UK pledges £290m to help poorer countries cope with climate change
November 8, 2021, 5:52 am

UK pledges £290m to help poorer countries cope with climate change

Bangladesh-The bulk of the money will go to help Asian and Pacific countries vulnerable to climate change like Bangladesh, but it is not known exactly who will benefit/Image Credit: Pixabay

The BBC reported, the UK is pledging £290m to help poorer countries cope with the impact of climate change, as the COP26 climate change summit enters its second week.

It said that government ministers from around the world are in Glasgow for more talks.

They will discuss how to support poorer countries and if reparations for damage from natural disasters should be paid.

Poorer nations have called for $100bn of financial help, arguing they are already suffering and will be worst affected by climate change.

Developing countries have historically contributed a very small proportion of the damaging emissions driving climate change - while currently the wealthiest 1% of the global population account for more than double the combined emissions of the poorest 50%.

The government said, the majority of the money from the UK will go to help Asian and Pacific nations plan and invest in climate action, improve conservation and promote low-carbon development.

The UN summit will continue until Sunday, with much of the focus of the talks over how to limit global warming to the target of 1.5C.\

Monday is the Adaptation, Loss and Damage Day - where negotiators will discuss how best to mitigate the impact of a warming planet, particularly for poorer countries.

Developing countries are asking for $100bn (around £73bn at current exchange rates) annually to help reduce emissions and adapt to climate change and reaching net-zero targets on emissions well before 2050.

A pledge for $100bn from wealthier nations was made as long ago as 2009, but the plans to have it in place by 2020 have not been realised and current targets aim to reach it by 2023 - an offer which has been described as "extremely disappointing".

International trade minister Anne-Marie Trevelyan said the world "must act now" to prevent more people being pushed into poverty by climate change.

"We know that climate impacts disproportionately affect those already most vulnerable," she said. "We are aiming for significant change that will ultimately contribute to sustainable development and a climate resilient future for all, with no one left behind."

But there is also the question of whether rich nations should pay reparations to vulnerable countries for damage already caused by climate change.

Wealthy nations have never acknowledged legal liability for the impact of their emissions - because the bill could run into trillions.

So far, Scotland is the only country promising to donate to a compensation fund for countries whose economies have been damaged by climate change.

Last week, First Minister Nicola Sturgeon pledged £1m to the loss and damage fund - the first donation.

On Sunday, a leading climate expert welcomed the decision as a massive breakthrough.

Saleemul Huq, director of the International Centre for Climate Change and Development in Bangladesh, said Scotland's pledge is the first time any developed nation has tacitly admitted responsibility for contributing to global warming - and he believed it will not be the last.

According to a report from charity Christian Aid, some of the world's poorest countries could suffer an average 64% hit to their economy by the end of the century under current climate policies.

Mohamed Adow, director of Kenyan climate and energy think tank Power Shift Africa, described the "scale of the economic disaster" as "deeply unjust".

He added: "The fact rich countries have consistently blocked efforts to set up a loss and damage fund to deal with this injustice is shameful."

"That attitude needs to change here in Glasgow. Not only because it is needed, but the bill will only get bigger if rich countries continue to ignore the needs of the most vulnerable."

Experts and climate change campaigners have welcomed the commitments, but argued they need to be delivered on.

President of COP26, Alok Sharma, said the pledges made "must be delivered on and accounted for" by all nations.

He said: "Here in Glasgow we have a unique opportunity to reach a historic outcome and I am committed to bringing countries together to forge an agreement that means we see more action this decade, which helps to keep the 1.5C temperature limit within reach."

Other attendees at COP26 on Monday include former US President Barack Obama, who is expected to speak about the progress made in the five years since the Paris Agreement took effect

He is expected to highlight the leadership of young people worldwide in tackling climate change and urge stronger action from governments, the private sector, charities and civil society.

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.