Syllabus:

• Prelims & Mains – ENVIRONMENT

Context: COP29, held at Azerbaijan’s capital Baku, has given a fillip to the idea of using carbon markets to curb carbon emissions by approving standards that can help in the setting up of an international carbon market as soon as the coming year.

Background: –

• Carbon credits were first used in the 1990s in the U.S.

What is a carbon market?

• A carbon market allows the buying and selling of the right to emit carbon. Suppose a government wants to limit the amount of carbon emitted. It can issue certificates called carbon credits that allow certificate holders to emit a certain amount of carbon. One carbon credit is equivalent to 1,000 kilograms of carbon dioxide. By limiting the number of carbon credits that are issued, governments can control how much carbon is released into the environment. It should be noted that anyone who doesn’t hold carbon credits would not be allowed to emit any carbon into the atmosphere.
• Individuals and firms that hold carbon credits but don’t actually need them for any reason can sell their credits to interested buyers. The price is determined by market forces, which in this case are the supply of carbon credits and the demand for these certificates.
• A carbon market can also include the trading of carbon offsets. In this case, a business that pollutes the environment for example, can purchase carbon offsets sold by a NGO that promises to plant trees that suck a certain amount of carbon emissions out of the atmosphere for each offset that it sells.

What is Good about Carbon Markets?

• Addresses Externalities:
  • Carbon emissions are a negative externality where the cost of pollution is not accounted for in market prices.
  • Carbon markets impose a financial cost on polluters, incentivizing firms to reduce emissions.
• Monetary Incentive to Reduce Pollution: Firms must purchase the right to pollute, encouraging them to minimize emissions to save costs.
• Improved Carbon Accounting: Technological advancements and standardized accounting frameworks have enhanced the ability of corporations to monitor and report emissions.
• Flexibility for Firms: Firms can purchase credits from others that don’t need them, optimizing resource allocation.

What Can Go Wrong with Carbon Markets?

• Manipulation by Governments: 
  • Governments disinterested in reducing emissions may flood the market with carbon credits, reducing their price and effectiveness.
  • Conversely, excessive restrictions on carbon credits may unnecessarily slow economic growth.
• Cheating and Non-Compliance: Firms may find ways to cheat the system and emit carbon illegally without purchasing credits. Enforcement of compliance is critical for market success.
• Ineffective Carbon Offsets: Firms may invest in carbon offsets as a form of virtue signaling without ensuring they truly reduce emissions.
• Limited Incentives for Small Businesses: Small businesses, particularly in developing nations, face challenges in accurately monitoring emissions.
• Varied Production Processes: Diverse supply chains and production methods make it difficult to establish uniform carbon budgets for all facilities.

Source: The Hindu

Syllabus:

• Prelims – GEOGRAPHY

Context: Israel is set to double its population on the occupied Golan Heights while saying threats from Syria remained despite the moderate tone of rebel leaders who ousted President Bashar al-Assad a week ago.

Background: –

• Israel captured most of the strategic plateau from Syria in the 1967 Six-Day War, annexing it in 1981.

Key takeaways

• The Golan Heights is a strategically significant plateau located in southwestern Syria, bordered by Israel, Lebanon, and Jordan. 
• The Golan Heights covers an area of approximately 1,800 km². It is characterized by its hilly terrain and basaltic rock formations.
• The Golan Heights offers a vantage point overlooking the Jordan River valley and the Sea of Galilee.
• It is bordered by the Yarmouk river in the south and the Sea of Galilee in the west. 
• The hilly land is fertile, and the volcanic soil grows apple and cherry orchards as well as vineyards. The region has vital water sources that feed the Jordan River, including the Hasbani River, which flows from Lebanon and through the Golan.
• Population: The region has a population of around 55,000 people, including 24,000 Druze who identify as Syrians.
• Highest Point: The highest elevation is Mount Hermon, which stands at 2,814 meters (9,232 feet).
• Ottoman Rule: The Golan Heights came under Ottoman control in the 16th century and later became part of the French Mandate in Syria.

