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  • GI in news: Joynagar Moa

    moa

    The Joynagar Moa, the popular Bengal sweet got 10 year extension for its Geographical Indication (GI) tag.

    Joynagar Moa

    • The moa is a popped-rice ball held together with fresh date-palm jaggery, extracted from the beginning of December till the end of February.
    • Its manufacture is so synonymous with Joynagar, a settlement on the outskirts of Kolkata, that it earned the Geographical Indication tag of Joynagar Moa in 2015.

    How is it made?

    • A moa is made with khoi (puffed rice). The best ones are made with khoi from a rice variety known as kanakchur.
    • It uses cardamom and Bengal’s legendary nolen gur (a liquid jaggery made from date palms and found only in winter).

    Back2Basics: Geographical Indication (GI)

    • A GI is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin.
    • Nodal Agency: Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry
    • India, as a member of the World Trade Organization (WTO), enacted the Geographical Indications of Goods (Registration and Protection) Act, 1999 w.e.f. September 2003.
    • GIs have been defined under Article 22 (1) of the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement.
    • The tag stands valid for 10 years.

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  • What is Greenwashing?

    greenwashing

    Reserve Bank Deputy Governor called for a taxonomy on green finance to avoid the risk of “greenwashing”.

    What is ‘Greenwashing’? 

    • Greenwashing refers to misleading the general public into believing that companies, sovereigns or civic administrators are doing more for the environment than they actually are.
    • This may involve making a product or policy seem more environmentally friendly or less damaging than it is in reality.
    • The term was coined by environmentalist Jay Westerveld in 1986.
    • The phenomenon came into practice as consumers and regulators increasingly sought to explore planet-friendly, recyclable and sustainable ‘green’ products.
    • By 2015, 66% of consumers were willing to shell out more for a product that was environmentally sustainable.

    How is it done? 

    • There is the indiscriminate use of the terms ‘net-zero’, ‘net-zero aligned’, ‘eco-friendly’, ‘green’ and ‘ecological’.
    • Since there is no compliance mechanism, such practices are rampant.

    Why does greenwashing happen? 

    • Greenwashing is done primarily for a company to either present itself as an ‘environment-friendly’ entity or for profit maximisation.
    • It is achieved by introducing a product, catering to the inherent demand for environment-friendly products.
    • In certain instances, it is done using the larger idea as a premise to cut down on certain operational logistics and providing consumer essentials.

    What does it have to do with the financial sector? 

    • Ethical investing: Sustainable investing has become increasingly popular among millennials and impact investors concerned with ‘ethical investing’.
    • Role of ESG credentials: Financial services providers expect increased scrutiny of a company’s Environmental, Social and Governance (ESG) credentials from regulators, shareholders, customers as well as other stakeholders.
    • Transition funding: Financial institutions are expected to fund the transition towards renewable energy and discourage investments in further harnessing of conventional energy sources as coal, oil and gas.

    Policy moves in India

    • If the financial sector is to respond effectively to the demand for products that endeavour to introduce positive changes into the economy, it is imperative that ‘greenwashing’ is averted.
    • In May this year, market regulator Securities and Exchange Board of India (SEBI) constituted an advisory committee to look into all ESG-related matters.

    Key recommendations

    • The expert committee recommends that financial institutions immediately discontinue all lending, underwriting and investments in companies wanting to strengthen or expand their coal-related infrastructure.
    • As for oil and gas, it recommends the discontinuation of all investments that would involve exploration of new oil and gas fields, expansion of existing reserves and further production.
    • Instead, companies should facilitate increased investment in renewable energy and institutions that are aligned to facilitate net zero emissions by 2050.

    Way forward

    • Companies must work towards reducing emissions across their entire value chain and not limit the endeavor to only one part of the chain.
    • They must not invest, through any means, in harnessing fossil fuels or engage in deforestation and other environmentally destructive activities.
    • In addition to this, companies cannot compensate for this investment by means of cheap credits, that “often lack integrity”.
    • Further, all state and non-state actors must ensure a ‘just transition’ such that livelihoods are not affected.
    • The committee also recommends a transition from voluntary disclosures (pertaining to net emissions) to regulatory norms.

     

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  • Mapping: Great Lakes

    lake

    Scientists are building a sensor network to detect the trends in the water chemistry of Lake Huron, one of the five Great Lakes of North America.

    What is the Acidification of water bodies?

