UK to toughen targets on greenhouse gas emissions for next 15 years
April 20, 2021, 10:04 am

UK to toughen targets on greenhouse gas emissions for next 15 years

Boris Johnson at the launch of Cop26 in 2020. The new target is intended to help spur further action by other governments ahead of Cop26 in November.

Carbon dioxide to be cut by 78% by 2035 compared with 1990 levels, the prime minister is to say later this week

The UK is to toughen its targets on greenhouse gas emissions for the next 15 years, the first major developed economy to do so, the Guardian understands.

Following recommendations of the government’s statutory climate advisors, carbon dioxide is to be cut by 78% by 2035 compared with 1990 levels, the prime minister will say later this week – an increase from the current target of a 68% reduction by 2030.

The move is intended to help spur further action by other governments, ahead of vital UN climate talks, called Cop26, to be hosted by the UK in Glasgow this November.

At Cop26, nations will be asked to set out national plans for carbon curbs over the next 10 years. Known as nationally determined contributions, or NDCs, these plans form the bedrock of the Paris agreement, but current plans from most countries are far too weak to fulfil the aims of the treaty.

Joe Biden is expected to set out the US’s NDC later this week, ahead of a virtual climate summit of 40 world leaders he is hosting. China is also expected to submit an NDC in the coming months, and new NDCs for Japan, South Korea and Canada are believed to be imminent.

The UK already had an NDC, stipulating 68% cuts by 2030, but by setting out a further target for 2035 the prime minister will fulfil the legal obligations set out in the 2008 Climate Change Act. Under the act, governments must set five-year carbon budgets stretching beyond the term of the current parliament.

The UK’s sixth carbon budget will run to 2035 and was presented last December by the Committee on Climate Change, the independent advisory committee set up under the act.

The Department for Business, Energy and Industrial Strategy refused to confirm the plans, which the Guardian was informed of by independent sources. A government spokesperson said: “We will set our ambition for Carbon Budget 6 shortly, taking into account the latest advice from the Climate Change Committee.”

However, Labour accused the government of setting targets without putting in place the policies needed to deliver them. Ed Miliband, shadow business secretary, said: “The character of this government on climate change is now clear: targets without delivery. So while any strengthening of our targets is the right thing to do, the government can’t be trusted to match rhetoric with reality. Ministers have failed to bring forward an ambitious green recovery. We need a government that treats the climate emergency as the emergency it is.”

The government has caused consternation among senior climate experts around the world in recent months, through a series of measures that have appeared at odds with its commitments to tackling the climate crisis. Senior ex-diplomats told the Guardian that the decision to slash overseas aid was causing particular concern among developing countries ahead of the Cop26 summit.

Observers are also concerned at actions including the green light for a new coalmine, now subject to a public inquiry; new licences for oil and gas exploration in the North Sea; the UK’s support for making Australia’s climate sceptic former minister Matthias Cormann head of the OECD; the scrapping of the green homes grant, the government’s only “green recovery” measure; airport expansion; and slashing support for electric vehicles.

Chris Venables, of the Green Alliance thinktank, said: “It’s great news that the government will put the 2035 target into law, and including aviation and shipping is genuine global climate leadership. But it’s increasingly jarring for this long-term ambition not be backed up by action in the here and now. The clock is running down to Cop26 in November, and a detailed and fully funded net zero plan is needed well before then.”

Ed Matthew, campaigns director for the climate change think tank E3G said: “Setting an ambitious emission reduction target would boost the UK’s diplomatic drive to persuade other countries to set out ambitious targets of their own. That is one of the big tests of UK climate diplomacy ahead of the Cop26 climate summit. The UK now has the opportunity to spark a global green industrial revolution but ultimately its credibility will rest on action. It must now put in place the policies and investment needed to achieve the target. That is the mark of true climate leadership.”

source: Fiona Harvey

Levant

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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.