Trump administration notifies UN of planned Paris climate accord exit
November 5, 2019, 11:24 am

Trump administration notifies UN of planned Paris climate accord exit

US Secretary of State Mike Pompeo delivers remarks to the press. (File photo AFP)

The Trump administration has formally notified the United Nations that it will withdraw the United States from the Paris Agreement, the first formal step in a one-year process to exit the global pact to fight climate change, US Secretary of State Mike Pompeo confirmed on Monday.

The United States, the world’s largest historic greenhouse gas emitter, would become the only country outside the accord, a decision President Donald Trump promised to boost US oil, gas and coal industries.

“The US is proud of our record as a world leader in reducing all emissions, fostering resilience, growing our economy, and ensuring energy for our citizens. Ours is a realistic and pragmatic model,” Pompeo said on Twitter.

The State Department letter to United Nations Secretary General Antonio Guterres started the clock on a process that would be completed one day after the 2020 US presidential election, on Nov. 4, 2020.

Environmental groups said they hoped Trump would be defeated in 2020 by a rival who would re-join the agreement with bold new targets.

“The next president will need to rejoin the accord immediately and commit to the rapid, wholesale clean-energy transformation the climate emergency demands,” said Jean Su, energy director with the Center for Biological Diversity.

The Obama administration signed the United States onto the 2015 pact, promising a 26-28% cut in US greenhouse gas emissions by 2030 from 2005 levels.

Trump campaigned on a promise to rescind that pledge, saying it would hurt the US economy while leaving other big polluters like China to increase emissions. But he was bound by UN rules to wait until Nov. 4, 2019 to file exit papers.

“What we won’t do is punish the American people while enriching foreign polluters,” Trump said at a shale gas industry conference in Pennsylvania on Oct. 23.

All the top Democratic presidential hopefuls seeking to unseat Trump in next year’s election have promised to re-engage in the Paris Agreement if they win. But Trump’s withdrawal from Paris could still leave a lasting mark, said Andrew Light, a senior fellow at the World Resources Institute and former adviser to the US climate envoy under President Barack Obama.

“While it serves the political needs of the Trump administration, we will lose a lot of traction with respect to US influence globally,” he said, adding it could take time for the international community “to trust the US as a consistent partner.”

Until its formal exit, the United States will continue to participate in negotiations over the technical aspects of the

agreement, represented by a small team of career State Department officials.

The United States and China, the world’s two largest carbon emitters, have recently been leading negotiations of the Paris “rule book” that outlines transparency and reporting rules for signatories.

source:Reuters

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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.