    • Acidification of oceans or freshwater bodies takes place when excess carbon dioxide in the atmosphere gets rapidly absorbed into them.
    • Scientists initially believed this might be a good thing, as it leaves less carbon dioxide in the atmosphere.
    • But in the past decade or so, it has been established that absorption of carbon dioxide leads to a lowering of the pH, which makes the water bodies more acidic.

    What are Great Lakes?

    • The Great Lakes are a series of large interconnected freshwater lakes in the mid-east region of North America that connect to the Atlantic Ocean via the Saint Lawrence River.
    • There are five lakes, which are Superior, Michigan, Huron, Erie, and Ontario and are in general on or near the Canada–US border.
    • Hydrologically, lakes Michigan and Huron are a single body joined at the Straits of Mackinac.
    • By itself, Lake Huron is the world’s third largest freshwater lake, after Lake Superior and Lake Victoria.
    • The Great Lakes Waterway enables modern travel and shipping by water among the lakes.

    Why are they significant?

    • The Great Lakes contain a fifth of the world’s total freshwater, and is a crucial source of irrigation and transportation.
    • They also serve as the habitat for more than 3,500 species of plants and animals.

    Acidification of Great Lakes

    • Scientists are developing a system that would be capable of measuring the carbon dioxide and pH levels of the Great Lakes over several years.
    • It is known that the increase in atmospheric carbon dioxide has caused the world’s oceans to turn more acidic.
    • Recently, it has been observed that by 2100, even the Great Lakes — Superior, Michigan, Huron, Erie, and Ontario — might approach acidity at around the same rate as the oceans.
    • Researchers hope the data from the Lake Huron project would add to scientific information on the subject.

    Consequences of acidification

    • The Great Lakes are believed to have been born some 20,000 years ago, when the Earth started to warm and water from melting glaciers filled the basins on its surface.
    • However, this rich ecosphere is under threat as the five lakes would witness a pH decline of 0.29-0.49 pH units — meaning they would become more acidic — by 2100.
    • This may lead to a decrease in native biodiversity, create physiological challenges for organisms, and permanently alter the structure of the ecosystem, scientists say.
    • It would also severely impact the hundreds of wooden shipwrecks that are believed to be resting at the bottom of these lakes.

     

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  • Dhokra Art of West Bengal

    dhokra

    This newscard is an excerpt from the articles published in TH.

    Do you know?

    The dancing girl from Mohenjo-Daro (c. 2300 – 1750 BCE) is not just the most famous piece of art from the Harappan Civilisation, it is also one of the finest examples of metal art from that period.

    dhokra

    But did you know that this world-famous figurine is also the oldest example of a unique metal casting tradition called Dhokra that survives to this day in parts of India?

    Dhokra Art

    • Named after a nomadic tribe called ‘Dhokra Damar’, the art of Dhokra was originally found in the region from Bankura to Dariapur in Bengal, and across the metal-rich regions of Odisha and Madhya Pradesh.
    • Today, it is practiced in the tribal belt across present-day Jharkhand, West Bengal, Odisha, Chhattisgarh and Telangana.
    • The Dhokra artistes first make a clay model out of wax, which is then replaced with molten metal, either brass or bronze, through a lost-wax metal cast.

    What is Dhokra?

    • Dhokra is a metal casted art that uses the ancient lost-wax casting technique.
    • This art is said to be the first of its kind to use a non-ferrous metal like copper and its alloys – brass (a mix of zinc and copper) or bronze (tin and copper) which do not contain iron.
    • It uses the process of annealing, where a metal is heated to very high temperatures and allowed to cool slowly.
    • The casting is done using two kinds of processes – the traditional, hollow-casting method and solid casting. Solid casting is predominant in Telangana, whereas hollow casting is used in Central and Eastern India.

    Symbolism of Dhokra

    • With its roots in ancient civilisations, Dhokra represents a primitive lifestyle and the beliefs of people, going back to the age of hunting.
    • This is why figures of elephants, owls, horses and tortoises are commonly seen in Dhokra art.
    • The elephant symbolises wisdom and masculinity; the horse motion; owl prosperity and death; and the tortoise femininity.
    • In Hindu mythology, these iconic symbols also have stories behind them.
    • The world is imagined to rest on four elephants, standing on the shell of a tortoise.
    • The tortoise, considered as an avatar of Lord Vishnu, carries the world on his back, holding up the earth and the sea.

