UK, US welcome china's promise to end funding for coal projects overseas
September 23, 2021, 8:26 am

UK, US welcome china's promise to end funding for coal projects overseas

pollution-factory

The Channel News Asia reported according to media reports, the United States and Britain on Wednesday (Sep 22) welcomed China's promise to end funding for coal projects overseas, but voiced hope that the world's largest emitter would also do more at home on climate change.

The CNA said, president Xi Jinping told the United Nations General Assembly on Tuesday that China will stop backing coal overseas, all but drying up the world's foreign assistance to the dirty form of energy in developing countries after similar announcements by South Korea and Japan.

It mentioned, British Prime Minister Boris Johnson, seeking to rally international support for strong climate action ahead of UN climate talks in Glasgow in November, voiced hope for a complete global end to coal by 2040.

Johnson told the General Assembly: "I thank President Xi for what he has done to end China's international financing of coal and I hope China will now go further and phase out the domestic use of coal as well."

"Because the experience of the UK shows it can be done."

Despite China's pledge on overseas assistance, it has kept investing in coal at home - an issue raised on a visit earlier this month by US climate envoy John Kerry.

A US official said of Xi's move: "We welcome this announcement but we also recognise that more needs to be done."

"We look forward to hearing more about the additional steps that they can take in this decisive decade to further reduce their national emissions," the official told reporters on customary condition of anonymity.

The official said that further Chinese action would "help put the world more closely on a trajectory that will hold temperatures from rising to well above 1.5 degrees" as appears increasingly likely despite an aspiration set by the 2015 Paris accord.

UN scientists say that warming of 1.5 degrees Celsius above pre-industrial levels is a threshold at which the planet can avoid the worst ravages of climate change including increasingly severe weather, droughts and flooding.

President Joe Biden has put a high priority on the environment after defeating the climate sceptic Donald Trump, and in his own UN speech on Tuesday vowed to double US aid for countries hardest hit by climate change, a key gap ahead of the Glasgow talks.

Source: cna

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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.