US unveils new carbon offset scheme for climate finance

• It will be developed by the US along with the Bezos Earth Fund and the Rockefeller Foundation and receive inputs from public and private sectors.
• It is a new carbon offset plan that will allow companies to fund clean energy projects in developing countries and gain carbon credits that they can then use to meet their own climate goals, at least partly.
• According to U.S.A, the concept is to put the carbon market to work, deploy capital otherwise undeployable, and speed up the transition from dirty to clean power, for two puposes- to retire unabated coal fired power and accelerate renewables.
• The ETA is expected to deliver deeper and earlier emissions reductions, help developing countries achieve and strengthen their nationally determined contributions (NDCs) under the Paris Agreement, and help them advance broader sustainable development goals, including expanded energy access.
• The ETA is expected to operate through 2030, possibly extending to 2035.

What is the Mangrove Alliance for Climate, and what does it aim to achieve?

• The alliance will raise awareness about the role of mangroves as a "nature-based solution to climate change".
• The alliance will be amplified at the G20 Summit that will be held between November 15 and 16, 2022 in Bali under the presidency of Indonesia.
• The MAC seeks to scale up, accelerate conservation, restoration and growing plantation efforts of mangrove ecosystems for the benefit of communities globally, and recognize the importance of these ecosystems for climate change mitigation and adaptation.

Mangroves:

• A mangrove is a shrub or a small tree that grows along the coastlines and has roots in salty sediments, often underwater. They also grow in swamps.
• Mangrove forests can survive extreme weather conditions and require low oxygen levels to survive.
• The mangroves cannot survive freezing temperatures and thus are found mainly in tropical and subtropical latitudes.
• UNESCO celebrates July 26 as the International Day for the Conservation of the Mangrove Ecosystem to raise awareness about mangrove ecosystems and to promote their conservation.
• According to MAC, Mangrove forests can store ten times more carbon per hectare than terrestrial forests. Also, they can store carbon up to 400 per cent faster than land-based tropical rainforests.
• According to Global Mangrove Alliance (GMA), when the mangroves are cut, the carbon stored in these plants gets released into the air. So, preserving them to keep the carbon emissions levels low is necessary.
• Once the plants die, they take the stored carbon into the soil. This is called "Blue Carbon".
• Moreover, Mangrove forests act as natural barriers against rising tides and storms. Each year, they prevent property damages of over $65 billion.

Mangroves in India:

• India contributes to nearly half of the total mangrove cover in South Asia.
• According to the Forest Survey report 2021 released in January, mangroves cover in the country is 4,992 square km, which is 0.15 per cent of the country''s total geographical area. Since 2019, the cover has risen by only 17 sq km.
• West Bengal has the highest percentage of mangrove cover in India, mainly because it has Sundarbans, the largest mangrove forest in the world. It is followed by Gujarat and Andaman, and Nicobar islands.
• Other states that have mangrove cover are Maharashtra, Odisha, Andhra Pradesh, Tamil Nadu, Goa and Kerala.

CDRI announces $50-mn fund to support global action on disaster resilience infra systems

• It is a multi-donor trust fund, established with the support of the United Nations Development Programme (UNDP) and United Nations Office for Disaster Risk Reduction (UNDRR).
• It will be managed by the United Nations Multi-Partner Trust Fund Office (UN MPTFO) to support global action on disaster resilience of infrastructure systems, especially in developing countries and Small Island Developing States (SIDS).
• Around $50 million in financial commitments have already been announced for IRAF over an initial duration of five years.
• IRAF will play a crucial role in equipping the Coalition to deliver improved infrastructure governance, inclusive infrastructure services, diversified knowledge, and financing for resilient infrastructure globally.
• One of the first initiatives to be supported by the IRAF is the Infrastructure for the Resilient Island States (IRIS).
• Supported by the Governments of India, the United Kingdom, Australia, and the European Union, IRAF’s multi-pronged program focus will offer customised technical assistance, capacity building, research, knowledge management, and advocacy across the infrastructure life cycle for countries at all stages of development.

Coalition for Disaster Resilient Infrastructure (CDRI):

• CDRI was launched by the Prime Minister of India, Narendra Modi at the UN Climate Action Summit in New York in 2019.
• It is a partnership of national governments, UN agencies and programmes, multilateral development banks and financing mechanisms, the private sector, and knowledge institutions.
• It aims to promote the resilience of new and existing infrastructure systems to climate and disaster risks in support of sustainable development.
• CDRI promotes rapid development of resilient infrastructure to respond to the Sustainable Development Goals’ imperatives of expanding universal access to basic services, enabling prosperity and decent work.

