SOVEREIGN GREEN BONDS
Why in News?
RBI has announced it will issue green bonds worth Rs16,000 crore in the current financial year.
What are Green Bonds?
Green Bonds are bonds issued by any sovereign entity, inter-governmental groups or alliances, and corporations with the aim that the proceeds of the bonds are utilized for projects classified as environmentally sustainable. The framework for the sovereign green bond was issued by the government on November 9,2022.
Why are these bonds important?
Over the last few years, green bonds have emerged as an importantfinancial instrumenttodealwiththethreatsof climate change and related challenges. According to the International Finance Corporation (IFC), the World Bank Group’s institution, climate change threatens communities and economies, and it poses risks for agriculture,food,and water supplies. Large amounts of financing are needed to address these challenges—and it is critical to connect environmental projects with capital markets and investors,and channel capital towards sustainable development. Green bonds are away to make that connection.
How beneficial are green bonds for investors?
Green Bonds Offer Investors Platform to engage in good practices, influencing the business strategy of bond issuers.They provide means to hedge against climate change risks while achieving at least similar, if not better, returns on their investment. In this way, the growth in green bonds and green finance also indirectly works to diincentivise high carbon-emitting projects,as per the IFC.
When Did The Government Plan To Issue these bonds?
In August last year, the government said it stood committed to reducing the emissions intensity of GDP — emissions per unit of GDP — by 45 per cent from 2005 levels by 2030, and achieve about 50 per cent cumulative electric power installed capacity from non-fossil fuel based energy resources by 2030. In line with the commitment to significantly reduce the carbon intensity of the economy, the Union Budget 2022-23 made an announcement on issuing sovereign green bonds. The country’s Climate actions have so far been largel financed through domestic resources. It is now targeting the generation of additional global financial resources. The issuance of the sovereign greenbondswillhelptheIndiangovernmenttotaptherequisite finance frompotential investors for deployment in public sector projects aimed at reducing the carbonintensity of the economy.
Where Will The Proceeds go?
The government will use the proceeds from the SGrBs to finance or refinance expenditure (in part or whole)for various green projects, including in renewable energy, clean transportation, energy efficiency, climate change adaptation, sustainable water and waste management,pollution and prevention control and green buildings.
GS PAPER III
Joshimath ‘sinking’
Why in News?
As many as 561 homes in Uttarakhand’s Joshimath have developed cracks in recent days. Cracks have also appeared on some roads. There is fear that Joshimath is ‘sinking’ has alarmed residents as well as the government. People have been leaving their houses and fleeing to safer places in view of the cracks. The fear of house collapse due to a landslide has become a major concern for the residents of the city.
Location
- Located at a height of 6,000 feet in Uttarakhand’s Chamoli district, the town on the route to Badrinath and Hemkund Sahib falls in high-risk seismic ‘Zone-V’.
- It is located on the top of Main Central Thrust (MCT) line.
- The geography of the entire state of Uttarakhand is fragile. Joshimath in particular is situated on old land deposits.
- So, there is always a risk of landslides in Joshimath. Due to this, every year, people of Joshimath notice cracks in their buildings and fields.
- The Jyotirmath Hindu monastery, one of the most important sites in Hinduism, is here.
- It also has one of the closest military stations to the border with China.
Why houses and roads in Uttarakhand’s Joshimath have developed cracks?
The land in Joshimath is sinking due to a phenomenon called land subsidence. It refers to the vertical sinking of land in a region. It consists of the Earth’s surface moving downwards vertically and involves little or no movement horizontally. The reason behind subsidence can be both natural causes or human actions.
There are various processes that can lead to land sinking through subsidence. These include:
- The dissolution of carbonate rock lying underneath by groundwater,
- Sediments compacting gradually
- Fluid lava withdrawing from underneath a solidified rock crust
- Mining activity
- Pumping of fluids like groundwater or fuel from under the surface
- Tectonic forces warping Earth’s crust (known as tectonic subsidence)
Developments and steps taken so far
– Joshimath, the gateway to famous pilgrimage sites like Badrinath and Hemkund Sahib and international skiing destination Auli, is facing a major challenge due to land subsistence.