     

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  • 3 more sites added to UNESCO’s tentative list of World Heritage Sites

    Gujarat’s Vadnagar town, the iconic Sun Temple at Modhera, and the rock cut sculptures of Unakoti in Tripura have been added to the tentative list of UNCESO World Heritage Sites.

    What is UNESCO tentative list?

    • The UNESCO tentative list is an inventory of those properties which each State Party intends to consider for nomination.
    • With these 3 sites, India now has 52 sites on UNESCO Tentative List.

    About the sites

    (1) Sun Temple, Modhera

    unesco

    • The Sun Temple at Modhera is located on the left bank of the river Pushpavati, a tributary of river Rupan in Becharaji taluka of Mehsana district.
    • The temple description states that it is built in Maru-gurjara architectural style, consists of the main temple shrine (garbhagriha), a hall (gadhamandapa), an outer hall or assembly hall (Sabhamandapa or rangamandapa) and a sacred pool (Kunda), which is now called Ramakunda.
    • This east-facing temple is built with bright yellow sandstone.
    • It is the earliest of such temples which set trends in architectural and decorative details, representing the Solanki style at its best.

    (2) Vadnagar

    unesco

    • Vadnagar is a historic town, which had continuous habitation for more than 2,700 years.
    • A multi-layered historic town, the history of Vadnagar stretches back to nearly 8th century BCE.
    • The town still retains a large number of historic buildings that are primarily religious and residential in nature.
    • It has evolved with time and has an early historic fortified settlement, hinterland port, centre for industries of shells and beads, late medieval town, religious centre/temple town, a significant junction on trade routes and mercantile town.
    • Rampart datable to second century BCE, fortification along the lake from third-fourth century CE, findings of Indo-Pacific glass beads and marine shells, palaeo-seismic evidence evidently point towards historical authenticity of the town.

    (3) Unakoti

    unesco

    • Located in the northeastern region of Tripura, Unakoti is known as an ancient holy place associated with Shaiva worship.
    • It is famously known as the ‘Angkor Wat of the North-East’
    • The structures of the rock-cut sculptures are gigantic and have distinct mongoloid features and display almost the same mystical charm as the spellbinding figures in the Angkor Wat temple of Cambodia.

    Back2Basics: UNESCO World Heritage Sites

    • A World Heritage Site is a landmark or area, selected by the UN Educational, Scientific and Cultural Organization (UNESCO) for having cultural, historical, scientific or other forms of significance, which is legally protected by international treaties.
    • The sites are judged to be important for the collective and preservative interests of humanity.
    • To be selected, a WHS must be an already-classified landmark, unique in some respect as a geographically and historically identifiable place having special cultural or physical significance (such as an ancient ruin or historical structure, building, city, complex, desert, forest, island, lake, monument, mountain, or wilderness area).
    • It may signify a remarkable accomplishment of humanity, and serve as evidence of our intellectual history on the planet.
    • The sites are intended for practical conservation for posterity, which otherwise would be subject to risk from human or animal trespassing, unmonitored/uncontrolled/unrestricted access, or threat from local administrative negligence.
    • The list is maintained by the international World Heritage Program administered by the UNESCO World Heritage Committee, composed of 21 “states parties” that are elected by their General Assembly.

    UNESCO World Heritage Committee

    • The World Heritage Committee selects the sites to be listed as UNESCO World Heritage Sites, including the World Heritage List and the List of World Heritage in Danger.
    • It monitors the state of conservation of the World Heritage properties, defines the use of the World Heritage Fund and allocates financial assistance upon requests from States Parties.
    • It is composed of 21 states parties that are elected by the General Assembly of States Parties for a four-year term.
    • India is NOT a member of this Committee.

     

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  • What is Winter Solstice?

    solstice

    Today, December 21, is Winter Solstice, the shortest day of the year in the Northern Hemisphere. In the Southern Hemisphere, conversely, it was Summer Solstice, the year’s longest day.

    What is Winter Solstice?

    • The winter solstice, also called the hibernal solstice, occurs when either of Earth’s poles reaches its maximum tilt away from the Sun.
    • This happens twice yearly, once in each hemisphere.

    What are Solstices?

    • Solstices occur because Earth’s axis of rotation is tilted about 23.4 degrees relative to Earth’s orbit around the sun.
    • This tilt drives our planet’s seasons, as the Northern and Southern Hemispheres get unequal amounts of sunlight over the course of a year.
    • From March to September, the Northern Hemisphere is tilted more toward the sun, driving its spring and summer.
    • From September to March, the Northern Hemisphere is tilted away, so it feels like autumn and winter.
    • The Southern Hemisphere’s seasons are reversed.
    • On two moments each year—what are called solstices—Earth’s axis is tilted most closely toward the sun.

