Context:

• The Summit for a New Global Financing Pact, hosted by France made progress in addressing the contentious issue of climate financing, but several important issues remain unresolved. 

What is Climate Financing?

• The United Nations has defined climate finance as the local, national or transnational financing drawn from public, private and alternative sources of financing that seeks to support mitigation and adaptation actions that will address climate change.  It will help in the reduction of greenhouse gas emissions projects by helping set up renewable power systems.
• Helping in Adaptation: It also helps communities to adapt to the impacts of climate change by offering simple solutions. For example, resilient seeds can help farmers continue growing food even during droughts.

Climate Financing Mechanism:

• To facilitate the provision of climate finance, the UNFCCC established a financial mechanism to provide financial resources to developing country Parties. The financial mechanism also serves the Kyoto Protocol and the Paris Agreement.

• Global Environment facility: It has served as an operating entity of the financial mechanism since the Convention’s entry into force in 1994. 
• Green Climate Fund: At COP 16, in 2010, Parties established the GCF and in 2011 also designated it as an operating entity of the financial mechanism. The financial mechanism is accountable to the COP, which decides on its policies, programme priorities and eligibility criteria for funding.

• Special Climate Change Fund (SCCF): It was established under the Convention in 2001 to finance projects relating to: adaptation; technology transfer and capacity building; energy, transport, industry, agriculture, forestry and waste management; and economic diversification.
• Least Developed Countries Fund (LDCF): LDCF was established to support a work programme to assist Least Developed Country Parties carry out the preparation and implementation of national adaptation programmes of action (NAPAs).
• Adaptation Fund: The Adaptation Fund was established in 2001 to provide funding for practical adaptation initiatives in developing nations that are signatories to the Kyoto Protocol and are particularly susceptible to the negative effects of climate change.

Climate financing mechanisms of India:

• NAFCC: The National Adaptation Fund for Climate Change (NAFCC) is a Central Sector Scheme which was set up in the year 2015-16. The overall aim of NAFCC is to support concrete adaptation activities which mitigate the adverse effects of climate change. 
• NCEF: The National Clean Energy Fund(NCEF) was created to invest in entrepreneurial ventures and research in the field of clean energy technologies.
• Compensatory Afforestation Fund: The CAMPA funds are utilised for compensating the loss of forest land and ecosystem services by raising of compensatory afforestation, improving quality of forests through assisted natural regeneration, enrichment of biodiversity, improvement of wildlife habitat, control of forest fire, forest protection and soil and water conservation measures.

Concerns/ Challenges associated with Climate Financing:

• Non fulfillment of Commitments by developed nations: Rich countries did not meet the annual $100 billion commitment they made at the 2009 Copenhagen Summit to support developing countries in addressing the impact of climate change
• Non-concessional loans: A large share of climate finance continues to be predominantly delivered as loans, a large share of which has been non-concessional. This has added to debt pressures across regions and income groups. 
• Skewed money allocation: As per a report from the Centre from science and environment, the money that is flowing towards climate projects is heavily concentrated in North America, Western EU and East Asia (predominantly China).
• Gap between funding and requirements: Over the past 30 years, numerous funds have been established with numerous commitments. For example, the Special Climate Change Fund, Adaptation Fund, and Green Climate Fund . But there is still and growing distance between expectations and commitment.
• Overstatement of financing:  Oxfam Climate Finance Shadow Report 2023 shows that donors claimed $83.3 billion in 2020, but their spending was at most $24.5 billion. The $83.3 billion estimate is inflated because it includes projects with overstated climate objectives or loans at face value.
  • Gender-blind financing: Oxfam finds that climate-related development financing is largely gender-blind. Only one-third of 2019-2020 climate finance projects mainstreamed gender, taking into account women and men’s unique needs, experiences, and concerns.
• Double challenge of development and climate financing: Developing countries face the double challenge of simultaneously investing in development and in climate mitigation and adaptation, while addressing the costs of loss and damage. 
• Lack of support for LDCs and SIDS: Despite their extreme vulnerability to climate impacts, the world’s poorest countries, particularly the least developed countries (LDC) and small island developing states (SIDS) are not receiving enough support. Instead, they are being driven deeper into debt.
• Loss and damage needs: Oxfam is highly concerned that funding for “loss and damage” .It refers  to climate change impacts that exceed human adaptability or when a community lacks the resources to use available options. For example: Rising sea levels could destroy coastal heritage sites, and extreme floods could kill people and destroy homes.

