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Major states snub calls for climate action as UN summit wraps up

A handful of major states resisted pressure on Sunday to ramp up efforts to combat global warming as a UN climate summit ground to a close, angering smaller countries and a growing protest movement that is pushing for emergency action.
The COP25 talks in Madrid were viewed as a test of governments’ collective will to heed the advice of science to cut greenhouse gas emissions more rapidly, to prevent rising global temperatures from hitting irreversible tipping points.
But the conference, in its concluding draft, endorsed only a declaration on the “urgent need” to close the gap between existing emissions pledges and the temperature goals of the landmark 2015 Paris climate agreement - an outcome UN Secretary-General Antonio Guterres called disappointing.
Many developing countries and campaigners had wanted to see much more explicit language spelling out the importance of countries submitting bolder pledges on emissions as the Paris process enters a crucial implementation phase next year.
“These talks reflect how disconnected country leaders are from the urgency of the science and the demands of their citizens in the streets,” said Helen Mountford, Vice President for Climate and Economics, at the World Resources Institute think-tank. “They need to wake up in 2020.”
The lack of a strong outcome to reinforce the Paris accord raises the stakes for the next big climate summit, in Glasgow in November next year. As hosts, British Prime Minister Boris Johnson’s government faces the task of persuading countries to submit more ambitious plans to cut carbon emissions.
The Madrid summit had been due to end at the two-week mark on Friday but ran on for two extra days - a long delay even by the standards of often torturous climate summits.
After final decisions were made, Chile’s environment minister Carolina Schmidt - who served as president of the talks - said she was “of mixed emotions”.
The country had earlier triggered outrage after drafting a version of the text that campaigners complained was so weak it betrayed the spirit of the Paris Agreement.
‘A crime against humanity’?
The process set out in the Paris deal hinges on countries ratcheting up emissions cuts next year.
The final draft did acknowledge the “significant gap” between existing pledges and the temperature goals adopted in 2015.
Nevertheless, it was still seen as a weak response to the sense of urgency felt by communities around the world afflicted by floods, droughts, wildfires, and cyclones that scientists say have become more intense as the Earth rapidly warms.
Guterres, who opened the talks on December 2, said he was “disappointed”.
“The international community lost an important opportunity to show increased ambition on mitigation, adaptation, and finance to tackle the climate crisis,” he said in a statement. “We must not give up and I will not give up.”
Delegates drew some consolation from an agreement reached in Brussels last week by the European Union’s 28 member states, bar Poland, to reach net-zero carbon emissions by 2050, under a “Green Deal” to wean the continent off fossil fuels.
“It seems that EU now needs to be the leader and we want to be and we are going to be and that is what we are doing,” said Krista Mikkonen, Finland’s environment minister and the EU’s representative at the talks.
The negotiations became mired in disputes over the rules that should govern international carbon trading, favored by wealthier countries to reduce the cost of cutting emissions. Brazil and Australia were among the main holdouts, delegates said, and the summit deferred big decisions on carbon markets.
“As many others have expressed, we are disappointed that we once again failed to find agreement,” said Felipe De Leon, a climate official speaking on behalf of Costa Rica.
Smaller nations had also hoped to win guarantees of financial aid to cope with climate change. The Pacific island of Tuvalu accused the United States, which began withdrawing from the Paris process last month, of blocking progress.
“There are millions of people all around the world who are already suffering from the impacts of climate change,” Ian Fry, Tuvalu’s representative, told delegates. “Denying this fact could be interpreted by some to be a crime against humanity.”
source: Reuters
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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