    Impact on day-time

    • The hemisphere tilted most toward our home star sees its longest day, while the hemisphere tilted away from the sun sees its longest night.
    • During the Northern Hemisphere’s summer solstice—which always falls around June 21—the Southern Hemisphere gets its winter solstice.
    • Likewise, during the Northern Hemisphere’s winter solstice—which always falls around December 22—the Southern Hemisphere gets its summer solstice.

    Impact of the tilted axis

    • The Northern Hemisphere spends half the year tilted in the direction of the Sun, getting direct sunlight during long summer days.
    • During the other half of the year, it tilts away from the Sun, and the days are shorter.
    • Winter Solstice, December 21, is the day when the North Pole is most tilted away from the Sun.
    • The tilt is also responsible for the different seasons that we see on Earth.
    • The side facing the Sun experiences day, which changes to night as Earth continues to spin on its axis.

    Un-impacted regions

    • On the Equator, day and night are equal. The closer one moves towards the poles, the more extreme the variation.
    • During summer in either hemisphere, that pole is tilted towards the Sun and the polar region receives 24 hours of daylight for months.
    • Likewise, during winter, the region is in total darkness for months.

    Celebrations associated with the Winter Solstice

    • For centuries, this day has had a special place in several communities due to its astronomical significance and is celebrated in many ways across the world.
    • Jewish people call the Winter Solstice ‘Tekufat Tevet’, which marks the start of winter.
    • Ancient Egyptians celebrated the birth of Horus, the son of Isis (divine mother goddess) for 12 days during mid-winter.
    • In China, the day is celebrated by families coming together for a special meal.
    • In the Persian region, it is celebrated as Yalda or Shab-e-Yalda. The festival marks the last day of the Persian month of Azar and is seen as the victory of light over darkness.
    • Families celebrate Yalda late into the night with special foods such as ajeel nuts, pomegranates and watermelon, and recite works of the 14th-century Sufi poet Hafiz Shirazi.

    In Vedic tradition

    • In Vedic tradition, the northern movement of the Earth on the celestial sphere is implicitly acknowledged in the Surya Siddhanta.
    • It outlines the Uttarayana (the period between Makar Sankranti and Karka Sankranti). Hence, Winter Solstice is the first day of Uttarayana.

     

    Try this MCQ:

    Q. On 21st June, the Sun

    (a) Does not set below the horizon at the Arctic Circle

    (b) Does not set below the horizon at Antarctic Circle

    (c) Shines vertically overhead at noon on the Equator

    (d) Shines vertically overhead at the Tropic of Capricorn

     

    [wpdiscuz-feedback id=”g83sek2y9c” question=”Please leave a feedback on this” opened=”1″]Post your answers here.[/wpdiscuz-feedback]

     

     

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  • Climate Change Induced Migration

    Climate Change

    Context

    • Climate-induced displacements have increased both in numbers and magnitude worldwide. According to the Internal Displacement Monitoring Centre’s (IDMC) report, 23.7 million people experienced displacements in 2021 as a result of cyclones and floods.

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    Climate Change

    Estimates about Migration

    • IOM estimates: The International Organisation on Migration (IOM) estimates that on a global scale, between 25 million and 1 billion people would be compelled to migrate from their homes because of climate change and environmental degradation by 2050.
    • Situation in south Asia: South Asia is no exception to it. Disasters cause most of the internal displacements occurring in South Asia every year, and in the year 2021, nearly 5.3 million disaster displacements were reported.
    • CANSA Report: The Climate Action Network South Asia (CANSA) reports that approximately 45 million people in India alone, shall be compelled to migrate by 2050 due to climate disasters, with a threefold increase in current figures.

    Climate change

    How women and children are most vulnerable?

    • UN report: The United Nations asserts that around 80 percent of climate change displaces include women.
    • Global International Migrant Stock: The present share of women migrants in the Global International Migrant Stock oscillates between 48 percent and 52 percent, as they frequently experience ‘triple discrimination’ given their positions as women, unprotected workers and migrants.
    • Developing countries are most vulnerable: The situation becomes even more precarious in developing countries like India, Bangladesh, Myanmar, and several small island nations in the Pacific Ocean.
    • Violence is likely: Women uprooted due to climate change become more vulnerable to violence, human trafficking, and armed conflicts. For instance, a study by the Sierra Club (2018) revealed how women impacted by Cyclone Nargis in Myanmar witnessed increased occurrences of sexual and domestic abuse, forced prostitution, and sex and labour trafficking.