Sharm el-Sheikh adaptation agenda eyes up $300 billion funding, move to benefit India

• Transitioning to climate resilient, sustainable agriculture that can increase yields by 17% and reduce farm level greenhouse gas (GHG) emissions by 21%, without expanding agricultural frontiers, and while improving livelihoods including of smallholder farmers
• Protecting and restoring an estimated 400 million hectares in critical areas (land and freshwater ecosystems) supporting indigenous and local communities with use of nature-based solutions to improve water security and livelihoods and to transform 2 billion hectares of land into sustainable management.
• Protecting 3 billion people by installing smart and early warning systems
• Investing USD 4 billion to secure the future of 15 million hectares of mangroves through collective action to halt loss, restore, double protection and ensure sustainable finance for all existing mangroves.
• Expanding access to clean cooking for 2.4 billion people through at least USD 10 billion/year in innovative finance.
• Mobilising USD 140 to USD 300 billion needed across both public and private sources for adaptation and resilience and spur 2,000 of the world''s largest companies to integrate physical climate risk and develop actionable adaptation plans

The Agenda emphasises the urgency for counting with evidence-based, actionable adaptation plans for all actors, making climate risks visible and accessible, and to deploy the locally-led adaptation principles.

Yearbook of Global Climate Action 2022: Marrakech Partnership for Global Climate Action

• This Yearbook of Global Climate Action, the sixth of the series, reviews the state and scope of global climate action in 2022.
• It outlines what is needed to accelerate sectoral systems transformation, features case studies of real-world climate action projects, highlights some key global climate action topics – particularly regionalization and accountability – and presents the High-Level Champions’ contribution to these issues.

Marrakech Partnership for Global Climate Action:

• The Marrakech Partnership for Global Climate Action supports implementation of the Paris Agreement by enabling collaboration between governments and the cities, regions, businesses and investors that must act on climate change.
• It was launched in November 2016 at COP 22.
• Its main objective is to strengthen collaboration between governments and key stakeholders to immediately lower emissions and increase resilience against climate impacts.
• These actions will be guided by the long-term goals of the Paris Agreement and undertaken in the context of the 2030 Agenda for Sustainable Development.

UN Climate Change High-Level Champions:

• At the COP21 United Nations Climate Change Conference in Paris, governments agreed that mobilizing stronger and more ambitious climate action is urgently required to achieve the goals of the Paris Agreement.
• To connect the work of governments with the many voluntary and collaborative actions taken by cities, regions, businesses and investors, nations decided to appoint two High Level Champions.

Finance Minister approves Sovereign Green Bond framework

• Green bonds are financial instruments that generate funds for investment in environmentally sustainable and climate-suitable projects.
• Also, green bonds command a relatively lower cost of capital compared to regular bonds.
• This approval will further strengthen India’s commitment towards its Nationally Determined Contribution targets, adopted under the Paris Agreement. It will help in attracting global and domestic investments in eligible green projects.
• The proceeds generated from the issuance of such bonds will be deployed in Public Sector projects which help in reducing carbon intensity of the economy.
• The proceeds will be deposited to the Consolidated Fund of India (CFI) in line with the regular treasury policy, and then funds from the CFI will be made available for eligible green projects.
• Every year, the finance ministry will inform RBI about the spending on green projects for which the funds raised through these bonds will be used.
• The framework comes close in the footsteps of India’s commitments under “Panchamrit” as elucidated by Prime Minister Narendra Modi at COP26 at Glasgow in November 2021.

Exception:

• The government has excluded nuclear power and large hydropower projects of over 25 MW from the ambit of investments to be made through the issuance of sovereign green bonds.
• All fossil fuel-related projects have been kept out of the framework, along with biomass-based renewable energy projects that rely on feedstock from ‘protected areas’.

Medium Green rating:

• The framework has been rated ‘Medium Green’, with a “Good” governance score by a Norway-based independent second opinion provider CICERO. The ‘Medium Green’ rating is assigned ‘to projects and solutions that represent significant steps towards the long-term vision, but are not quite there yet’.

Green Finance Working Committee (GFWC):

• The Union Finance Ministry has constituted a Green Finance Working Committee (GFWC) with representation from relevant Ministries and chaired by Chief Economic Adviser, Government of India.
• The committee will meet at least twice a year to support Ministry of Finance with selection and evaluation of projects.
• The allocation of the proceeds will be reviewed in a time-bound manner by the GFWC to ensure that the allocation of proceeds is completed within 24 months from the date of issuance.

