Emissions Gap Report, 2023

According to the recent Emissions gap report, 2023, countries’ current emissions pledges to limit climate change would still put the world on track to warm by nearly 3 degrees Celsius this century.

• Emissions Gap Report is an annual report released by the United Nations Environment Programme (UNEP).
• The report assesses countries’ promises to tackle climate change compared with what is needed.
• The report assessed countries’ Nationally Determined Contributions (NDCs), which they are required to update every 5 years.
• Key findings of the report – The world faces between 2.5 C and 2.9 C of warming above preindustrial levels if governments do not boost climate action.
• The planet-warming greenhouse gas emissions must fall by 42% by 2030 to hold warming at 1.5 C.
• The chance of now limiting warming to 1.5 C is just 14%, adding to a growing body of scientific evidence suggesting the goal is dead.
• Global greenhouse gas emissions rose by 1.2% from 2021 to 2022, reaching a record 57.4 gigatonnes of carbon dioxide equivalent.
• The anticipated level of warming is slightly higher than 2022 projections, which then pointed toward a rise of between 2.4 C and 2.6 C by 2100.
• GHG emissions across the G20 also increased by 1.2 % in 2022.
• India accounts for 18% of the world population, but to date only contributed 5% of warming.

Battery Waste Rules, 2022

• The concept of Extended Producer Responsibility (EPR) serves as the foundation for Battery Waste Rules, 2022.
• Under the Rules, the battery manufacturers, importers and automakers that produce products with batteries have the obligation of Extended Producer Responsibility (EPR).
• The Rules have mandated that EPR registration system to be managed online on a portal by the Central Pollution Control Boards (CPCB).
• The collecting, recycling, and refurbishing of used batteries is the responsibility of battery manufacturers, including importers.
• The rules include all types of batteries regardless of chemistry, shape, volume, weight, material composition and use.
• The Rules bring within its ambit all manufacturers, producers, collection centres, importers, re-conditioners, refurbishers, dismantlers, assemblers, dealers, recyclers, auctioneers, vehicle service centres, consumers and bulk consumers.
• The rules cover the battery manufacturers, importers and automakers that produce products with batteries.
• The rules do not apply to Battery used in:
  • Equipment connected with the protection of the essential security interests including arms, ammunitions, war material and those intended specifically for military purposes.
  • Equipment designed to be sent into space.
• The Rules have for the first time defined measurable targets for collection and recycling within a compliance timeframe.
• The rules have set the target of 90% recovery of the battery material.
• 70 % of battery recovery by 2024-25, then 80 % by 2026, and 90 % after 2026-27 onwards.
• The “Fit for 55” package – Is a set of legislative proposals by the European Union (EU) to reduce greenhouse gas emissions by 55% by 2030.

Freemartinism

• In animal husbandry, cattle that are born exhibiting characteristics of both sexes are called freemartins.
• Freemartins are sterile female cattle that result from the twinning of a male and a female within the same uterus.
• This phenomenon occurs in approximately 90% of such twin pregnancies in cattle.
• The key reason is the exchange of blood between the male and the female foetuses during gestation.
• Genetically, freemartinism is attributed to the sharing of cells carrying the Y chromosome from the male twin with the female twin.
• This chromosome triggers the development of male reproductive organs in the male foetus, while the female foetus, affected by the presence of male hormones, experiences incomplete development of its reproductive system.
• The end result is that the freemartin has an underdeveloped or non-functional reproductive tract.

Sea Buckthorn

In Ladakh, after GI Tag for Apricot (Raktsey Karpo), Pashmina, and Ladakhi Wood Carving, the Geographical Indication Registry has officially granted the GI tag to Ladakh Sea Buckthorn.

• The Leh Berry, or sea buckthorn (Hippophae), is a wonder plant found in Ladakh that yields tiny, sour- tasting orange or yellow berries that are high in vitamins, particularly C.
• Sea buckthorn is also popularly known as Wonder Plant, Ladakh Gold, Golden Bush or Gold Mine of cold deserts.
• There are several nutritional and therapeutic benefits to sea buckthorn products.
• Every part of the plant, including fruit, leaf, twig, root and thorn, has been traditionally used as medicine, nutritional supplement, fuel and fence.
• The root of sea buckthorn is resistant to cold, drought, and barrenness due to nitrogen fixation by rhizobia.
• Rhizobia is a high-quality ecological tree species for improving soil and the ecological environment.
• It has attained Geographical Indication (GI) tag recently and is the 4th product from Ladakh to get the tag.
• Ladakh remains the major site for sea buckthorn with over 70% of the total area (13,000 hectares) on which it is present in the country.
• Sea buckthorn is grown completely organically without the use of any pesticide or other chemicals in Ladakh.
• Farmers face major difficulty in harvesting the berries due to the thorn in the bushes on which they grow.

Hard Currency

India in recent times have attempted to transform Indian rupee (INR) into a hard currency.

• Hard currencies are widely accepted around the world for international transactions and are considered a reliable and stable store of value.
• The presence of a currency as a hard currency reflects perceived stability, reliability and economic strength of its issuing country.
• A hard currency is expected to remain relatively stable through a short period of time, and to be highly liquid in the forex or foreign exchange (FX) market.
• Transforming a currency into a hard currency is a complex process that hinges on several pivotal factors.
• The process requires significant systemic changes, which could, potentially, destabilise country’s economy.
• India should work to make local currency settlements more robust which would allow the economy to stabilise and strengthen, making the transition smoother and less risky.
• The factors attributed to hard currency includes:
  • Economic and politically stability.
  • Low and stable inflation with consistent growth.
  • Balanced trade environment.
  • Strong fiscal and monetary policies by the government and central bank.
  • Effective national debt management and sensible interest rate policies.
• The US Dollar is the most dominant hard currency, often considered the world’s primary reserve currency.
• The most tradable currencies in the world are the U.S. dollar (USD), European euro (EUR), Japanese yen (JPY), British pound (GBP), Swiss franc (CHF), Canadian dollar (CAD) and the Australian dollar (AUD).
• Within the hard currency group, the Canadian and Australian dollars are sensitive to commodity prices.