COP26 President says China and India must explain themselves to climate-vulnerable nations
November 15, 2021, 2:45 am

COP26 President says China and India must explain themselves to climate-vulnerable nations

Delhi-Hazy view/Pixabay

The BBC reported that COP26 President Alok Sharma has said as the summit ends, China and India will have to explain themselves to climate-vulnerable nations.

It said that this comes after the two nations pushed for the language on coal to change from "phase out" to "phase down" in the deal agreed in Glasgow.

But Mr Sharma insisted the "historic" deal "keeps 1.5C within reach".

It is the first ever climate deal that plans explicitly to reduce coal - the worst fossil fuel for greenhouse gases.

The summit, which was initially due to end on Friday, had to go into overtime before a deal was agreed late on Saturday - following the late intervention from India to water down the language on coal.

Later on Sunday, Prime Minister Boris Johnson will join Mr Sharma to give a Downing Street news conference on the outcome of the climate summit.

Mr Sharma said the deal struck in the Glasgow climate pact was a "fragile win" and urged China and India to "justify" their actions to nations that are more vulnerable to the effects of global warming.

He told BBC One's Andrew Marr Show: "I am going to be calling on everyone to do more.

"But as I said, in relation to what happened yesterday, China and India will have to explain themselves and what they did to the most climate-vulnerable countries in the world."

Mr Sharma, who had to hold back tears as he closed the summit following the late intervention, added: "I wouldn't describe what we did yesterday as a failure - it is a historic achievement."

One of the main goals set out by COP26 was to ensure we do not go above 1.5C by 2100 - which scientists have said would limit the worst impacts of climate change.

As part of the agreement struck in Glasgow, countries will meet next year to pledge further major carbon cuts with the aim of reaching the 1.5C goal. Current pledges, if fulfilled, will only limit global warming to about 2.4C.

Scientists have warned if global temperatures rise by more than 1.5C the Earth is likely to experience severe effects such as millions more people being exposed to extreme heat. The world is currently 1.2C warmer than it was in the 19th Century.

The final deal agreed on has been met with some criticism.

Ed Miliband, shadow business and energy secretary, told the Sky News' Trevor Phillips programme that "keeping 1.5 degrees alive is frankly in intensive care".

He said the world's task was to halve global emissions by 2030 and said that despite some progress in Glasgow "the world is only probably about 20% or 25% of the way to that goal".

But Mr Miliband commended Mr Sharma on his efforts.

The UN's climate change chief, Patricia Espinosa, described the mention of coal and fossil fuels as a "huge step forward".

But she added that "we need to also balance out the social consequences for so many people around the world, especially in the poor countries".

Lord Deben, the chairman of the Climate Change Committee, told BBC Radio 4's The World This Weekend that the UK should negotiate future trade deals with "some congruence with the world battle on climate change" - pointing to Australia as an example.

"I hope our government will also recognise that you really cannot sign trade deals on the basis that Australia can do nothing to insist on their farmers meeting the challenge of climate change and then export their goods to Britain," he said.

He added that India's push to change the language on coal was a "misuse" of the process.

A report by the Climate Action Tracker group has calculated that at the current rate, the world is heading for 2.4C of warming by 2100.

If no action was taken, scientists believe global warming could exceed 4C in the future. This could lead to devastating heatwaves, droughts, extreme rainfall and floods. As a result, millions of people could lose their homes to rising sea levels.

In addition to this, the change in climate could lead to irreversible damage to our ecosystem - with the mass extinction of animal and plant species.

Source: BBC

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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.