World leaders call for concrete actions to tackle challenges of climate change
November 2, 2021, 8:18 am

World leaders call for concrete actions to tackle challenges of climate change

Climate change-Flooding/Pixabay

The Xinhua reported, world leaders on Monday called for concrete actions to tackle the challenges of climate change at the 26th United Nations Conference of Parties on Climate Change (COP26).

UN Secretary-General Antonio Guterres said in his speech at the World Leaders Summit at COP26: "This COP must be a moment of solidarity. The 100 billion U.S. dollars a year climate finance commitment in support of developing countries must become a 100 billion dollars climate finance reality."

He said: "This is critical to restoring trust and credibility."

In 2009, developed countries, who built their wealth by burning fossil fuels and have contributed most to the climate crisis, pledged 100 billion dollars a year to help lower-income nations by 2020. However, they still have not made good on the pledge. Recent reports indicate that this goal could slip to 2023.

Guterres added that beyond the 100 billion dollars, developing countries need "far greater resources" to fight COVID-19, build resilience and pursue sustainable development.

Chinese President Xi Jinping said in a written statement: "Visions will come true only when we act on them."

Xi said: Parties need to honor their commitments, set realistic targets and visions, and do their best according to national conditions to deliver their climate action measures.

British Prime Minister Boris Johnson, whose country hosts the two-week climate gathering, said, "while COP26 will not be the end of climate change, it can and it must mark the beginning of the end."

Admitting that developed nations' support for developing countries is "still falling short," U.S. President Joe Biden said, "there's no more time to hang back or sit on the fence or argue amongst ourselves."

He said: "This is the challenge of our collective lifetimes; the existential threat to human existence as we know it. And every day we delay, the cost of inaction increases.

Seychellois President Wavel Ramkalawan said he is "scared" of the impact climate change will have on his country as "the beautiful archipelago of 115 islands may be reduced to less than 50 islands as the coral islands disappear."

COP26, delayed by a year due to the COVID-19 pandemic, kicked off on Sunday in Glasgow, Scotland. It is the first conference after the five-year review cycle under the Paris Agreement inked in 2015.

Source: xinhua

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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.