UN agency weighs options for plane emissions goal, faces China pushback
October 5, 2019, 10:12 am

UN agency weighs options for plane emissions goal, faces China pushback

A visitor takes a picture of an Airbus A350-1000 as it performs during the 53rd International Paris Air Show at Le Bourget Airport near Paris, France on June 19, 2019. (Reuters)

A UN agency agreed on Friday to prioritize studying options for a long-term goal to reduce aviation emissions aimed at combating climate change, but made no firm commitments and faced pushback from China and India.

The International Civil Aviation Organization (ICAO), which ended its 11-day assembly on Friday, said it would weigh long-term options for reducing emissions from international flights that would be presented at its next assembly in 2022.

Transport and Environment, a non-government organization that bills itself as Europe’s leading clean transport advocacy group, said in a statement that the assembly “failed to take any significant steps to rein in the sector’s emissions.”

But the Air Transport Action Group, which represents airlines and other industry, said it was “encouraged that there was clear support from governments meeting at ICAO to develop a UN-backed goal.”

Montreal-based ICAO, which holds an assembly every three years, had set a major climate initiative at its last full gathering in 2016, and aviation leaders were under pressure to do more after overall carbon emissions hit record highs last year.

This year’s gathering, which began on Sept. 24, took place under the shadow of climate protests led by teenaged Swedish activist Greta Thunberg, who drew hundreds of thousands to the streets in Montreal on Sept 27.

Commercial flying accounts for about 2.5% of global carbon emissions, but its share of emissions is expected to rise as air travel becomes accessible to more travelers.

ICAO’s 193 member countries overwhelmingly backed the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), a medium-term plan to help airlines avoid adding to their net emissions from 2020.

Under CORSIA, which is due take effect in 2021 on a voluntary basis, airlines would purchase carbon credits from designated environmental projects around the world if their emissions exceed agreed targets.

But representatives from China and India, along with Russia, argued that the CORSIA plan and the agency’s separate efforts to come up with a long-term target would create an unfair burden on

emerging and developing countries.

China - once an important early supporter of the 2016 UN plan - joined Russia ahead of the assembly in arguing CORSIA unfairly penalizes developing countries because it raises costs.

Airlines have urged ICAO to commit now to setting longer-term goals to reduce emissions at its 2022 assembly.

Annie Petsonk, international counsel for the Environmental Defense Fund (EDF), said “civil society will be watching to see that all airlines implement CORSIA with integrity.”

The United States supports CORSIA even though U.S President Donald Trump intends to pull the country out of a separate international agreement, the Paris climate protection deal that aims to reduce carbon emissions. Under the terms of the pact, that cannot formally happen before November 4, 2020.

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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.