Current Affairs - International

The Philippines has been chosen to host the "Loss and Damage" fund board, a key initiative designed to aid countries affected by climate change. This decision is significant as the World Bank will temporarily oversee the fund for the next four years. Despite some concerns regarding the influence of funding countries, particularly the U.S., this move highlights the Philippines' critical role in global climate change mitigation efforts. The fund's administration will be conducted under the overarching guidance of the UNFCCC, headquartered in Bonn, Germany since 1996.

The World Bank's Board of Executive Directors approved $1.5 billion in financing on June 28 to help India accelerate the development of low-carbon energy. This funding aims to promote green hydrogen, scale up renewable energy, and stimulate finance for low-carbon investments. This operation is part of a series to support reforms and initiatives to reduce carbon emissions and boost renewable energy integration in India, including incentives for battery energy storage and amendments to the Indian Electricity Grid Code.

India has approved the signing of the High Seas Biodiversity Agreement, which aims to promote the sustainable use and protection of marine biological diversity in areas beyond national jurisdiction, commonly referred to as the 'High Seas'. Led by the Ministry of Earth Sciences, India's decision underscores its commitment to international efforts under the UN Convention on the Law of the Sea (UNCLOS) to safeguard marine biodiversity and ensure responsible ocean governance.

Finland's parliament recently approved a law allowing border guards to block asylum seekers crossing from Russia. This legislative move, supported by 167 out of 200 parliament votes, is aimed at enhancing national security and addressing concerns over potential migrations influenced by geopolitical factors involving Russia. Finland, with its capital in Helsinki, recognizes Finnish and Swedish as its official languages, and this law reflects its response to regional security challenges.

The 132nd session of the International Maritime Organization (IMO) Council was held in London from July 8 to July 12, 2024. India, represented by Shri T.K. Ramachandran, Secretary of the Ministry of Ports, Shipping and Waterways, took a prominent role in this session. The Indian delegation emphasized seafarer welfare, and maritime security, and proposed the SACE-SMarT, highlighting India's substantial interest and active involvement in shaping global maritime policies.