- ISA plans global solar bank to finance $150 billion of power projects
- The International Solar Alliance (ISA) plans to approach multilateral development banks (MDBs) such as Asian Infrastructure Investment Bank (AIIB) to create a special purpose vehicle (SPV) to specifically finance solar projects.
- This SPV aimed at financing $150 billion would become a World Solar Bank.
- ISA has inked joint declarations with the eight multilateral development banks (MDBs) which are-
(a) World Bank
(b) African Development Bank
(c) Asian Development Bank
(e) New Development Bank
(f) European Investment Bank
(g) European Bank for Reconstruction and Development
(h) Green Climate Fund (GCF) for enhancing cooperation in the solar energy area.
- ISA has been working on a $300-billion risk mitigation fund as part of a strategy to create a sustainable financing architecture for solar projects worldwide.
- The fund will be used to insure solar power projects against risks such as default in payment by electricity procurers, foreign exchange fluctuations and regime change.
International Solar Alliance (ISA)
- The ISA is an Indian initiative, jointly launched by the Prime Minister of India, Shri Narendra Modi and the President of France on 30th November 2015 in Paris, on the sidelines of COP-21, the UN Climate Conference.
- The alliance’s primary objective is-
(a) Work for efficient exploitation of solar energy to reduce dependence on fossil fuels.
(b) Mobilise $1 trillion in funds for the future solar generation, storage and technology across the world.
- The ISA, headquartered in India, has its Secretariat located in the Gwalpahari, Gurgaon, Haryana.
- India has offered to meet ISA Secretariat expenses for initial five years.
- ISA is an alliance of more than 121 countries, most of them being sunshine countries, which come either completely or partly between the Tropic of Cancer and the Tropic of Capricorn.
- World’s largest multilateral naval exercise “RIMPAC”
- The world’s largest multilateral naval exercise Rim of the Pacific (RIMPAC) will begin off Hawaii in the Western Pacific Ocean.
- The two-month long biennial exercise is likely to be attended by navies of 26 countries including India.
- Indian Naval Ship Sahyadri reached the Pearl Harbour in Hawaii to participate in the 26th edition of RIMPAC exercise.
- India’s participation in the exercise provides a platform for increased interoperability and development of the common understanding of procedures for maritime security operations.
Source- UNI India
- S Ramesh appointed the chairman of CBIC
Central Board of Indirect taxes and Customs (CBIC)
- In Budget 2018-19 central government announced to rename CBEC (Central Board of Excise and Customs) as CBIC.
- It is the nodal national agency responsible for administering Customs, GST, Central Excise, Service Tax & Narcotics in India.
- The Customs & Central Excise department was established in the year 1855 by the then British Governor General of India.
- Currently, the Customs and Excise department comes under the Department of Revenue, Ministry of Finance.
- The CBIC is headed by a chairman and can have a maximum of six members.
Source- Times of India
- World largest oil Refinery “Ratnagiri Refinery”
- The world largest oil refinery cum petrochemical project is set to come up in Maharashtra’s Ratnagiri.
- UAE’s Abu Dhabi National Oil Company or ADNOC along with Saudi Arabia’s ARAMCO will together have a 50% stake in the greenfield Ratnagiri refinery project.
- While 50% stake will be shared between Aramco and Adnoc the rest will be with Indian Oil, Hindustan Petroleum and Bharat Petroleum.
- The project is being considered significant for India’s energy security.
Source- DD News
- UAE to hold first-ever ‘World Tolerance Summit’
- The United Arab of Emirates (UAE) will host a two-day “World Tolerance Summit” in November 2018.
- The International Institute for Tolerance, part of Mohammed Bin Rashid Al Maktoum Global Initiatives, announced the launch from November 15-16 to coincide with the International Day of Tolerance.
- The theme of the summit will be, “Prospering From Pluralism: Embracing Diversity through Innovation and Collaboration”.
- The platform will seek innovative solutions and forge fruitful partnerships to help promote respect for diversity and productive pluralism.
- The summit will also explore the use of social media and digital networking in advocating the significance of tolerance with respect to its societal and economic benefits.
Source- Business Standards
- Odisha’s Pallavi Darua crowned as India’s first ‘Tribal Queen’
- Pallavi Durua, who belongs to Odisha’s Koraput district, was crowned as the first Tribal Queen.
- The Adi Rani Kalinga Tribal Queen competition was held at the held at Utkal Mandap in Bhubaneshwar.
- The prime objective of the event was to promote tribal art and culture.
Source- Business Standards
- Vice President launched of the book “Human Rights, Values and Cultural Ethos”
- Vice President Shri M. Venkaiah Naidu launched the book “Human Rights, Values and Cultural Ethos”.
- It is a collection of essays and lectures written by Dr R.P. Dhokalia.
- The thrust of the book is on the connection between human rights and the intrinsic and core human values which in turn manifest in the cultural ethos of a society.
- Godikan village panchayat of Haryana passed “No Toilet, No Bride” resolution
- The Godikan panchayat in Haryana has become the first panchayat in the country to pass a resolution to marry off girls only to families that have a toilet in their house.
- It is aimed to ensure safety and well-being of the womenfolk.
- The Godikan panchayat has already been declared an Outdoor Defecation Free panchayat.
Source- Business Standards