– The District Disaster Management Department informs that the cracks have reportedly developed in as many as 561 houses in Joshimath
– Meanwhile, what’s more alarming is that the number of affected structures which have developed large cracks has increased from 561 to 603 within a span of a mere 48 hours.
– The entire region has been declared a landslide-subsidence zone
– Reportedly, thousands of families living in these uninhabitable houses here have been/are being evacuated to temporary relief centres
– Chamoli DM personally went door to door and appealed to people living in these houses that have developed deep cracks, to move to relief centres.
– The Shankaracharya Math, one of the popular Hindu monastries, has also developed multiple cracks over the past 15 days.
What can be done to save Joshimath?
- The urgent need is to relocate the residents to a safer place and then reimagine the town’s planning to accommodate the new variables and the changing geographical factors.
- Drainage and sewer planning (as more and more waste is seeping into the soil, loosening it from within) is one of the biggest factors that needs to be studied and redeveloped.
- Experts recommend a complete shutdown of development and hydroelectric projects in the region.
- Experts have also suggested replantation in the region, especially at the vulnerable sites to retain soil capacity.
- There is a need for a coordinated effort between the government and civil bodies with the aid of military organisations like the Border Roads Organisation (BRO) to save Joshimath.
- A sufficient number of National Disaster Response Force (NDRF) and State DRF teams should be deployed and helicopter facilities should be provided, if required.
GS PAPER II
Pravasi Bharatiya Divas
Why in News
Pravasi Bharatiya Divas Convention (PBD) was organized in Indore, Madhya Pradesh. People of the overseas Indian community who have made their own unique identity in the world get an opportunity to attend this conference.
What is the Pravasi Bhartiya Divas Convention?
Indeed, the Pravasi Bharatiya Divas (PBD) convention has become a major event of India. It provides an important platform for Indians living abroad to engage, establish contact with them and for the diaspora to interact with each other. Not only this, through this program Indians living abroad are asked to help the government in solving many possibilities of the country by discussing with them. At the same time, they are also promoted for investment in the country. Due to this, the government is also getting a lot of cooperation. The same is expected this time as well. In such a situation, it can be said that this conference has its own special importance in the development of India. The 17th Bharatiya Pravasi Divas Convention is being organized in Indore from 08-10 January 2023 in partnership with the Government of Madhya Pradesh.
What is the theme of the conference this time?
The theme of the conference, which is being held after four years, is ‘Pravasis: Reliable Partners for India’s Progress in the Amrit Kaal’. Today is the second day of the conference. The conference will conclude on January 10 in the presence of President Draupadi Murmu. On January 10, the last day of the conference, the fourth session will be on ‘Enhancing the Global Grip of the Indian Workforce – The Role of the Indian Diaspora’ chaired by Dharmendra Pradhan, Minister of Education, Skill Development and Entrepreneurship. The fifth will be chaired by Union Finance Minister Nirmal on the theme ‘Harnessing the Potential of Migration towards an Inclusive Approach to Nation Building’. On January 10, President Draupadi Murmu Pravasi Bharatiya Samman Award-2023 will also given. The awards are presented to select Indian expatriates to recognize their achievements and involvement in various fields in India and abroad.
When and how did it start?
Pravasi Bharatiya Divas (PBD) Convention This annual event celebrated in India to mark the participation of the overseas Indian community in India’s development commemorating the return of Mahatma Gandhi from South Africa in 1915 and his role in India’s independence movement Held every year on 9 January. This year also this event is being celebrated. The event was first held in 2003, and has been held since then. It is organized by the Ministry of External Affairs (MEA), Government of India, in partnership with the Confederation of Indian Industry (CII) and other organizations.
What is the importance
Overseas Indians have an invaluable contribution to the development of Indian industry. The Pravasi Bharatiya Divas convention is an opportunity for the government to portray the country’s progress and development to the global Indian community. It is a way to showcase the achievements and capabilities of India as a nation and to highlight the opportunities available to Indians living abroad to invest, work and study in India.