Modern History:

• During the Six-Day War in 1967, Israel captured the Golan HeDuring the 1973 Arab-Israeli War, Syria attempted to take back the Golan Heights but failed to do so.
• In 1974, the UN got involved, deploying peacekeeping forces in the area after Israel and Syria signed an armistice.
• The Security Council established the UN Disengagement Observer Force (UNDOF) the same year as it tried to maintain a ceasefire and creating a ceasefire buffer zone in the area. As of April, 1,274 UN personnel are deployed in the Golan Heights.
• In 1981, Israel formally declared its annexation of the Golan Heights.
• In 2019, the US, under then-President Donald Trump, recognised Israeli sovreignty over the Golan Heights. The recognition still stands, even under President Joe Biden’s administration.

Source: The Hindu

Syllabus:

• Prelims – ENVIRONMENT

Context: Carcasses of Olive Ridley turtles, which are currently in their breeding season, continue to wash ashore along the Visakhapatnam coast.

Background:

• Environmental experts say that a majority of the deaths are due to marine pollution and trawling activities for catching fish.

Key takeaways:

• The Olive Ridley Turtle (scientific name: Lepidochelys olivacea) is the smallest and most abundant sea turtle species in the world.
• Size: Olive Ridley turtles grow to about 2 feet in length and weigh around 50 kg.
• Habitat: They inhabit warm and tropical waters of the Pacific, Atlantic, and Indian Oceans.
• Appearance: They get their name from their olive-colored carapace (shell), which is heart-shaped and rounded.
• Carnivorous: Olive Ridley turtles are carnivores, feeding mainly on jellyfish, shrimp, snails, crabs, mollusks, and various fish and their eggs.

Unique Behavior:

• Arribada: Olive Ridley turtles are best known for their unique mass nesting behavior called arribada, where thousands of females come together on the same beach to lay eggs.
• Nesting Sites: The coast of Orissa in India is the largest mass nesting site for Olive Ridley turtles, followed by the coasts of Mexico and Costa Rica.
• Major nesting sites in India include:
  • Odisha: Gahirmatha Beach, Rushikulya River mouth, and Devi River mouth.
  • Andhra Pradesh, Tamil Nadu, and the Andaman and Nicobar Islands.

Life Cycle:

• Egg Laying: Females lay eggs in conical nests about 1.5 feet deep, which they dig with their hind flippers.
• Hatching: After about 45-65 days, the eggs hatch, and the hatchlings make their way to the ocean.
• Survival Rate: Only about 1 in 1,000 hatchlings survive to adulthood.
• Conservation Status : The Olive Ridley turtle is listed as Vulnerable on the IUCN Red List due to threats like habitat loss, pollution, and poaching.

Source: The Hindu

Syllabus:

• Prelims – CURRENT EVENT

Context: The Centre on Sunday launched the Jalvahak scheme to boost long-haul cargo movement via inland waterways.

Background: –

• India has an extensive inland waterway network spanning 20,236 km, but its freight transport potential remains under-utilised compared to countries like the US and China.

About Jalvahak scheme

• The Jalvahak Scheme is an initiative by the Indian government aimed at boosting cargo movement via inland waterways.
• Launch Date: Unveiled on December 15, 2024.
• The scheme will remain valid for three years and is designed to optimise supply chains for major shipping companies, freight forwarders, and trade bodies.
• Objective: To promote sustainable and cost-effective transportation across National Waterways 1 (Ganga), 2 (Brahmaputra), and 16 (Barak river).
• Implementation: Jointly implemented by the Inland Waterways Authority of India (IWAI) and Inland & Coastal Shipping Ltd (ICSL), a subsidiary of the Shipping Corporation of India.

Key Features:

• Incentives: Cargo owners transporting goods over distances exceeding 300 km via waterways will receive up to 35% reimbursement on operating costs.
• Economic Impact: The scheme aims to facilitate a modal shift of 800 million tonne-kilometres with an estimated investment of Rs 95.4 crore by 2027.

