surrounding buildings and everything else.

What is the red pole? And why does everything new in London need to be high?

I was going to give up on word for the day but "point" comes to mind looking at this. Again 2 definitions; "what's the point" a phrase I often ask myself! And "the sharp end of an object" I could think of a few uses for that today as well!