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Current Affairs 17 November 2022

Contents:

1 ) Opposition to Carbon border tax

2 ) Pay for Climate damage

3 )War Causing immense human suffering


Opposition to Carbon border tax


Relevance:

  • GS 3 Environmental Global Warming

Context:

  • At COP-27 India and three others oppose Carbon border tax

Dimensions:

  • What is Carbon Border Tax?
  • Action taken upon imposing carbon border tax.

In Detail:

About Cardon border tax

Carbon border tax can be defined as a penalty tax to discourage import of carbon intensive goods such as steel, aluminium, cement, fertilizers an electricity via carbon border adjustment mechanism (CBAM).

Proposed Policy Introduced

The European Union has proposed a policy called the Carbon Border Adjustment Mechanism to tax products such as cement and steel, which are extremely carbon intensive, with effect from 2026.

Basic a group comprising Brazil, India, South Africa and China, Large economies that are significantly department on coal has for several years voiced common concerns and reiterated their right to use fossil fuels during their transition to clean energy.

Their statement expressed “grave concern” that developed countries were not showing leadership or responding with a matching effort.


Pay for Climate Damage


Relevance:

  • GS 3 Environment: Climate Change and organization related

Context:

Dimensions:

  • Who should pay for Climate damage

In Detail:

Between 1900 and now developed countries have benefited from industrial development, which also led to greenhouse (GHG) emissions, Therefore, options, like financing the developing or, undeveloped countries by the developed world have been discussed at the COP 27

India is among the top seven emitters of GHG emissions. However, some emissions are unavoidable if we seek economic development. But, put in the context of India Population, its emission is far lesser per head, than for others, World average per capita GHG commission were 6.3 tonnes of Co2 equivalent (tCo2e) in 2020.

The U.S. is above this at 14 followed by 13 in the Russian Federation in China. India remains far below the world average at 2.4.


War Causing Immense Human Suffering


Relevance:

  • GS 2 International Relation

Context:

  • Leaders of G-20 grouping on Wednesday said it was “essential to hold international law and the multilateral system” as “today era must not be of war”.
  • War Causing immense human suffering.

Dimensions:

In Detail:

About War Causing immense human suffering

Joint declaration says the conflict is exacerbating existing fragilities in the global economy, constraining growth, threating energy and food security and elevating financial stability risk.

Leaders of G-20 grouping on Wednesday said it was “essential to hold international law and the multilateral system” as “today era must not be of war”.

Outcomes:

The declaration revealed that not all members states condemned the Russian action against Ukraine.

“Most members strongly condemned the war, and strength used it is causing immense human suffering and exacerbating existing fragilities in the global economy constraining growth, increasing inflation, disrupting supply chains, heightening growth, increasing inflation, disrupting supply chains, heightening energy and food security and elevating financial stability risks,” it said.

During the Presidency, India, Indonesia and Brazil would from the troika. This would be the first time when the troika would consist of three developing countries and emerging economies, providing them a greatest voice.

About term Troika

Troika refers to the top grouping within the G20 that consists of the current previous and the upcoming presidencies (Indonesia, India and Brazil).

About G20

The G20 was formed in 1999 in the backdrop of financial crisis of the late 1990s that hit the East Asia in particular. It aims to secure global financial stability by involving middle income countries.

G20 Members:

The members of the G20are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union. 


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