UK PM Rishi Sunak criticized over plans to skip COP27
October 28, 2022, 3:15 pm

UK PM Rishi Sunak criticized over plans to skip COP27

UK Prime Minister Rishi Sunak. Photo. Official Twitter account

New UK Prime Minister Rishi Sunak faced condemnation after his spokesman announced Thursday (Oct 27) he will not attend next month’s COP27 UN climate summit in Egypt due to “pressing domestic commitments.”

Britain hosted the last such summit, COP26, when it stressed the importance of global leaders convening to discuss climate change amid growing criticism of their failure to meet vital carbon reduction targets.

Sunak’s decision came on the same day the United Nations warned that countries’ climate pledges leave the world on track to heat by a potentially calamitous 2.6 degrees Celsius (36.7 degrees Fahrenheit) this century.

It also follows his moves to stop allowing the government’s COP26 minister Alok Sharma and climate minister Graham Stuart attending cabinet, as they had done under his predecessors.

Sunak was only installed Tuesday as the UK’s third leader in two months.

He replaced predecessor Liz Truss after she was ousted just seven weeks into her tenure over a disastrous tax-slashing mini-budget unveiled last month that sparked economic turmoil.

Egypt launches bike sharing project ahead of hosting COP27 - Photo. Pixabay

Truss had been set to attend the UN climate conference in Egypt’s Sharm El-Sheikh, British media said.

“The prime minister is not expected to attend COP27 and this is due to other pressing domestic commitments including preparations for the Autumn Budget,” his spokesman told reporters, referring to a November 17 announcement of the government’s revised fiscal plans.

Britain’s new premier Sunak to skip COP27 climate summit

Downing Street insisted Sunak was “absolutely committed” to supporting COP27, denying he was downgrading the importance of tackling the climate crisis.

But he faced immediate criticism from opposition politicians and environmental groups.

“This is a massive failure of climate leadership,” said Ed Miliband, the main opposition Labour party’s former leader and now climate change spokesman.

“We were the COP26 hosts and now the UK prime minister isn’t even bothering to turn up.”

UN chief urges all countries headed to COP27 to prioritize climate action

He accused Sunak of failing to understand “that tackling the climate crisis isn’t just about our reputation and standing abroad, but the opportunities for lower bills, jobs, and energy security it can deliver at home.”

Rebecca Newsom, head of politics at Greenpeace UK, compared Sunak’s decision to “a runner failing to turn up with the baton at a crucial stage of the relay.”

"Coming just after the ousting of Alok Sharma from the cabinet, this suggests that the new prime minister neither takes the climate crisis seriously enough, nor recognizes the opportunities for Britain to take a leadership role in helping to solve it.”

Source: alarabiya

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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.