Joe Biden unveils plans to expand offshore wind turbines to US coasts
October 13, 2021, 11:54 pm

Joe Biden unveils plans to expand offshore wind turbines to US coasts

Wind power/Pixabay

The Biden administration has announced plans to expand offshore wind energy in a move that could see turbines built along much of the US coastline.

Interior Secretary Deb Haaland said on Tuesday, seven areas on both coasts and the Gulf of Mexico will be auctioned for wind farms in the next few years.

The BBC reported, this comes as President Joe Biden pushes to reduce US fossil fuel use and expand the green energy economy.

Experts say dramatic action is needed to meet Mr Biden's climate goals.

The BBC said, the wind farms are part of Mr Biden's plan to generate 30 gigawatts (gw) of offshore wind energy - enough to power 10m homes - by 2030.

Ir mentioned, that goal falls short of the 40gw that the UK is planning. China is aiming to achieve around 73gw by the same date.

The White House approved the first commercial wind farm in the US off the coast of Martha's Vineyard in Massachusetts this summer.

Ms Haaland: "The Interior Department is laying out an ambitious road map as we advance the administration's plans to confront climate change, create good-paying jobs, and accelerate the nation's transition to a cleaner energy future."

According to the BBC, the plan is expected to meet a backlash from some coastal and fishing communities - and it needs approval from state, local and environmental groups before any construction begins.

Commercial fishing companies have argued such offshore wind projects would make it difficult to harvest valuable seafood species, like lobsters. Some conservation groups also fear the large turbines will kill thousands of birds and affect marine life.

Potential building sites could be crossed off the list if they are found to have a negative impact on wildlife, tourism, military activities or other commercial services.

The announcement comes ahead of the United Nations Climate Change Conference - Cop26 - which is due to begin in Glasgow on 31 October.

The world has already warmed by about 1.2C since the industrial era began, and temperatures will keep rising unless governments around the world make steep cuts to emissions.

In a related announcement, the Department of Energy said it would increase research into any harmful affects that wind turbines could have on wildlife.

"In order for Americans living in coastal areas to see the benefits of offshore wind, we must ensure that it's done with care for the surrounding ecosystem,″ said Energy Secretary Jennifer Granholm.

Source: BBC

WHO nominates 26 experts to join Sago as last chance to find Covid origins Britain calls for 'intensive talks' with EU on Northern Ireland Protocol

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.