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

UN Secretary-General Antonio Guterres on Monday (October 3) called on all countries to make climate action the global priority, the Xinhua reported.
The UN chief told journalists at the UN headquarters in New York that all countries, led by the G20, can demonstrate that "climate action truly is the top global priority" as government representatives begin finalizing the agenda for the COP27 (the 27th Conference of the Parties of the United Nations Framework Convention on Climate Change) next month.
COP27 will take place in Sharm al-Sheikh, Egypt, from Nov. 6-18.
Guterres said: "A third of Pakistan flooded. Europe's hottest summer in 500 years. The Philippines hammered. The whole of Cuba in black-out. And here, in the United States, Hurricane Ian has delivered a brutal reminder that no country and no economy is immune from the climate crisis."
He underscored the importance of COP27, while warning that the collective commitments of the G20 leading industrialized nations are coming "far too little, and far too late."

"The actions of the wealthiest developed and emerging economies simply don't add up," he said, pointing out that current pledges and policies are "shutting the door" on limiting global temperature to 2 Celsius degrees, let alone meet the 1.5 Celsius degrees goal.
Guterres warned that "we are in a life-or-death struggle for our own safety today and our survival tomorrow," saying there is no time for pointing fingers or "twiddling thumbs" but instead, "a quantum level compromise between developed and emerging economies" is required.
"The world can't wait," he said. "Emissions are at an all-time high and rising."
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While pursuing their own "drop-in-the-bucket initiatives," international financial institutions must overhaul their business approaches to combat climate change, he said.
Meaningful progress must be made to address loss and damage beyond countries' abilities to adapt as well as financial support for climate action, said the UN chief.
Decisions must be made now on the question of loss and damage as "failure to act" will lead to "more loss of trust and more climate damage," he said, describing it as "a moral imperative that cannot be ignored."
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COP27 is "the number one litmus test" of how seriously governments take the growing climate toll on the most vulnerable countries, according to Guterres.
"This week's pre-COP can determine how this crucial issue will be handled in Sharm al-Sheikh," he said, noting that the world needs clarity from developed countries on the delivery of their 100 billion U.S. dollars pledge to support climate action in developing countries.
Environment ministers from some 50 countries gathered in the Democratic Republic of the Congo on Monday for the pre-COP27 climate talks, with rich countries expected to come under pressure to contribute more to fight global warming.
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Moreover, adaptation and resilience funding must represent half of all climate finance; multilateral development banks "must raise their game;" and emerging economies need support to back renewable energy and build resilience, said the top UN official.
He said that while the Resilience and Sustainability Trust led by the International Monetary Fund is a good start, major multilateral development bank shareholders must be the driving force for transformative change.
The secretary-general said: "On every climate front, the only solution is solidarity and decisive action."
Source: xinhua
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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