18-November-2023-Daily-Current-Affairs

GREEN CREDITS

GS 3 (ENVIRONMENT): SOURCE – FINANCIAL EXPRESS

India’s Ministry of Environment, Forest, and Climate Change unveiled the Green Credit Program (GCP) in October 2023, aligning with Prime Minister Narendra Modi’s LiFE movement. This program aims to foster eco-conscious practices by incentivizing voluntary environmental actions across sectors, contributing to India’s Nationally Determined Contributions (NDCs) in addressing climate change and sustainability.

                      

Differentiating Approach:

• Unlike the Carbon Credit Trading Scheme, GCP focuses on incentivizing ecopositive actions such as tree plantation, water management, and sustainable agriculture.
• Administered by the Indian Council of Forestry Research and Education, it issues green credit certificates after online verification.

Inclusive Initiative:

• The program expands environmental responsibility beyond industries to include common individuals as stakeholders.
• Encourages a collective effort recognizing that sustainable change requires participation at all levels.

Pros of the Scheme:

• Introduces market-based incentives, making it novel and attractive to a broader range of stakeholders.
• Encompasses a diverse range of sectors beyond carbon emissions reduction, taking a holistic approach.
• Utilizes a user-friendly digital platform for efficiency and accessibility.
• Enables trading of green credits, adding flexibility for economic gains.

Challenges and Concerns:

• Possibility of “greenwashing” and misuse within the system.
• Need for advanced monitoring and verification technologies to prevent exploitation and enhance credibility.
• Lessons learned from the historical experience of Clean Development Mechanism (CDM) Certified Emission Reductions (CER) under the Kyoto Protocol.

Areas Requiring Clarification:

• Lack of transparency in the precise meaning and value of Green Credits.
• Need for standardized guidelines and clarification on the relationship between Green Credits and Carbon Credits systems.

Structured Pricing Mechanism:

• Proposal for a structured pricing mechanism to establish a minimum or base monetary value for Green Credits.
• Ensures tangible worth, incentivizes participation, and prevents undervaluation.

Regulatory Challenges:

• Acknowledges regulatory challenges in defining and enforcing rules for credit issuance, trading, and utilization.
• Emphasizes strong and well-enforced regulations as crucial for the program’s success.

Conclusion:

While the Green Credit Program is a commendable step towards eco-conscious practices, its success hinges on addressing challenges and creating a transparent and trustworthy system. A robust regulatory framework is essential to prevent misuse, ensuring that the credits genuinely represent environmental benefits and contribute to India’s sustainability goals. The program’s effectiveness will be determined by its ability to overcome these concerns and establish a credible mechanism for green credits.

STATE OF THE ECONOMY — TEMPER THE EUPHORIA

GS 3 (ECONOMY): SOURCE – THE HINDU

The World Economic Outlook report by the International Monetary Fund (IMF) for October 2023 has projected a 6.3% GDP growth rate for India in 2023-24, up from the previous estimate of 6.1%. While this signals short-term economic success, a comprehensive analysis is necessary to understand the multifaceted challenges and vulnerabilities in India’s economic landscape.

Economic Recovery and Short-term Optimism

IMF’s Revised Projections

• Positive Signal: The IMF’s upward revision of India’s GDP growth rate is a vindication of the success in short-term economic management.
• Global Context: This success stands out, especially as the IMF has revised downwards the world GDP growth projection, including China’s.

Concerns and Challenges

Impact of COVID-19

• Historical Context: India, heavily affected during the COVID-19 pandemic, witnessed a steep recovery, following a 25.6% GDP contraction in Q2 of 2020.
• Output Contraction: The output contraction in 2020-21 was one of the worst among major economies, at 8.5% over the previous year.

Sectoral Challenges

• Industrial Growth Regression: India’s industrial growth rate witnessed regression, declining from 13.1% in 2015-16 to negative 3.5% in 2019-20.
• Capital Goods’ Plunge: Notably, the industrial fall is acute in capital goods, plummeting from 9.7% to 1%.

Economic Indicators and Investments

• Fixed Capital Formation: The gross fixed capital formation to GDP ratio saw an unprecedented fall, declining from 34.3% to 28.9% from 2011-12 to 2021-22.
• Public Investment: The credibility of the reported rise in public investment since FY22 is questioned, suggesting illusory growth.

Social Development and Global Rankings

• Human Development Index (HDI): While official poverty measures are debated, the HDI provides a more credible assessment. India’s HDI ranking slipped by one, indicating room for improvement.

