Be 'muscular' and drive green recovery, Cameron tells Johnson
February 24, 2021, 12:11 pm

Be 'muscular' and drive green recovery, Cameron tells Johnson

Former prime minister David Cameron says green investments will spur economic recovery from Covid-19.

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Boris Johnson must be “muscular” in reshaping the economy to bring about a green recovery from the coronavirus crisis, former prime minister David Cameron has said, calling for an active policy of industrial intervention.

Cameron, who as prime minister from 2010 to 2016 oversaw the UK’s recovery from the 2008 financial crisis, said the lessons from that recession were clear. “My advice would be, from what I learnt, is that as well as the framework , you have to roll up your sleeves and be quite muscular in your interventionism,” he told the Guardian in an interview.

“The government has got a strong framework for green energy policy and in green investment, much of which we put in place, but it needs to combine that with active assistance and helping with key green investments that can make a difference,” he said. “There’s every opportunity for this recovery to be a green recovery.”

Cameron pointed to the example of his government encouraging the German company Siemens to build a wind turbine factory in Hull. “That is a transformational investment, that only happened because we really helped to make it happen. We cleared all the obstacles out of the way, we helped in lots of different ways. And I think there’ll be lots of opportunities like that ,” he said.

Johnson has been seen as an instinctively free-market, anti-interventionist Tory in the past, though his response to the coronavirus crisis has shown a willingness to tear up the rulebook. Cameron said that even Conservative prime ministers could overrule the free market when they wanted to.

“ Conservative is not intervening everywhere all the time but being quite selective. That’s what Margaret Thatcher was with the motor industry, getting Toyota and Nissan and Honda to come to Britain,” he said.

Cameron also wants the government to show leadership on the climate ahead of the UK’s hosting of the Cop26 UN climate summit this November in Glasgow, and as holder of the revolving G7 presidency this year.

The former prime minister has joined Ellen Johnson Sirleaf, former president of Liberia, former Irish president Mary Robinson, and other current and former heads of state, to focus attention on fragile states, and the opportunity to use solar and wind power to bring electric power to the 800 million people who lack it.

The Council on State Fragility, of which Cameron is co-chair, issued a call to action to the G7 on Wednesday, with a report that found 90% of the world’s 800 million people who lack electricity live in fragile states.

Aid donors gave only $460m for fragile states to gain energy access in 2018, which the council said fell well short of the sums needed. Sirleaf warned: “The Covid-19 crisis has derailed decades of progress on extreme poverty and will continue to have devastating indirect effects on fragile states. A global, concerned push to invest in clean energy in fragile countries could transform lives by powering homes, businesses, schools and hospitals, which will be critical for these countries to recover.”

Cameron said solar and wind power were now cheap options to bring power to countries beset by conflict, deepening poverty and instability. “All the stars are in alignment, because distributed green energy systems have become way more cost effective, they’re way more available, and this links in with people’s desire to see action taken to deal with climate change and shortage of electricity in a sustainable way,” he said. “This year with the the G7 and the Cop coming at the same time, it’s a very good moment to try and get it done.”

Cameron said the government’s decision to cut the overseas aid budget, which he set at 0.7% of GDP, to 0.5%, was “a big mistake” ahead of Cop26 and the UK’s G7 presidency. “It’s both a tragedy and a mistake … particularly as Britain is making its way in the post-Brexit world and wants to prove that it is a global power and can still punch above its weight, and has important elements of soft power. Our aid budget was an absolutely key element .”

Cameron refused to criticise the government, as many others have done, for giving the green light to a new coal mine in Cumbria. “I need to look at this more,” he said. “When I was prime minister, we really moved decisively away from coal for power. We still have an iron and steel industry that imports coking coal.”

He added: “I try to limit my criticism of the government to one at any one time. And what’s happened over DFID , and aid is the thing I have called the government out on. On climate change and the targets they’ve set, I think they are still pursuing a very much world-leading strategy, which is what I put in place, and they’ve added to it with more aggressive targets, and I think that’s all to the good.”

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.