    What is the New York Declaration on international Migration?

    • Global compact for migration (GCM): It mandated the adoption of the Global Compact for Safe, Orderly and Regular Migration (GCM) in 2018 and for the first time, a comprehensive framework recognising the concept of climate change-induced migration within the broader concept of international migration was developed.
    • Global compact on refugee: The Declaration also paved the way for an adoption of a Global Compact on Refugees (GCR) in the same year, but an extension of refugee law to cater to the needs of those displaced by the forces of climate change does not really resolve this humanitarian concern.
    • More investment in research: It also highlights the need for pumping in more investments towards research to tackle the challenges of environmental migration and rests on important climate change mitigation instruments like the Paris Climate Agreement, Sendai Framework for Disaster Risk Reduction, and the United Nations Convention to Combat Desertification (UNCCD).
    • Share responsibility on states: The Zero Draft of the GCM itself highlights how it sets out shared responsibilities of the states in commitment to the causes of migration– showing how the GCM relies on the countries having a sense of moral responsibility for the fulfilment of its goals and objectives.

    Discussion in COP27 about climate migration

    • Global goal on adaptation: The 2022 Conference of the Parties’ (or COP27) summit was seen as a platform that would lend visibility to the concept of climate migration, especially in light of how a work programme for defining a Global Goal on Adaptation (GGA) towards identifying collective needs and solutions in light of the ongoing climate crisis that has already affected so many countries around the world, was established in the 2021 COP26 summit.
    • Lack of progress on migration: While COP27 established a framework towards the attainment of the GGA (likely to be adopted in 2023 at COP28), its progress towards protecting and assisting climate migrants remains in a state of limbo.
    • Task force on displacement: As highlighted in a study by the ECDM, the key problem lies in how the Task Force on Displacement has projected climate-induced mobility as a “loss and damage” concern, in turn putting forth the idea that this kind of human mobility stands as a failed adoption strategy.

    What role India can play on climate-induced migration?

    • No clear reference to climate migration: Paragraph 40 of the G20 Bali Leaders’ Declaration talks about preventing irregular migration flows, the trafficking of migrants and holding such talks in the future G20 summits to come, but the term “climate migration” fails to make an appearance.
    • Leverage G20 for climate migration consensus: India seeks to play a significant role in the international efforts for climate action, and its commitment can be reflected in it being party to the UNFCCC and its instruments–the Kyoto Protocol and the Paris Agreement. Its presidency could provide a platform for the G20 countries to work together in addressing the growing concerns of human mobility in forms of both migration and displacements.
    • Intergovernmental dialogue: Also, knowledge gaps pertaining to human mobility because of climate change and environmental degradation can be addressed through intergovernmental dialogues to be held at the G20 platform under India’s Presidency.

    Climate change

    Conclusion

    • Policymakers meet to discuss the several concerns of climate change at various platforms, progress concerning any support for the climate migrants remain insufficient till date, resting on goodwill gestures instead. World must pay attention and money to firmly address the climate migration issue.

    Mains Question

    Q. What is climate induced migration? How women and children are most vulnerable to climate migration? What role India can play to address the issue?

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  • OGMP and MARS : An innovative opportunity to reduce methane emissions

    opportunity

    Context

    • The Methane Alert and Response System (MARS) initiative was launched by the United Nations Environment Programme (UNEP) at the 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change on November 11, 2022. Is it right to say that India not joining the Oil & Gas Methane Partnership is a missed opportunity?

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    opportunity

    Methane a Toxic greenhouse gas

    • A major greenhouse gas: Methane is the second-most common of the six major greenhouse gases, but is far more dangerous than carbon dioxide in its potential to cause global warming.
    • One of major contributor of GHG emissions: Contribution Accounting for about 17 per cent of the current global greenhouse gas emissions.
    • One of the key reasons behind Temperature rise: Methane is blamed for having caused at least 25 to 30 per cent of temperature rise since the pre-industrial times.
    • Methane largely a Sectoral gas: Unlike carbon dioxide, methane is largely a sectoral gas, and there are only a few sources of emission.
    • Few sources large emissions of methane: The global warming potential of methane is about 80 times that of carbon dioxide. It accounts for a small portion of human-induced greenhouse gas emissions compared to carbon dioxide.