Significance:

• Decongestion: The scheme aims to reduce logistics costs and decongest road and rail networks.
• Environmental Benefits: Promotes eco-friendly cargo transportation.
• Economic Value: Provides a positive economic value proposition to trade and advances Prime Minister Narendra Modi’s vision of transformation via transportation.

Source: The Hindu

Syllabus:

• Mains – GS 2

Context: As India seeks to expand its manufacturing and technological capability, critical minerals will become vital to fulfil this ambition.

Background: –

• India is a major critical mineral importer, still depends on other countries, primarily China, for its mineral security, which has become a cause of strategic concern.

Key takeaways

• To address India’s mineral security challenge, New Delhi has started an attempt to engage in mineral diplomacy. This attempt is based on the pillars of: developing international engagement with mineral-producing countries, and establishing strategic partnerships with intergovernmental organisations. 
• The first pillar focuses on building bilateral ties with resource-rich countries such as Australia, Argentina, the United States, Russia, and Kazakhstan to secure the supply.
• To facilitate, India established the Khanij Bidesh India Ltd. (KABIL), a joint venture company with a mandate to ensure a consistent supply of critical and strategic minerals to the Indian domestic market.
• In March 2022, KABIL signed a Memorandum of understanding with Australia for a critical mineral investment partnership, identifying two lithium and three cobalt projects. 
• Latin America’s Lithium Triangle, which constitutes Argentina, Chile, and Bolivia, has attracted India. India signed a $24 million lithium exploration pact with a state-owned enterprise in Argentina for five lithium brine blocks. KABIL is actively working to secure mineral supplies by facilitating the buying of assets from Bolivia and Chile.
• Central Asia has also caught India’s attention. India and Kazakhstan formed a joint venture, IREUK Titanium Limited, to produce titanium slag in India.
• The second pillar of mineral diplomacy is forging and strengthening partnerships with minilateral and multilateral initiatives related to mineral security, such as the Quad, the Indo-Pacific Economic Framework for Prosperity (IPEF), Mineral Security Partnership (MSP) and the G-7, for cooperation in supply chain.

The missing pieces

• India’s mineral diplomacy still lacks three essential ingredients. These are: a lack of private sector participation; weak diplomatic capacity, and insufficient sustainable partnership. 
• India’s private sector has largely been missing from the equation. The absence of a critical mineral supply chain strategy and a clear road map for the private sector are two primary variables responsible for their absenteeism.
• Second, India must strengthen its mineral diplomacy engagement. Having a dedicated mineral diplomacy division within the Ministry of External Affairs, similar to the New and Emerging Strategic Technologies (NEST) division and a special position for mineral diplomacy in selected diplomatic missions can be a step.
• Third, Delhi must forge strategic, sustainable, and trusted partnerships with bilateral partners and multilateral forums. Among all its partners, working with EU, South Korea, and the other Quad members is critical to India’s mineral security due to its domestic capabilities, diplomatic network and technological know-how.

Source: The Hindu

Q1.) What is the primary objective of a carbon market?

a) To create a new source of revenue for governments

b) To allow unlimited carbon emissions without penalties

c) To trade the right to emit carbon and control overall carbon emissions

d) To replace traditional energy markets with renewable sources

Q2.) Which of the following rivers is located near the Golan Heights and serves as a vital water source for the region?

a) Narmada River

b) Hasbani River

c) Euphrates River

d) Tigris River

Q3.) What is the unique nesting behavior of Olive Ridley turtles known as?

a) Migration

b) Arribada

c) Transhumance

d) Parthenogenesis

Comment the answers to the above questions in the comment section below!!

ANSWERS FOR ’  Today’s – Daily Practice MCQs’ will be updated along with tomorrow’s Daily Current Affairs

Q.1) – b

Q.2) – a

Q.3) – b