India-Finland sign MoU on biodiversity conservation

On November 26, 2020, India and Finland signed Memorandum of Understanding in the field of biodiversity conservation and environment protection. The agreement was signed by the Environment Minister Prakash Javadekar and his counterpart Krista Mikkonen of Finland.

According to the Memorandum of Understanding, the countries will exchange their best practices in areas such as prevention of air and water pollution, waste management, low carbon solutions, sustainable management of natural resources and promotion of circular economy. Also, it will help the countries to develop technological, scientific and management capabilities. It aims to develop bilateral cooperation in the field of environmental protection and biodiversity conservation on the basis of equality, reciprocity and mutual benefit. This will help in the promotion of sustainable development.

Key Highlights

The Minister of Environment Shri Prakash Javadekar made the following announcements while signing the agreement:

• In 2020, India achieved voluntary target of reducing its emission intensity of GDP by 21% as compared to 2005 levels.
• India has set a target of achieving 35% of reducing its carbon emissions well before the 2030 target.
• Under Paris Agreement, India has committed to achieve 40% electric power installation based on non-fossil fuels by 2030. Also, under the agreement, India has committed to create carbon sink of 2.5 billion to 3 billion tonnes of carbon dioxide.

India-Finland

The diplomatic relations between India and Finland was established in 1949. The bilateral trade between India and Finland was 1.284 billion USD in 2016-17. India mainly exports mineral fuels, electronic goods, mineral oils, cotton, iron and steel, machinery appliances. The major exports of Finland to India are nuclear reactors, pulp of wood, boilers, etc.

India-Finland in Nuclear Energy

In 2014, India and Finland signed 19 agreements. OF these, the countries also signed an agreement on nuclear energy. Under the agreement, the countries agreed to share nuclear radiation, installation and nuclear safety. It includes radioactive waste management as well.

Month: Current Affairs - November, 2020