Way Forward:

• Fulfilling the promise: The goal under GCF to raise US$100 billion annually by 2020 to fund climate action in low- and middle-income countries is long overdue. It is imperative to act on the long standing promise.
• Utilization of G20 platform: With Brazil and South Africa to assume the G20 presidency after India, the global south is rising at the world stage, and G20 will be a critical platform to mobilise finances, technical expertise and human resource for the loss and damage fund.
• Framework for assessing loss and damage: India must prioritise creating a framework for assessing loss and damage as a part of its national and sub-national action plans on climate change and disaster risk reduction. 
  • Social protection schemes like MGNREGA that are creating climate-resilient infrastructure at the grassroots, and weather index-based crop insurance to protect farmers demonstrate how minimizing loss and damage can become a part of public welfare programmes.
• Scaling up grant based financing: There is equally an urgent need for more grant-based financing for climate action, and less momentum toward loaning the money they have all promised to give.
• Climate Responsive development Banks: It is time to make climate change a key parameter of multilateral development banks and enhance their investment in low carbon projects.
• Startup funding: Governments may consider catalytic or start-up funding and capacity building. Catalytic funding should be utilized for ‘repurposing’ key economic activities into green activities.
• Urgent debt relief: A longer-term goal should be to establish a multilateral debt workout process that can help countries break the vicious cycle of worsening debt and climate crises.
• Innovative ways to deploy the IMF’s Special Drawing Rights (SDRs): This could include rechanneling SDRs to multilateral development banks (MDBs), addressing allocation issues to ensure SDRs go to where they are needed most, or considering more ambitious approaches such as new SDR asset classes with specific purposes such as climate resilience.
• Mobilizing private finance towards climate goals:  Private capital financing has a vital role in plugging the gaps for global sustainable financing, particularly so in emerging markets and developing economies, where governments are inhibited by capacity constraints. 
• Climate proofing investments: Climate proofing investments for coastal areas through mangrove restoration, lowlands affected by floods and for rain-fed regions is another priority for developing nations. 
• Coordinated Action: Coordinated strategy between governments, the RBI and the financial sector can manage the concerns of green lending to commercial and marginalized sectors alike. 

News Source:  Indian Express

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Context: 

Recently, the Global Assessment Report on Disaster Risk Reduction (GAR) was released by the UN Office for Disaster Risk Reduction (UNDRR).

About Disaster Risk Reduction (DRR)

• It is the concept and practice of reducing disaster risks through systematic efforts to analyse and reduce the causal factors of disasters. 
• DRR is aimed at preventing the creation of disaster risk, the reduction of existing risk and the strengthening of economic, social, health and environmental resilience.
• Examples of DRR: Reducing exposure to hazards, lessening vulnerability of people and property, wise management of land and the environment, and improving preparedness and early warning for adverse events.

Highlight of Report

• Weak Support: Despite pledges to increase resilience, combat climate change, and forge paths towards sustainable development, present societal, political, and economic decisions are having the opposite effect. 
  • This jeopardizes not only the achievement of the Sendai Framework for Disaster Risk Reduction 2015–2030, but also hinders progress towards the Paris Agreement and the Sustainable Development Goals (SDGs).
• World at risk: Human choices and demographic trends increase the likelihood that disaster can spread and impact all continents rapidly. 
  • Exposure to underlying risk factors, such as high levels of air pollution, unsafe housing or limited access to health services, were found to significantly affect fatality rates.
• Systemic Risk: The systemic impacts of disaster derailes  SDG achievements across almost all indicators. 
  • Example: the economic and social costs of the pandemic in 2020, measured in lifeyears lost, far outweighed the average annual costs of other disasters, and the summed cost of all epidemics from 2000 to 2019.
• Disaster loss and poverty: Poverty is a cause and a consequence of disaster risk, particularly extensive risk. 
  • The frequent disasters add to the poverty burden of the world. 
  • An additional 37.6 million people are estimated to be living in conditions of extreme poverty due to the impacts of climate change and disasters by 2030.
  • According to the UN, a “worst case” scenario of climate change and disasters will push an additional 100.7 million into poverty by 2030.
• Low Insurance Cover: Annual direct economic loss from disasters has more than doubled over the past three decades. It increased to over $170 billion in the 2010s from an average of around $70 billion in the 1990s.
  • Just 40 per cent of all disaster-related losses were insured between 1980 and 2018.
• Increasing Tendency: According to the Intergovernmental Panel on Climate Change (IPCC), global warming reaching 1.5 degrees Celsius in the near-term will cause unavoidable increases in multiple climate hazards and present multiple risks to ecosystems and humans.
• Unequal Impact on Vulnerables: Although the pandemic has affected all countries and regions, vaccine inequity has seen lower-income countries left behind. 
  • The cascading health and economic impacts have been worse for poorer and marginalized communities, women exposed to violence and small economies dependent on tourism.
  • Myopic thinking: Despite warnings and data that a COVID-19 pandemic was overdue, preparedness was inadequate and governance systems across the world struggled to pivot to a new reality.

