Daily Current Affairs Quiz: July 27, 2024

Notes:
External Affairs Minister S. Jaishankar attended the ASEAN Post-Ministerial Conference with India in Vientiane, Lao PDR, on July 26, 2024. His three-day visit from July 25-27 included participation in ASEAN-India, East Asia Summit (EAS), and ASEAN Regional Forum (ARF) meetings. The Lao PDR, as ASEAN chairman, hosted these events. Saleumxay Kommasith, Lao PDR’s Deputy Prime Minister and Foreign Minister, also attended. The conference saw foreign ministers from the 10 ASEAN member states and reaffirmed commitments to enhancing the ASEAN-India Comprehensive Strategic Partnership (CSP) over the next five years.

Notes:
The Chief Economic Advisor emphasized the need for private investors to prioritize sustainable investments, noting the low “greenium” from India’s sovereign green bond offerings. Greenium, or green-premium, refers to the savings issuers gain on coupon payments for green bonds, which have lower yields than conventional bonds due to their sustainable appeal. Green bonds finance green projects like renewable energy, electric buses, and energy efficiency. These bonds attract investors willing to accept lower returns for sustainability benefits, reducing both physical and financial risks. This makes green projects financially attractive for issuers.

Notes:
Researchers have discovered magnetofossils, fossil remains of magnetic particles produced by magnetotactic bacteria, in rock varnish layers in Ladakh, India. These prokaryotic organisms align with the earth’s magnetic field and are found in freshwater and marine habitats. They use the magnetic field to locate optimal oxygen levels. The bacteria contain iron-rich particles in small sacs acting as compasses, forming tiny crystals of magnetite or greigite. These crystals help them navigate changing oxygen levels in water. These microbes are believed to be among Earth’s earliest inhabitants.

Notes:
The Ministry of Steel launched the ‘Steel Import Monitoring System’ (SIMS) 2.0 Portal, featuring a robust data entry system for consistent and authentic data, promoting transparency and accountability. Union Minister of Steel and Heavy Industries released the second volume of “Safety Guidelines for Iron and Steel Sector,” aiming to enhance safety standards and reduce accidents. SIMS, introduced in 2019, provides detailed steel import data, aiding policy-making and industry growth. SIMS 2.0, with API integration and database connections, improves quality control, risk management, and Customs’ analysis of steel imports, benefiting the domestic steel industry.

Notes:
The Small Industries Development Bank of India (SIDBI) received $215.6 million from the Green Climate Fund (GCF) for financing mitigation and adaptation projects (FMAP). The GCF, the world’s largest dedicated climate fund, was established at COP 16 in 2010 and operates under the UNFCCC. It supports transformative climate action in developing countries using flexible financing solutions. The FMAP will provide nearly 10,000 concessional loans to MSMEs for low-emission, climate-resilient technologies, aiming to reduce greenhouse gas emissions by 35.3 million tonnes. This is SIDBI’s second GCF-approved project, following the Avaana Sustainability Fund.