Conclusion

While short-term economic success is acknowledged, a closer inspection reveals deep-rooted challenges. From rising trade deficits with China to declining industrial growth and a decade-long fall in fixed investments, the economic landscape demands comprehensive reforms. Policymakers need to engage with these challenges rather than solely relying on short-term growth projections, emphasizing the need for sustained and inclusive economic development.

BUILDING THE FLOOR

GS 2 (INTERNATIONAL RELATIONS): SOURCE – THE HINDU

The recent summit between U.S. President Joe Biden and Chinese President Xi Jinping in San Francisco, held on the sidelines of APEC, has implications for global stability. While not expected to resolve major issues, the meeting aimed to stabilize the tumultuous U.S.-China relationship. Key takeaways include concrete agreements on military dialogue and discussions on artificial intelligence risk, alongside efforts to establish a foundational level for their relationship.

Key Takeaways

1. Concrete Agreements

• Military-to-Military Dialogue: Both nations agreed to restart direct military-to-military dialogue.
• Artificial Intelligence: Discussions focused on addressing risk and safety issues related to artificial intelligence.

2. Establishing a Relationship “Floor”

• Bali Consensus: The summit aimed to rebuild a stable foundation for the relationship, building upon the Bali Consensus from 2022.
• Cautionary Optimism: There is cautious optimism regarding the stability this attempt might bring, contrasting with the previous setback involving a “spy balloon” incident.

Challenges and Future Concerns

1. Taiwan’s Role

• Upcoming Elections: Taiwan’s elections in January pose a potential threat, with both sides reiterating their positions and cautioning against interference.
• Status Quo: The U.S. opposes changes in the status quo concerning Taiwan.

2. Long-Term Differences

• Adversaries or Partners: A fundamental question persists on whether the U.S. and China see each other as adversaries or partners.
• Differing Perspectives: While President Xi criticizes the competitive framing, President Biden emphasizes responsible management of competition.

Lessons for India-China Relations

• High-Level Engagement: The U.S.-China summit underscores the importance of high-level engagement and open channels to prevent competition from escalating into conflict.
• Relevance to India-China Crisis: As India-China grapple with challenges along the Line of Actual Control, the need for sustained dialogue becomes evident.

Conclusion

The U.S.-China summit offers insights into managing major power relations, emphasizing the significance of dialogue in preventing conflicts. This holds pertinent lessons for India-China relations amid the ongoing crisis along the Line of Actual Control, emphasizing the necessity of building a foundational relationship to mitigate potential conflicts.

BENGALURU TO GET ITS OWN CLIMATE ACTION PLAN

GS 3 (ENVIRONMENT): SOURCE – INDIAN EXPRESS

The Bengaluru Climate Action Plan (BCAP) aligns with the city’s commitment to the C40 Cities network, a global initiative involving major cities addressing the climate crisis. With the Bruhat Bengaluru Mahanagara Palike (BBMP) taking charge, the plan aims to achieve specific climate goals, emphasizing mitigation and adaptation strategies.

Bengaluru Climate Action Plan and C40 Cities

1. Responsibility of BBMP

• The BBMP, as Bengaluru’s Urban local body, holds the responsibility for accomplishing the outlined climate goals in the Bengaluru Climate Action Plan.

2. C40 Cities Network

• C40 is a global network comprising mayors from nearly 100 leading cities worldwide, united in confronting the climate crisis.
• Six Indian cities, including Bengaluru, are part of this network.

Climate Change Action Plan (CCAP)

1. Framework Development

• CCAP involves creating a framework for identifying and implementing climate actions, including mitigation and adaptation, aligning with the city’s developmental plans to enhance climate resilience.

2. Need for CCAP

• Cities are major contributors to global CO2 emissions and energy consumption.
• Identifying climate risks and vulnerabilities, such as urban flooding and pollution, is crucial.
• Establishing goals and action plans for sectors like transport, energy, and waste management is a key focus.

India’s Role in Maritime Security

1. ADMM-Plus Meeting in Jakarta

• The ASEAN Defence Ministers’ Meeting-Plus (ADMM-Plus) held in Jakarta involved ASEAN countries and eight Dialogue Partners, including India.
• India’s proposal to co-chair the Expert Working Group on Counter-Terrorism was endorsed.