Contribution to the development of India’s industry
Overseas Indians include Non-Resident Indians ie NRIs and Persons of Indian Origin known as PIOs. Both the communities have played a major role in promoting and facilitating investments by NRIs in India. Yes, NRIs have made a significant contribution to the development of India’s economy by attracting foreign investment and promoting Indian goods and services. At the same time, promoting Indian influence and Asian influence through this conference has also helped in creating employment and promoting economic activities in India.
The position between India and the global Indian diaspora is the Indian diaspora has significantly helped promote the transfer of knowledge, technology and expertise between India and the global Indian diaspora, which has contributed to the overall growth of Indian industry.
GS PAPER III NEWS
IISER Pune’s new material of pollutants remover
Why in News?
Indian Institute of Science Education and Research (IISER), Pune came up with a custom designed unique molecular sponge like material macro/microporous ionic organic framework which can swiftly clean polluted water by soaking up sinister contaminants.
Carcinogenic pollutants
Systematic studies have identified various organic (organic dyes, antibiotics, pesticides, etc.) as well as inorganic toxic pollutants such as iodides, oxo-pollutants like perrhenate that are carcinogenic in fresh water sources and can pose direct threat to humanity and living organisms.
In general, commonly utilized sorbent materials often trap these pollutants through ion-exchange strategy to purify water but suffer from poor kinetics and specificity. To mitigate this issue, our group prepared a newly engineered material called viologen-unit grafted organic-framework (iVOFm).
The material employs amalgamation of electrostatics driven ion-exchange combined with nanometer-sized macropores and specific binding sites for the targeted pollutants. The size and number of tunable macropores along with the strong electrostatic interaction of iVOFm can quickly remove various toxic pollutants from water.
To develop this unique material, our team employed a make-and-break strategy to grow a charged porous organic polymer (POP) as a sponge-like infinite framework on silica nanoparticles that is used as a template. Following this, the silica nanoparticles were strategically removed to create ordered hierarchical interconnected macro/microporosity throughout the material.
Fast diffusion
This material features inherent cationic nature and macroporosity to allow fast diffusion of pollutants. When tested for a wide array of water pollutants, it showed ultrafast capture of all the pollutants both organic and inorganic with over 93% removal in just 30 seconds.
Among all the tested pollutants, the new material showed ultrafast removal of sulfadimethoxine antibiotic from water almost completely. Even in the presence of other co-existing anions such as nitrates, chloride, and bromide, the removal of sulfadimethoxine antibiotic was extremely high within a minute. The engineered material could remove sulfadimethoxine antibiotic with high efficiency when tested using different real water samples.
The fast pollutant trapping capacity is attributed to faster diffusion of pollutants through the ordered interconnected presence of macropores in the material. We also found this material to be very selective toward toxic pollutants in presence of co-existing ions present in waste water even at low concentration. It can also be used several times to clean contaminated water just like a bath sponge can be utilised to tackle multiple water spills.
This cationic compound is adaptable for sequestering various pollutants and is a possible solution to the water pollution problem. These results open up a new avenue for the creation of numerous sophisticated sorbent materials for practical water filtration.
Government Initiatives to Tackle Water Pollution
- Recently, the National Green Tribunal (NGT) directed the Ministry of Jal Shakti to devise an appropriate National River Rejuvenation Mechanism for effective monitoring of steps to curb pollution and for rejuvenation of all polluted river stretches across the country.
- National Water Policy (2012): It aims to take cognizance of the existing situation, to propose a framework for creation of a system of laws and institutions and for a plan of action with a unified national perspective.
- Started by the Ministry of Water Resources, it highlights the importance of water for human existence as well as for economic development related activities.
- It suggests frameworks to conserve water resources through optimal, economical, sustainable and equitable means.
- National Water Mission (2010): It ensures integrated water resource management leading to water conservation, less wastage, equitable distribution forming better policies.
- National Mission for Clean Ganga (NMCG): It envisages a five-tier structure at national, state and district level to take measures for prevention, control, and abatement of environmental pollution in river Ganga.
- It aims to ensure continuous adequate flow of water so as to rejuvenate the river Ganga.
- Namami Gange Project: It integrates the efforts to clean and protect the Ganga River in a comprehensive manner.