DAILY CURRENT AFFAIRS IAS | UPSC Prelims and Mains Exam – 5th May 2023
Archives (PRELIMS & MAINS Focus) Key Takeaways from the Petersberg Dialogue on Climate Change Syllabus Prelims –Environment and Ecology Context: Recently, the Petersberg Dialogue on Climate Change was held in Berlin. About key takeaways from Petersberg Dialogue on Climate Change:- IMAGE SOURCE: Today in chemistry history: The Kyoto protocol – Compound Interest (compoundchem.com) The 14th Petersberg Dialogue on Climate Change was hosted by Germany and the United Arab Emirates. UAE would be hosting the 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change. (UPSC PRELIMS: UNFCCC – COP27 ) Objective: to discuss the way forward towards COP28 The Climate Dialogue was initiated by Germany’s former Chancellor Angela Merkel. It was first held in 2010 United Nations Secretary-General António Guterres emphasised the need for “cleaning up economies of the developed countries by breaking their fossil fuel addiction and driving decarbonisation in every sector to achieve a 1.5-degree global warming pathway. He reiterated his earlier call for an Acceleration Agenda, where “all countries hit fast-forward on their Net Zero deadlines”. Key takeaways:- Global renewables target:- Discussions around a potential global target for renewables at the next climate conference. Possibility of an agreement on a global target for renewables and energy efficiency among the G7 countries. (UPSC PRELIMS: G7) $100 billion climate finance:- It was stated that developed countries are “on a good track” to deliver the $100 billion per year as promised to mobilise by 2020 during the COP15 in 2009. However, a recent estimate pegs climate finance needs at $1 trillion per year by 2030 for emerging markets alone. This means that climate finance needs are more than 10 times the amount that developed countries have been able to mobilise, 14 years after committing to the $100 billion figure. This underlines the urgent need for financial reparations. Global Stocktake:- 2023 is the year for the Global Stocktake. Global Stocktake: a periodic review of global climate action. It aims to assess whether current efforts will enable us to reach the objectives set out in the Paris Agreement. This is the first Global Stocktake year since the Paris Agreement was signed in 2015. The report is set to be released in September of 2023. About Paris Agreement:- It was the successor to the Kyoto Protocol. This international climate treaty expired in 2020. It was agreed in December 2015. Objective: to limit the rise in the average global surface temperature. To do this, countries that signed the accord set national pledges to reduce humanity’s effect on the climate that are meant to become more ambitious over time. The Paris Accord legally bound its signatories collectively to limit greenhouse gas emissions to keep the temperature rise well below 2.0 degrees Celsius (3.6 Fahrenheit) this century. The countries also promised to “pursue efforts” to keep the rise below 1.5C (2.7F). MUST READ: India’s Long-Term Low-Emission Development Strategy SOURCE: DOWN TO EARTH PREVIOUS YEAR QUESTIONS Q.1) Consider the following statements: (2022) The Climate Group is an international non-profit organisation that drives climate action by building large networks and running them. The International Energy Agency in partnership with the Climate Group launched a global initiative “EP100”. EP100 brings together leading companies committed to driving innovation in energy efficiency and increasing competitiveness while delivering on emission reduction goals. Some Indian companies are members of EP100. The International Energy Agency is the Secretariat to the “Under2 Coalition”. Which of the statements given above is correct? 1,2, 4 and 5 1,3 and 4 only 2,3 and 5 only 1,2, 3, 4 and 5 Q.2) With reference to the ‘’New York Declaration on Forests’’, which of the following statements is correct? (2021) It was first endorsed at the United Nations Climate Summit in 2014 It endorses a global timeline to end the loss of forests It is a legally binding international declaration It is endorsed by governments, big companies and indigenous communities. India was one of the signatories at its inception Select the correct answer using the code given below 1, 2 and 4 1, 3 and 5 3 and 4 2 and 5 The Innovative Finance Facility for Climate in Asia and the Pacific Financing Partnership Facility (IF-CAP) Syllabus Prelims –Environment and Ecology Context: Recently a new funding mechanism ‘the Innovative Finance Facility for Climate in Asia and the Pacific Financing Partnership Facility (IF-CAP)’ was launched. About the Innovative Finance Facility for Climate in Asia and the Pacific Financing Partnership Facility (IF-CAP):- In line with climate change financing requirements, ADB(Asian Development Bank) announced its newest climate finance program: the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP). (UPSC PRELIMS: ADB) Objective: use guarantees from partners for leverage to accelerate billions of dollars in much-needed climate change investment IF-CAP’s initial partners are Denmark, Japan, the Republic of Korea, Sweden, the United Kingdom, and the United States. Intended Benefits of IF-CAP:- With a model of ‘$1 in, $5 out’, the initial ambition of $3 billion in guarantees could create up to $15 billion in new loans for much-needed climate projects across Asia and the Pacific. Financing will help vulnerable countries in Asia and the Pacific region meet their mitigation and adaptation goals. It will support ADB’s raised ambition for $100 billion in climate finance from 2019-2030. . IF-CAP will pilot a guarantee mechanism, where every US$1 guarantee from financing partners can generate up to US$5 in new loans for climate adaptation and mitigation projects across Asia. IF-CAP operates as an umbrella mechanism for mobilising resources for climate adaptation and mitigation projects. Under this umbrella is the IF-CAP Guarantee Trust Fund, which will provide guarantees to ADB covering payment defaults. The facility will finance projects over a five-year investment period, but guarantees will remain effective for 25 years. In addition, ADB will establish donor trust funds, framework arrangements, and other forms of financing partnerships, such as grants, guarantees, and similar arrangements that support IF-CAP’s objectives and scope. Most contributions to the facility will be in the form of guarantees or grants. (UPSC MAINS: Significance of
DAILY CURRENT AFFAIRS IAS | UPSC Prelims and Mains Exam – 5th May 2023 Read More »
