Invest in green jobs in parts of Britain worst hit by pandemic, report urges
May 4, 2021, 10:10 am

Invest in green jobs in parts of Britain worst hit by pandemic, report urges

Tree-planting near Carlisle, Cumbria.

Green Alliance says 16,000 jobs could be created in areas facing most severe employment challenges

Some of the areas of Britain worst hit by the jobs crisis brought on by the pandemic are also those with the highest potential for green job creation, a report says.

About 16,000 new jobs could be created in restoring nature and planting trees in areas where unemployment is set to soar when the government’s furlough schemes end, according to the report from the Green Alliance thinktank. These include urban areas where people have little access to green space, as well as coastal areas and “red wall” areas that were Labour strongholds in the north of England.

Sam Alvis, the head of green renewal at Green Alliance, said the government should invest in nature-based jobs as lockdowns are eased, using money from the £4.8bn fund earmarked for “levelling up”.

Research suggests that for every £1 invested in peatland, local areas receive about £4.60 in economic benefits, while similar investment in woodland areas and salt marshes produces returns of £2.80 and £1.30 respectively.

The future parks accelerator, a project to promote green spaces, has calculated that investing £5.5bn in greening urban areas in the UK would produce £20bn in economic benefits. However, nature restoration is almost entirely missing from the levelling-up fund.

Alvis said: “The opportunity is there for the chancellor of the exchequer to create a legacy of new, high-quality jobs across Britain. Supporting innovation in green jobs will put nature at the heart of the government’s levelling-up agenda and help local communities build back better and greener.”

The report’s authors examined the fifth of parliamentary constituencies in Britain with the most severe employment challenges. They found many in the north of England were close to peatlands that could be restored to carbon sinks, helping the UK to meet its target of net zero greenhouse gas emissions.

The authors also mapped the potential for some widely available “nature-based solutions” to the climate crisis, including tree-planting, restoration of degraded landscapes and the restoration of marine ecosystems, across Britain. Two-thirds of the land most suitable for tree-planting was found to be in constituencies with “worse than average labour market challenges”. The government is falling behind on tree-planting targets.

Darren Moorcroft, the chief executive of the Woodland Trust charity, said: “Increasing native tree cover is a key part of the levelling-up agenda, shaping places people will want to live, visit and invest in. This will help increase employment opportunities as well as leading to happier, healthier communities.”

Many of the coastal constituencies where seagrass could be grown are areas of high job need, with a higher proportion of people on furlough and a lower-than-average increase in employment expected when the pandemic eases. Seagrass is an underwater flowering plant that can act as a carbon sink and nurtures young fish and other vital parts of the marine ecosystem, but which is under threat around the UK coast as 90% of seagrass meadows have been destroyed by overfishing and neglect.

In urban areas, thousands of jobs could be generated by investing in parks and green spaces for health and leisure. A growing body of research suggests that access to green areas has multiple benefits for people’s physical and mental health and wellbeing. Improving such areas in neighbourhoods currently without green space could create 10,800 jobs in areas with the worst post-pandemic jobs prospects, the report says.

Patrick Begg, the director of natural resources at the National Trust, said the pandemic and lockdowns had revealed the benefits of access to green space. “A greener recovery which increases access to nature is within our reach, massive social and environmental benefits as well as economic growth,” he said. “By investing in projects that make a greener recovery a priority, the government could generate green jobs for the communities that need them most.”

The potential jobs identified in the report range from entry-level roles in “shovel-ready” projects to graduate positions, for instance in research and development into nature restoration projects. Entry-level jobs can also help in the development of highly transferable skills such as machine operation, the report says.

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.