    Did you know? Global Methane pledge

    • The global methane pledge was adopted during COP26.
    • Under it, countries agreed to reduce global methane emissions by 30 per cent by 2030.
    • This will help to limit global warming to 1.5 degrees above pre-industrial levels.
    • into the right hands for emissions mitigation.

    opportunity

    What is Oil and Gas Methane Partnership (OGMP)?

    • A methodology to help companies reduce methane emissions: The Oil and Gas Methane Partnership (OGMP) methodology was created by the Climate and Clean Air Coalition in 2014 as a voluntary initiative to help companies reduce methane emissions in the oil and gas sector.
    • The Oil & Gas Methane Partnership 2.0: OGMP 2.0 is a multi-stakeholder initiative launched by UNEP and the Climate and Clean Air Coalition. The OGMP 2.0 is the only comprehensive, measurement-based reporting framework for the oil and gas industry that improves the accuracy and transparency of methane emissions reporting in the oil and gas sector.
    • Companies joined the partnership: Over 80 companies with assets on five continents, representing a significant share of of the world’s oil and gas production, have joined the Partnership. OGMP 2.0 members also include operators of natural gas transmission and distribution pipelines, gas storage capacity and LNG terminals. The members constitute around 35 per cent of the total global oil and gas production and two-thirds of the total liquefied natural gas flows around the world

    opportunity

    What is Methane Alert and Response System (MARS)?

    • MARS is a part of global efforts to slow climate change by tracking the global warming gas.
    • The system will be the first publicly available global system to connect methane detection to notification processes transparently.
    • The data-to-action platform was set up as part of the UN Environment Programme’s (UNEP) International Methane Emissions Observatory (IMEO) strategy to get policy-relevant data

    How many countries and companies are engaged with the MARS initiative and is India involved?

    • The system was requested by the United States and the European Union but it is in the service of the entire world.
    • There are no Indian companies that have joined the OGMP.

    Conclusion

    • MARS is a satellite-based system to help industries and governments detect and reduce methane emissions. This will help UNEP confirm methane emissions reported by companies and analyze changes over time. India should consider this as an opportunity to cooperate in reducing methane emissions

    Mains question

    Q. Methane is 25 times more potent as a greenhouse gas than carbon dioxide and currently contributes about a quarter of global warming. In light of this, what does it mean to engage with the OGMP and MARS system?

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  • What are Carbon Markets and how do they operate? 

    carbon

    The Parliament passed the Energy Conservation (Amendment) Bill, 2022. It amends the Energy Conservation Act, 2001, to empower the Government to establish carbon markets in India and specify a carbon credit trading scheme.

    A quick recap

    • In order to keep global warming within 2°C, ideally no more than 1.5°C, global greenhouse gas (GHG) emissions need to be reduced by 25 to 50% over this decade.
    • Nearly 170 countries have submitted their nationally determined contributions (NDCs) so far as part of the 2015 Paris Agreement, which they have agreed to update every five years.
    • NDCs are climate commitments by countries setting targets to achieve net-zero emissions.
    • India, for instance, is working on a long-term roadmap to achieve its target of net zero emissions by 2070.

    What are Carbon Markets?

    • In order to meet NDCs, one mitigation strategy is becoming popular with several countries— carbon markets.
    • Article 6 of the Paris Agreement provides for the use of international carbon markets by countries to fulfil their NDCs.
    • Carbon markets are essentially a tool for putting a price on carbon emissions— they establish trading systems where carbon credits or allowances can be bought and sold.
    • A carbon credit is a kind of tradable permit that, per United Nations standards, equals one tonne of carbon dioxide removed, reduced, or sequestered from the atmosphere.
    • Carbon allowances or caps, meanwhile, are determined by countries or governments according to their emission reduction targets.

    Popularity of the carbon markets

    • A UN Development Program release this year noted that interest in carbon markets is growing globally.
    • Almost 83% of NDCs submitted by countries mention their intent to make use of international market mechanisms to reduce greenhouse gas emissions.

    What are the types of carbon markets?

    There are broadly two types of carbon markets that exist today— compliance markets and voluntary markets.

