Boris Johnson and António Guterres to address world leaders on climate change
September 20, 2021, 10:21 am

Boris Johnson and António Guterres to address world leaders on climate change

Boris-Antionio

The US News reported according to Reuters that with less than six weeks to go before world leaders convene for a major climate summit in Glasgow, U.N. Secretary-General António Guterres and UK Prime Minister Boris Johnson will hold a roundtable of world leaders on Monday to address major gaps on emissions targets and climate finance.

The closed-door meeting on the sidelines of the annual high-level week of the U.N. General Assembly will include leaders from a few dozen countries representing industrialized nations, emerging economies and vulnerable developing countries, said Selwin Hart, assistant secretary-general and special adviser to Guterres on climate action.

"The alarm bell needs to be rung," he told reporters last week. "Countries are not on target, really, to bridge these gaps in mitigation, finance and adaptation."

The roundtable discussion aims to ensure a successful outcome at the U.N. climate conference being held from Oct. 31 to Nov. 12 in Glasgow, even as recent reports show major economies being far off track on their emission reduction goals and climate finance commitments.

As of Friday, between 35 and 40 countries have said they would participate but Hart declined to name them.

A U.N. analysis of country pledges under the Paris climate agreement released on Friday said that under current national pledges, global emissions would be 16% higher in 2030 than they were in 2010 - far off the 45% reduction by 2030 that scientists say is needed to stave off disastrous climate change.

Another report released on Friday by the Organisation for Economic Co-operation and Development said that rich countries likely missed a goal to contribute $100 last year to helping developing nations deal with climate change after increasing funding by less than 2% in 2019.

The U.N. expects to hear updates from some of the major economies on how they will strengthen their emission reduction targets and clarity around how to hit the $100 billion goal.

Guterres will also press donor countries and multilateral development banks to show progress toward meeting his goal to increase the share of finance dedicated to helping countries adapt to climate change to 50% from the current level of 21%, said Hart.

Hart said that current finance dedicated to adaptation is around $16.7 billion a year, a fraction of the current estimated adaptation costs of around $70 billion a year.

Johnson, host of the COP26, said at a meeting of the major economies on Friday that the world's richest countries "must get serious about filling the $100 billion pot that the developing world needs in order to do its bit."

Guterres told Reuters last week that the upcoming climate summit is at risk of failure.

"I believe that we are at risk of not having a success in COP26," Guterres told Reuters in an interview at U.N. headquarters in New York on Wednesday. "There is still a level of mistrust, between north and south, developed and developing countries, that needs to be overcome."

Source: usnews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.