Top News Highlights-14 November 2024

UNFCCC Conference Advances Carbon Market Standards (COP-29)

• New carbon market standards support a centralized carbon market under Article 6 of the Paris Agreement, promoting voluntary climate actions between countries.
• Article 6.2 enables countries to trade emission reductions through bilateral or multilateral agreements; credits traded through such agreements are called ITMOs: Internationally Transferred Mitigation Outcomes.
• Article 6.4 establishes a global carbon market run by a UN body, and within such a framework, the countries and corporations are well-placed to buy A6.4ER credits.
• The advantages of this institution provide funding to developing countries, better tracking, and enhanced trust with climate action.

India’s Adaptive Defense Strategy to Tackle Emerging Threats

• During the meet, Raksha Mantri spoke about an “adaptive defense,” which comprised the weapons such as speed and agility in fending off threats arising out of advanced technologies.
• This will include situational awareness, flexibility, and new emerging technologies such as cyber warfare, autonomous weapons, and synthetic biology.
• Lethal autonomous weapons, lasers, electromagnetic railguns, and synthetic biology applications are some of the future warfare technologies.
• Cyber threats, information warfare, and all non-conventional security issues are to be covered by this new approach to secure India beyond traditional borders.

RBI Introduces New Framework for FPI to FDI Reclassification

• The new directive of RBI has declared that foreign Portfolio Investors, who are above 10 percent, in an Indian company can reclassify their investments as FDI.
• According to the FDI norms, it will be done along with all the approvals sought from the government and if it comes in sensitive sectors only then after meeting all requirements relating to both defence and gambling sectors.
• According to regulation 2019- Foreign Exchange Management (Non-Debt Instruments), Regulations will be followed.
• This policy brings strategic investment opportunities for FPI’s along with clarity and flexibility in the Indian market.

NITI Aayog CEO Advocates for India’s Entry into RCEP and CPTPP

• RCEP and CPTPP are two regional trade agreements that hold prospects of expanding Indian MSME exports, greater inclusion in the global supply chain, and one-plus-China opportunities.
• They carry the risks of trade deficits, domestic competition to Indian industries, and specific sectoral concerns such as the dairy industry
• RCEP would involve ASEAN member countries and FTA partners China, Japan, and Korea, while CPTPP comprises 11 Asia Pacific nations.
• NITI Aayog suggests data-driven weighing of advantages in terms of more self-reliance, more jobs creation and better global placement.

World Bank Report Highlights Demographic Challenges and NCDs in India

• NCDs cause deaths of 70% of the global population; in India, NCDs lower years of schooling and push up out-of-pocket spending on healthcare.
• There will be an increase in the deaths contributed by NCDs from 61 million in 2023 to 92 million by 2050, contributed by ageing populations and urbanization.
• Recommendations include: life-course approach to NCDs and fiscal tools include raising taxes on harmful products .
• Some of the key policies in India that have been set up are those that are in place to manage the treatment of NCDs within the healthcare system, including the National Programme for Prevention of Cancer and Stroke.

Global Carbon Budget Report: Emissions Surge Despite Climate Targets

• Fossil-based CO2 emissions increased to 37.4 billion tonnes, China accounting for 31%, USA 13%, and India 8%.
• Half of the emissions absorbed by land and ocean carbon sinks; however, their effectiveness is degrading because of global warming.
• Land-use change emissions decrease by 20%; however, forestation offsets the more increased destruction of forests.
• This information requires strong climate practices to achieve the 1.5°C threshold of the Paris Agreement.

Key Concepts and Policies

• Article 6 of the Paris Agreement: A framework allowing countries to cooperate on emission reduction goals through trading mechanisms.
• Adaptive Defense: A strategic approach in national defense focusing on flexible and proactive responses to evolving threats, including cyber and information warfare.
• Foreign Portfolio Investment (FPI): Investment in Indian equities by foreign investors, typically limited to 10% per company without reclassification as FDI.
• Non-communicable Diseases (NCDs): Chronic diseases like heart disease and diabetes that are major causes of mortality and economic burden.
• Global Carbon Budget : Annual estimates of CO₂ emissions and sinks, tracking progress toward global climate targets.