    (A) Voluntary Markets

    • They are those in which emitters— corporations, private individuals, and others— buy carbon credits to offset the emission of one tonne of CO 2 or equivalent greenhouse gases.
    • Such carbon credits are created by activities which reduce CO 2 from the air, such as afforestation. In a voluntary market, a corporation looking to compensate for its unavoidable GHG emissions purchases carbon credits from an entity engaged in projects that reduce, remove, capture, or avoid emissions.
    • For Instance, in the aviation sector, airlines may purchase carbon credits to offset the carbon footprints of the flights they operate.
    • In voluntary markets, credits are verified by private firms as per popular standards.
    • There are also traders and online registries where climate projects are listed and certified credits can be bought.

    (B) Compliance Market

    • Compliance markets— set up by policies at the national, regional, and/or international level— are officially regulated.
    • Today, compliance markets mostly operate under a principle called ‘cap-and-trade”, most popular in the European Union (EU).

    Successful example of Carbon Market: EU’s emissions trading system (ETS)

    • Under the EU’s ETS launched in 2005, member countries set a cap or limit for emissions in different sectors, such as power, oil, manufacturing, agriculture, and waste management.
    • This cap is determined as per the climate targets of countries and is lowered successively to reduce emissions.
    • Entities in this sector are issued annual allowances or permits by governments equal to the emissions they can generate.
    • If companies produce emissions beyond the capped amount, they have to purchase additional permit, either through official auctions or from companies.
    • This makes up the ‘trade’ part of cap-and-trade.

    How is carbon price determined?

    • The market price of carbon gets determined by market forces when purchasers and sellers trade in emissions allowances.
    • Notably, companies can also save up excess permits to use later.
    • Through this kind of carbon trading, companies can decide if it is more cost-efficient to employ clean energy technologies or to purchase additional allowances.
    • These markets may promote the reduction of energy use and encourage the shift to cleaner fuels.

    Other such examples

    • China launched the world’s largest ETS in 2021, estimated to cover around one-seventh of the global carbon emissions from the burning of fossil fuels.
    • Markets also operate or are under development in North America, Australia, Japan, South Korea, Switzerland, and New Zealand.

    Significance of Carbon Market

    • The World Bank estimates that trading in carbon credits could reduce the cost of implementing NDCs by more than half — by as much as $250 billion by 2030.
    • Last year, the value of global markets for tradable carbon allowances or permits grew by 164% to a record 760 billion euros ($851 billion).
    • The EU’s ETS contributed the most to this increase, accounting for 90% of the global value at 683 billion euros.
    • As for voluntary carbon markets, their current global value is comparatively smaller at $2 billion.

    What is the progress at UN?

    • The UN international carbon market envisioned in Article 6 of the Paris Agreement is yet to kick off as multilateral discussions are still underway about how the inter-country carbon market will function.
    • Under the proposed market, countries would be able to offset their emissions by buying credits generated by greenhouse gas-reducing projects in other countries.
    • In the past, developing countries, particularly India, China and Brazil, gained significantly from a similar carbon market under the Clean Development Mechanism (CDM) of the Kyoto Protocol, 1997.
    • India registered 1,703 projects under the CDM which is the second highest in the world.
    • But with the 2015 Paris Agreement, the global scenario changed as even developing countries had to set emission reduction targets.

    India’s efforts

    The new Bill empowers the Centre to specify a carbon credits trading scheme.

    • Issuance of credit certificates: Under the Bill, the central government or an authorised agency will issue carbon credit certificates to companies or even individuals registered and compliant with the scheme.
    • Tradable carbon credits: These carbon credit certificates will be tradeable in nature. Other persons would be able to buy carbon credit certificates on a voluntary basis.

    Existing mechanisms

    • Notably, two types of tradeable certificates are already issued in India-
    1. Renewable Energy Certificates (RECs) and
    2. Energy Savings Certificates (ESCs)
    • These are issued when companies use renewable energy or save energy, which are also activities which reduce carbon emissions.

    Lacunas of the bill

    • No clear mechanism: The Bill does not provide clarity on the mechanism to be used for the trading of carbon credit certificates— whether it will be like the cap-and-trade schemes or use another method— and who will regulate such trading.
    • Confusion over nodal agency: The right ministry to bring in a scheme of this nature, pointing out that while carbon market schemes in other jurisdictions like the US, UK are framed by their environment ministries, the Indian Bill was tabled by the power ministry instead of the MoEFCC.
    • Ambiguity over existing certificates: The Bill does not specify whether certificates under already existing schemes would also be interchangeable with carbon credit certificates and tradeable for reducing carbon emissions.
    • Overlapping: The question, thus, is whether all these certificates could be exchanged with each other. There are concerns about whether overlapping schemes may dilute the overall impact of carbon trading.

