Iran will ratify Paris agreement on climate change if sanctions are lifted
November 11, 2021, 7:22 am

Iran will ratify Paris agreement on climate change if sanctions are lifted

Iran-Silk road/Pixabay

A senior leader has told the BBC, Iran will ratify the landmark Paris agreement on climate change only if sanctions against it are lifted.

Ali Salajegheh said sanctions were impeding Iran in areas like renewable energy.

The BBC said that Iran is the world's eighth largest CO2 emitter, yet is one of the few countries not to ratify the Paris pact.

It mentioned that emissions have soared in recent years as overseas investments in renewable energy have collapsed.

The government has also violently suppressed protests about water shortages.

While the country's president Ebrahim Raisi has chosen not to come to the UN climate change summit in Glasgow, the Iranian team is here to plead for relief from the economic blockade.

Mr Salajegheh said: "Iran has been impacted by climate change like every other place in the world."

"This has reduced our rainfall per annum and also the inflow of water into our rivers has reduced by 40% this has affected our agriculture and affected our industrial and drinking water."

However, Iran has been criticised for damaging its own water supply by drilling over a million wells and building around 700 dams.

On the issue of the Paris climate agreement, Mr Salajegheh said the pact had to be a "two-way street."

He said: "When you have oppressive sanctions in force it does not allow for any kind of imports even medicine which is a human fundamental right."

He told BBC News: "If the sanctions are removed, then we have a commitment towards the international community, it is at that time that they can transfer modern technology and finance to us especially in the area of renewable energy so we can modernise our deteriorating infrastructure."

But can Iran be trusted on climate change?

The country had originally said that even if sanctions weren't removed they promised that CO2 would be reduced.

The reality is somewhat different, carbon pollution has in fact gone up, and the country is rated as "critically insufficient" on climate change by the Climate Action Tracker.

The country hasn't submitted a carbon cutting plan since 2015. Experts say their emissions are likely to increase by 50% by 2030.

Mr Salajegheh. said: "What happened was we said that we would reduce by 12% if sanctions are removed. The sanctions were not removed."

As a country that is massively dependant on oil and gas exports, how will Iran cope in a world that will likely see a shrinking demand for fossil fuels?

Mr Salajegheh said: "Oil and gas will end one day but if we use it in a way that brings the emissions to the minimum then we can use it as well as renewables."

While the rest of the world is engaged in the discussions here on cutting carbon and raising finance for the developing world, there is little room for debates with Iran.

The country's representatives are here to make a point about sanctions.

Right now, they say they can't to join the global fight against climate change. But they want this to change.

The head of their delegation said: "We have come here to say that Iran is a nation engaged with the whole world. We're all part of this global village and can help each other."

"When you have an economic terrorism that has blockaded us, we are now saying remove this and we can engage with the world and then rest assured that we will be here."

Source: BBC

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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.