UNDP aims to triple its plastic waste management to 100 cities in India by 2024
December 3, 2021, 6:34 am

UNDP aims to triple its plastic waste management to 100 cities in India by 2024

Plastic waste/Pixabay

The Today Online reported according to Reuters, a UNDP executive said that the United Nations Development Programme aims to almost triple its plastic waste management to 100 cities in India by 2024 to combat the damaging effects of plastic pollution.

Across India's many towns and cities, which are often ranked among the world's most polluted, the absence of an organized management of plastic waste leads to widespread littering and pollution.

The UNDP programme, which began in 2018, has so far collected 83,000 metric tonne of plastic waste. India generates about 3.4 million tonnes of plastic waste annually, according to official estimates.

Plastic bottle-Plastic waste/Pixabay

Nadia Rasheed, Deputy Resident Representative, UNDP India, said in an interview at the Reuters Next conference broadcast on Friday: "In India although about 60% of plastic is recycled, we are still seeing the damage that plastic pollution is causing."

The UNDP is working with federal think tank, NITI Aayog and have jointly developed a 'handbook' model for local municipalities as well as the private sector.

"In a country like India with nearly fifth of the world's population, a key challenge is how do we make these models scalable," Rasheed said in an interview recorded on Nov. 22.

The government needs stricter enforcement on controls around dumping of plastic waste and has a "long way to go" to raise awareness among households, Rasheed said, addding there was a need for investment into research for alternatives.

The programme suffered a setback after the COVID-19 pandemic led to widespread increase in waste, including medical plastic waste, and hit livelihoods of collectors, who often work in hazardous conditions.

Rasheed said: "There was a real need to expand waste collection efforts and that was coming at the same time as lot of (COVID-19 related) restrictions were disrupting the normal waste collection."

Read more: Germany imposes stricter rules for unvaccinated amid 4th wave of COVID

Plastic pollution is set to triple by 2040, the UN Environment Programme (UNEP) has predicted, adding 23-37 million metric tons of waste into the world's oceans each year.

India, also the world's third-biggest emitter of greenhouse gases after China and the United States, has set 2070 as a target to reach net-zero carbon emissions, much later than those set by others and twenty years after the U.N.'s global recommendation.

Source: todayonline

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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.