Current Affairs – February, 2018

Latest Current Affairs February, 2018 with Current Affairs, news summary on current events of National and International importance of February, 2018 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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International Conference on Sustainable Biofuels 2018 held in New Delhi

The two day international conference on Sustainable Biofuels was held in New Delhi. It was jointly being organized by Department of Biotechnology and Biofuture platform.

It aimed to provide common platform to Government policy makers, industry, investors and research community to exchange experiences and challenges related to development and scaling of advance biofuels. It also focused on concerns of private sectors to speed up large scale production of sustainable biofuels.

Key Facts

The conference also aimed to provide clear understanding of development in bio-economy made by participating countries, increase awareness of policy makers about challenges faced by industry-investor for commercial scale up of advanced biofuels.

It also provided common platform to experts and delegates from 19 countries including representatives from mission innovation member countries in Sustainable Biofuels sector to take stock of current knowledge, share information and best practices, and build consensus on the actions most needed to move forward.

Mission Innovation

Department of Biotechnology (DBT) under Ministry of Science & Technology is nodal agency coordinating and steering activities of Mission Innovation (MI) in India.  Mission Innovation India unit was set-up in 2017 by DBT at ICGEB, New Delhi. DBT has lead in ushering R&D in advanced biofuels and has set up four large Bioenergy Research Centres.

DBT also has established Sustainable Biofuel Innovation Challenge (SBIC) under MI. It aims to accelerate research, development and deployment of low cost, high GHG impacting advanced biofuels. It will build on existing knowledge of individual participating countries and international institutes like IEA, IRENA and in collaboration of Biofuture Platform coordinated by Brazil as program Secretariat. The aim of this cooperation is to avoid duplication of efforts and define clear areas of collaboration for speeding up of innovations in this area.

Month: Categories: India Current Affairs 2018

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China elected as vice chair of FATF

China was elected as vice chair of Financial Action Task Force (FATF), a global body mandated to combat terror financing and money laundering. In its plenary meeting in Paris, FATF had placed Pakistan under “grey list” subject to direct monitoring and intense scrutiny by International Cooperation Review Group till June 2018 for compliance of Anti-Money Laundering and Combating Finance of Terrorism regulations. Pakistan was on the same list from 2012 to 2015.

Financial Action Task Force (FATF)

It is an inter‐governmental policy making body that aims to establish international standards for combating money laundering and terrorist financing. It was established in 1989 during the G7 Summit in Paris (France) to combat the growing problem of money laundering. It comprises over 39 member countries including India. FATF Secretariat is housed at the headquarters of the OECD in Paris. Initially, FATF was only dealing with developing policies to combat money laundering. But in 2001 its purpose was expanded to act against terrorism financing.

Mandate

FATF set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to integrity of international financial system.

Functions

  • Set international standards to combat money laundering and terrorist financing.
  • Assess and monitor compliance with the FATF standards.
  • Conduct studies of money laundering and terrorist financing methods, trends and techniques.
  • Respond to new and emerging threats, such as proliferation financing used for promoting proliferation of nuclear, chemical and biological weapons.

Month: Categories: International Current Affairs 2018

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