2. India’s Maritime Security Focus

• Upholding a rule-based order through the implementation of UNCLOS, emphasizing freedom of navigation and unimpeded lawful commerce.
• Ensuring maritime security through surveillance of sea-lanes and choke points, such as the Malacca Strait.
• Capacity building through exercises like SIMBEX and defense cooperation, including the export of BrahMos missiles to the Philippines.

Conclusion

The Bengaluru Climate Action Plan and India’s engagement in maritime security, as discussed in the ADMM-Plus meeting, reflect the nation’s commitment to addressing environmental challenges and strengthening regional defense cooperation. These initiatives underscore India’s multifaceted approach to contribute to global sustainability and security.

 

10TH ASEAN DEFENCE MINISTERS’ MEETING – PLUS (ADMM-PLUS) HELD IN JAKARTA, INDONESIA

GS 2 (INTERNATIONAL RELATIONS): SOURCE – THE HINDU

The 10th ASEAN Defence Ministers’ Meeting-Plus (ADMM-Plus) recently convened in Jakarta, Indonesia, signifying a crucial platform for defense collaboration among ASEAN nations and their eight Dialogue Partners. India played a significant role during the meeting, with its proposal to co-chair the Expert Working Group on Counter-Terrorism being endorsed by ADMM-Plus. This meeting holds strategic importance, particularly in the context of enhancing maritime security and fostering cooperation in the region.

ADMM-Plus Overview

• Established in 2010, ADMM-Plus serves as a collaborative platform for ASEAN and eight Dialogue Partners, including India.
• The Dialogue Partners comprise Australia, China, India, Japan, New Zealand, South Korea, Russia, and the USA.
• ADMM stands as the highest defense consultative and cooperative mechanism within ASEAN.

Objectives of ADMM

• ADMM-Plus aims to strengthen security and defense cooperation, fostering peace and stability in the region.

India’s Involvement

• India’s proposal to co-chair the Expert Working Group on Counter-Terrorism within ADMM-Plus has gained endorsement, reflecting a focus area for collaborative efforts.

Maritime Security Initiatives

• Upholding a rule-based order through the implementation of UNCLOS, India emphasizes freedom of navigation, lawful commerce, and a diplomatic approach for peace and stability.
• Regular surveillance is conducted to secure sea-lanes and choke points, exemplified by activities in the Malacca Strait.
• Capacity building efforts involve joint exercises such as SIMBEX and defense cooperation, including the export of BrahMos missiles to the Philippines.

Focus Areas of ADMM-Plus

• ADMM-Plus concentrates on critical areas, including Maritime Security, Counter-terrorism, Humanitarian Assistance and Disaster Management (HADR), Peacekeeping Operations, Military Medicine, Humanitarian Mine Action, and Cyber Security.

LVM3 M4 LAUNCH VEHICLE

GS 3 (SCIENCE AND TECHNOLOGY): SOURCE – INDIAN EXPRESS

The cryogenic upper stage of the LVM3 M4 launch vehicle, employed in the launch of Chandrayaan 3, successfully re-entered Earth’s atmosphere in adherence to the 25-year rule.

• The 25-year rule, established by the Inter Agency Space Debris Coordination Committee (IADC), mandates that satellites and orbital stages must be commanded to re-enter Earth’s atmosphere within 25 years of completing their mission, particularly for those deployed in Low Earth Orbit (LEO).
• The pre-re-entry process, Passivation, was conducted to deplete all latent energy reservoirs in the orbital stage, mitigating the risk of explosions.
• This successful compliance with international guidelines ensures the responsible management of space debris and contributes to maintaining a sustainable space environment.

WORLD ENERGY EMPLOYMENT (WEE) REPORT 2023

GS 3 (ENVIRONMENT): SOURCE – INDIAN EXPRESS

The International Energy Agency (IEA) has launched the second edition of the World Energy Employment (WEE) report, analyzing the transformation of the energy workforce from pre-pandemic times to the present.

• The report’s key findings highlight a shift in employment dynamics, with the clean energy sector now surpassing the fossil fuels sector in workforce size.
• China leads in clean energy job growth from 2019 to 2022, followed by Europe, the Asia-Pacific region, and India.
• Notably, the Solar Photovoltaic sector has witnessed the most substantial employment growth in the clean energy domain since 2019.
• However, in India, fossil fuel employment has exceeded 2019 levels, emphasizing the diverse trajectories in the global energy job market amid the ongoing transition towards cleaner and sustainable energy sources.