Recommendation from the Report:

• Shifting perception about risk: Hazards highlights the need to recognize that planetary and human systems are interdependent, and that risk knowledge systems need to become more flexible and open to different world-views, including indigenous and traditional perspectives.
• Reconfigure governance to work across silos and design in consultation with affected people.
  • This requires increased efforts to create common terminologies and provide open access data across disciplines to create shared knowledge, encourage lateral collaboration and speed up the pace of learning.
• Strict Monitoring: Governments need to ensure regulations are in place to prevent, reduce or ensure the resilience of construction in unsafe locations, such as flood-plains, areas subject to sea-level rise or areas at extremely high risk of fire or other hazards.
  • Rework the way current institutional arrangements design and account for the costs of disaster-related losses, particularly with regard to long-term risks.
• Role of Private sector has a major role to play in accelerating risk reduction action and in reducing losses from future disasters.
  • Example: Banks and financial institutions that provide property improvement loans can require specific risk reduction measures to be undertaken as a condition for a mortgage
• Innovative Financial Solutions: Rework financial systems to account for the real costs of risk, particularly long-term risks, and rework investment and insurance systems to incentivize risk reduction.
  • Ex:  Green bonds helped accelerate the finance of renewable energy, similar financial products are needed to incentivize and ease investment that is resilient to disaster risk and climate change.
  • Financial systems, including insurance, must be reworked to account for the real costs of risk, particularly long-term risks,
• Changes in Sovereign Budget: National budgets need to evolve to include risk and uncertainty components, so financial planners can become more adept at adaptive planning and are better able to pivot resources in crisis situations.
• Data for Decision Making: Basic data collection at national and local levels to inform comprehensive needs and risk assessments for the formulation of policy and plans
• Technology for Disaster Proofing: AI based modelling is probably the right approach to build scenarios for the medium, long term on these aspects. 
  • These may be linked to a city based economic model to quantify the likely cost in the event of occurrence of climate-led disaster in a megacity.
• Accelerating the implementation of Sendai Framework for Disaster Risk Reduction 2015–2030 and aligned with the other post-2015 agendas, such as the 2030 Agenda for Sustainable Development, the Paris Agreement on climate change, the New Urban Agenda and the Agenda for Humanity.

Conclusion:

• It is important to show examples of success all over the world that this is doable and with the mobilization and leadership of the most marginalized, with greater resources at local level for DRR and climate resilient sustainable livelihoods and with climate friendly policies and its strict implementation, the earth will be a more hospitable and peaceful place.

News Source: Report

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Context:

The Indian Computer Emergency Response Team (CERT-In) has issued a warning about a new internet ransomware virus called ‘Akira,’.

About Akira:

• Akira is a malicious software designed to target both Windows and Linux-based systems.
• It steals vital personal information and encrypts data leading to extortion of money from people.
• In case a victim refuses to pay, their data is leaked on the dark web blog. 
• Prevention: Users should enforce strong password policies and multi-factor authentication (MFA) and avoid applying updates/patches available in any unofficial channel.

News Source: The Hindu

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Context:  Recently, the primary patent of Janssen Pharmaceuticals, over bedaquiline expired.

• As a result, Indian manufacturers will now be able to supply generic versions of bedaquiline.

About Bedaquiline:

• Bedaquiline is a medication used in the treatment of drug-resistant tuberculosis (DR-TB). 
• It is an antibiotic that targets the bacteria responsible for TB and is considered a cornerstone of DR-TB treatment. 

Drug-Resistant TB:

• Drug-resistant tuberculosis (DR-TB) is a form of tuberculosis (TB) caused by bacteria that are resistant to one or more of the standard anti-TB drugs.
• Tuberculosis is caused by Mycobacterium tuberculosis.

Burden of Drug-resistant TB: 

• Each year, nearly half a million people develop drug-resistant TB and nearly 10.4 million people develop drug-sensitive TB. 
• One-third of the world’s population has latent TB, a version of the disease that can turn active as immunity falls. 
• Nearly 2.8 million patients live in India making it a national public health emergency. 

News Source: The Hindu

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Context: 

Recently, Hundreds of Zero FIRs registered in Manipur, leading to stalled investigations.