Pashmina shawls have Shahtoosh guard hair, say Customs officials; all fluff, counter traders and artisans

• Pashmina refers to a fine variant of spun cashmere (the animal-hair fibre), that is derived from the downy undercoat of the Changthangi.
• Pashmina is obtained from a breed of mountain goats (Capra hircus) found on the Changthang Plateau in Tibet and parts of Ladakh.
• Shahtoosh, on the other hand, is the fine undercoat fibre obtained from the Tibetan antelope, known locally as chiru, a species living mainly in the northern parts of the Changthang Plateau in Tibet.
• As they offer high levels of smoothness and warmth, Shahtoosh shawls is a highly expensive commodity.
• However, when their population declined dramatically from commercial poaching, CITES (Convention on International Trade in Endangered Species of Wild Fauna & Flora) listed the Tibetan antelope in 1979, leading to a ban on sale and trade of Shahtoosh shawls and scarves.
• In today''s terminology, pashmina can refer to either the material or a particular type of Kashmir shawl made from it.

Production of Pashmina shawls:

• In the spring, the goats naturally shed their undercoat, which regrows in winter. This undercoat is collected by combing the goat (not by shearing, as in other fine wools).
• A traditional producer of pashmina wool in the Ladakh region are a people known as the Changpa (nomadic people inhabit the Changthang plateau of Tibet).
• China accounts for 70% of the world''s cashmere production (followed by Mongolia (20%) and the remaining by others like Afghanistan, Australia, India, Iran, etc).
• India contributes only about 1% of the world’s Pashmina, but the Pashmina produced in India is considered the best of the lot.

Geographical Indication (GI) label on Kashmir Pashmina:

• The original ‘Kashmir Pashmina’ fabric and its products were given GI tag (by the Government of India, under the 1999 Act), in order to preserve the centuries old art of spinning and weaving fabric.

Level of groundwater extraction lowest in 18 years, finds study

• The assessment was carried out jointly by Central Ground Water Board (CGWB), States and Union Territories.
• Such joint exercises between the CGWB and States/Union Territories were carried out earlier in 1980, 1995, 2004, 2009, 2011, 2013, 2017 and 2020.
• The total annual groundwater recharge for the entire country is 437.6 billion cubic metres (bcm) and annual groundwater extraction for the entire country is 239.16 bcm.
• Out of the total 7,089 assessment units in the country, 1,006 units have been categorised as “over-exploited” in the report.
• By comparison, an assessment in 2020 found that the annual groundwater recharge was 436 bcm and extraction 245 bcm.
• In 2017, recharge was 432 bcm and extraction 249 bcm. The 2022 assessment suggests that groundwater extraction is the lowest since 2004, when it was 231 bcm.
• The analysis indicates increase in ground water recharge which may mainly be attributed to increase in recharge from canal seepage, return flow of irrigation water and recharges from water bodies/tanks & water conservation structures.
• The improvement in ground water conditions in 909 assessment units in the country when compared with 2017 assessment data.
• In addition, overall decrease in number of over-exploited units and decrease in stage of groundwater extraction level have also been observed.

Atal Innovation Mission launches women centric challenges under ANIC programme

• ANIC’s Woman centric challenges address the major issues faced by women from all spheres of life.
• These include driving women hygiene through innovation, innovations to improve women’s safety, professional networking opportunities for women, innovations that make working mothers’ life better, and easing the life of Rural Women.
• ANIC is an initiative by Atal Innovation Mission (AIM), NITI Aayog targeted to seek, select, support and nurture technology-based innovations that solve sectoral challenges of national importance and societal relevance through a grant-based mechanism of up to INR 1 crore.

Other initiatives:

• Indo-German development cooperation project ‘Economic Empowerment of Women Entrepreneurs and Start-ups by Women (Her&Now)’
  • The project was commissioned by Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) and jointly implemented by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and the Ministry for Skill Development and Entrepreneurship to train AIM business incubators with the knowledge, tools, and methods to boost women entrepreneurs.
• Women Entrepreneurship Platform (WEP):
  • NITI Aayog currently runs the Women Entrepreneurship Platform (WEP), which was launched in 2018, to help women become entrepreneurs, scale up their innovations and chalk-out sustainable, long-term strategies for their businesses.

MHA facilitates visit of over 2,000 Indian Sikh pilgrims to Nankana Sahib on Gurupurab

• Nankana Sahib is a city in Pakistan’s Punjab province, where Gurdwara Janam Asthan (also called Nankana Sahib Gurdwara) is located.
• The shrine is built over the site where Guru Nanak, the founder of Sikhism, was believed to be born in 1469.
• Besides Gurdwara Janam Asthan, Nankana Sahib has several important shrines, including Gurdwara Patti Sahib, Gurdwara Bal Leela, Gurdwara Mal Ji Sahib, Gurdwara Kiara Sahib, Gurdwara Tambu Sahib — all dedicated to stages in the life of the first Guru.
• There is also a Gurdwara in memory of Guru Arjan (5th Guru) and Guru Hargobind (6th Guru). Guru Hargobind is believed to have paid homage to the town in 1621-22.
• The Janam Asthan shrine was constructed by Maharaja Ranjit Singh, after he visited Nankana Sahib in 1818-19 while returning from the Battle of Multan.