Current Affairs - International

India has launched the inaugural State Mining Readiness Index (SMRI) as part of the Union Budget 2025–26. Developed by the Ministry of Mines, the SMRI evaluates States on operational efficiency, reform-readiness, and sustainable practices in managing non-coal mineral resources. The index aims to promote transparency, accountability, and healthy competition among States, while encouraging sustainable mining practices aligned with climate and social responsibilities. It also categorises States based on their mineral resource endowment to ensure fair benchmarking. This initiative marks a significant step in modernizing India’s mineral governance.

Australia signed an $8.5 billion critical minerals agreement with the U.S., aimed at reducing reliance on China for key minerals like lithium, nickel, and rare earth elements. The pact includes joint investment in mining and processing infrastructure, market stabilization measures, and reforms to speed up projects. It also features U.S. EXIM Bank support and plans for a gallium refinery in Western Australia. This deal strengthens strategic supply chains, supports defence and technology sectors, and reinforces Indo-Pacific security. It highlights the growing collaboration between the U.S. and Australia to secure critical resources while countering China’s dominance in the market.

The Asian Development Bank (ADB) signed a $3 billion sovereign exposure exchange agreement (EEA) with the World Bank, aimed at enhancing ADB’s capacity to lend to its developing member countries. This is the first such agreement between ADB and the World Bank and the sixth EEA involving ADB since 2020, bringing the total exposure exchanged to $9 billion. These agreements allow multilateral development banks to optimise risk-sharing, expand financial resources, and support economic development projects in member countries, strengthening regional and global development financing frameworks.

The United Nations Environment Programme (UNEP) released the inaugural State of Finance for Forests (SFF) report, providing a comprehensive global overview of forest finance in 2023. The report highlights a significant funding gap, with total forest finance at US$84 billion—well below the US$300 billion needed annually by 2030 and US$498 billion by 2050 to ensure forest conservation and sustainable management. UNEP’s findings underscore the urgent need for increased public and private investment in forests, emphasizing the critical role of financing in protecting biodiversity, mitigating climate change, and supporting sustainable development goals worldwide.

Uruguay has become the first Latin American nation to legalise euthanasia, marking a significant milestone in bioethics and human rights within the region. The legislation permits medically assisted dying for patients suffering from incurable illnesses that cause unbearable pain, following five years of national debate and ethical discussion. This move reflects a growing recognition of patient autonomy and the right to die with dignity, setting a precedent for other countries in the region. Uruguay’s law balances medical, ethical, and legal considerations while advancing humane healthcare practices.