About Zero FIR:

• FIR: The term first information report (FIR) is not defined in the Indian Penal Code (IPC), Code of Criminal Procedure (CrPC), 1973, or in any other law, but in police regulations or rules, information recorded under Section 154 of CrPC is known as FIR.
• Zero FIR: When a police station receives a complaint regarding an alleged offense in another station’s jurisdiction, it registers an FIR.
  • The police station then transfers the FIR to the relevant police station for further investigation. This process is called a Zero FIR.
• Origin of Zero FIR: The provision of Zero FIR was established based on the recommendation in the report of the Justice Verma Committee.
  • The Justice Verma Committee was formed after the 2012 Nirbhaya gang rape case.
• Purpose of Zero FIR: To provide speedy redressal to the victim so that timely action can be taken after the filing of the FIR.

News Source: The Indian Express

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Context:

India’s Prime Minister, addressed the G20 Energy Ministers Meet in Goa. 

• On the sideline of the Meeting, a standalone event on Consultations and Recommendations for the Global Biofuels Alliance was organized.

Key Outcomes of the Summit:

• High-Level Voluntary Principles on Hydrogen: The G20 Energy Ministers agreed on High-Level Voluntary Principles on Hydrogen, aiming to encourage the use of zero and low-carbon hydrogen in hard-to-abate sectors.

• Accelerating Energy Transitions: The Ministers emphasized the need to increase the pace of energy transitions. They acknowledged that 85% of all capacity additions in the past year were in renewables.
• Energy Access: The Ministers recognized the importance of providing access to energy for all, considering that 730 million people worldwide still lack access to energy.
• Green Hydrogen Innovation Centre: The International Solar Alliance launched a Green Hydrogen Innovation Centre

India’s Achievements in Energy Initiatives:

• LPG Connections and Village Electricity: India connected over 190 million families with LPG (liquefied petroleum gas).The country achieved the milestone of connecting every village with electricity.
• Piped Cooking Gas for 90% of Population: India is working towards providing piped cooking gas to cover more than 90 percent of the population.
• World’s Largest LED Distribution Program: India launched the world’s largest LED distribution program.This initiative saves over 45 billion units of energy annually.
• Agricultural Pump Solarization and Electric Vehicle Market: Initiatives like the largest agricultural pump solarization project were highlighted.India aims to achieve 10 million annual sales of domestic electric vehicles by 2030.
• Rollout of Ethanol Blended Petrol: India is rolling out 20 percent Ethanol Blended Petrol across the country.The aim is to cover the entire country by 2025.
• Global Hub for Green Hydrogen Production: India has ambitions to become a Global Hub for Green Hydrogen production and export.

News Source: PIB

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Context: 

Gujarat’s Department of Science and Technology (DST) signed a MoU with OneWeb India Communications Pvt Ltd to establish India’s first ‘satellite network portal site’ in Mehsana, Gujarat.

About OneWeb:

• It is a UK-based global communication network powered from space, enabling connectivity for governments, businesses, and communities. 
• It is implementing a constellation of LEO satellites. 
• India’s Bharti Enterprises serves as a major investor and shareholder in OneWeb. 

Satellite Network Portal Site:

• The satellite network portal site will serve as a signal and data downlink and uplink terminal on the ground, facilitating data transmission through satellite tracking antenna systems.
• Low Earth Orbit (LEO) satellites, operating at 500 to 1,200 km altitude, offer high-speed and low-latency communications compared to geostationary satellites.
• OneWeb has 648 satellites in LEO, making 13 orbits per day, covering the entire globe.
• To achieve global coverage, 40 such satellite network portal sites are required, with India planning to have at least 2 sites – one in Gujarat and another likely in Tamil Nadu.

News Source: The Indian Express

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Context: 

The Delhi High Court ruled that the Patents Act, will take precedence over the Competition Act concerning the exercise of rights by a patent holder.

About the Case:

• The case involved appeals by agrochemical company Monsanto and telecom company Ericsson, along with the Competition Commission of India (CCI).
• CCI initiated “antitrust investigations” against Monsanto and Ericsson for alleged anti-competitive practices related to patent licensing.
• The key issue was whether CCI had jurisdiction to investigate actions of a patentee or if it was solely under the Patents Act.

Verdict: 

• The Court ruled that the Patents Act must prevail over the Competition Act on the issue of the exercise of rights by a patentee under the Patents Act.
• Complete Code in Patents Act: The court stated that Chapter XVI of the Patents Act comprehensively deals with unreasonable conditions in patent licensing, abuse of patentee status, inquiries, and relief.

About Patents Act:

• Definition: A patent is an exclusive right granted for an invention under the Patents Act 1970.
  • The patent provides the holder with the sole authority to use, sell, or license the invention, preventing others from doing so without permission.
• Patentee under the Patents Act: According to the Act, a patentee is the person whose name appears on the register of patents as the “grantee or proprietor of the patent.”
• Register of Patents: The register of patents is maintained by a government patent office, which is present in four cities across the country.

News Source: The Livemint

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News Source: Hindustan Times

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