    Challenges to carbon markets

    • Double counting: of greenhouse gas reductions
    • Quality and authenticity: These parameters of climate projects that generate credits to poor market transparency
    • Greenwashing: Companies may buy credits, simply offsetting carbon footprints instead of reducing their overall emissions or investing in clean technologies.
    • Inefficiency: The IMF points out that including high emission-generating sectors under trading schemes to offset their emissions by buying allowances may immensely increase emissions on net.

    Way forward

    • Alignment with NDCs: The UNDP emphasizes that for carbon markets to be successful, emission reductions and removals must be real and aligned with the country’s NDCs.
    • Transparent financing: It says that there must be “transparency in the institutional and financial infrastructure for carbon market transactions”.

     

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  • Historic biodiversity deal gets the nod at COP15 summit in Canada

    biodiversity

    Negotiators reached a historic deal at a UN Convention on Biological Diversity (CBD) conference that would represent the most significant effort to protect the world’s lands and oceans and provide critical financing to save biodiversity in the developing world.

    Key outcomes

    [A] 30×30 Deal

    • Delegates committed to protecting 30% of land and 30% of coastal and marine areas by 2030, fulfilling the deal’s highest-profile goal, known as 30-by-30.
    • Currently, 17% of terrestrial and 10% of marine areas are protected.
    • Indigenous and traditional territories will also count toward this goal, as many countries and campaigners pushed for during the talks.
    • The deal also aspires to restore 30% of degraded lands and waters throughout the decade, up from an earlier aim of 20%.
    • And the world will strive to prevent destroying intact landscapes and areas with a lot of species, bringing those losses “close to zero by 2030”.

    [B] Money for nature

    • Signatories aim to ensure $200 billion per year is channeled to conservation initiatives, from public and private sources.
    • Wealthier countries should contribute at least $20 billion of this every year by 2025, and at least $30 billion a year by 2030.
    • This appeared to be the Democratic Republic of Congo’s main source of objection to the package.

    [C] Big companies report impacts on biodiversity

    • Companies should analyse and report how their operations affect and are affected by biodiversity issues.
    • The parties agreed to large companies and financial institutions being subject to “requirements” to make disclosures regarding their operations, supply chains and portfolios.
    • This reporting is intended to progressively promote biodiversity, reduce the risks posed to business by the natural world, and encourage sustainable production.

    [D] Harmful subsidies

    • Countries committed to identify subsidies that deplete biodiversity by 2025, and then eliminate, phase out or reform them.
    • They agreed to slash those incentives by at least $500 billion a year by 2030, and increase incentives that are positive for conservation.

    [E] Pollution and pesticides

    • One of the deal’s more controversial targets sought to reduce the use of pesticides by up to two-thirds.
    • But the final language to emerge focuses on the risks associated with pesticides and highly hazardous chemicals instead, pledging to reduce those threats by “at least half”, and instead focusing on other forms of pest management.
    • Overall, the Kunming-Montreal agreement will focus on reducing the negative impacts of pollution to levels that are not considered harmful to nature, but the text provides no quantifiable target here.

    [F] Monitoring and reporting progress

    • All the agreed aims will be supported by processes to monitor progress in the future, in a bid to prevent this agreement meeting the same fate as similar targets that were agreed in Aichi, Japan, in 2010, and never met.
    • National action plans will be set and reviewed, following a similar format used for greenhouse gas emissions under U.N.-led efforts to curb climate change.
    • Some observers objected to the lack of a deadline for countries to submit these plans.

    Back2Basics: Convention on Biological Diversity (CBD)

    • The CBD (wef 1993) known informally as the Biodiversity Convention, is a multilateral treaty.
    • The convention has three main goals:
    1. the conservation of biodiversity
    2. the sustainable use of its components
    3. the fair and equitable sharing of benefits arising from genetic resources
    • Its objective is to develop national strategies for the conservation and sustainable use of biological diversity, and it is often seen as the key document regarding sustainable development.
    • It has two supplementary agreements, the Cartagena Protocol and Nagoya Protocol.

    (1) Cartagena Protocol

    • It is an international treaty governing the movements of living modified organisms (LMOs) resulting from modern biotechnology from one country to another.

    (2) Nagoya Protocol

    • It deals with Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization (ABS).

     

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