11 November 2022 Daily Current Affairs: BIMSTEC Agriculture Meeting, Energy Transition Accelerator

India's First Sovereign Green Bonds Framework: The first Sovereign Green Bonds framework for India has been approved by Union Minister for Finance & Corporate Affairs Nirmala Sitharaman. India's commitment to meeting its Nationally Determined Contribution (NDC) goals will be strengthened by this approval.

Green Bonds

A green bond is a type of debt instrument used to raise money for environmentally friendly initiatives involving renewable energy, sustainable transportation, and water management. Bonds are fixed-income securities representing loans from investors to borrowers (typically corporate or governmental).

Advantages Of Green Bonds

• Green bonds let issuers demonstrate their commitment to sustainable development, which improves their reputation.
• Capacity to fulfil their obligations as per climate obligations.
• The declared goals for India's contribution to improving the environment and moving forward on a low-carbon path are outlined in the Intended Nationally Determined Contribution (INDC) document.
• Compared to commercial bank loans, green bonds often have lower interest rates.
• The cost of raising finance may be reduced as international investors focus more on green initiatives.

Energy Transition Accelerator

• The United States recently introduced a new carbon offset programme for climate funding- Energy Transition Accelerator (ETA).
• It will be created by the US, the Bezos Earth Fund, and the Rockefeller Foundation and incorporate suggestions from both the public and commercial sectors.
• It is a new carbon offset programme that will enable businesses to support sustainable energy initiatives in developing nations and earn carbon credits they can use to, at least in part, meet their own climate goals.
• According to the United States of America, the idea is to use the carbon market, allocate capital that would not otherwise be used, and hasten the switch from dirty to clean energy for two purposes: to accelerate renewable energy and phase out coal-fired power completely.

National Affairs

India Agribusiness Award 2022

Dr. Sanjeev K. Balyan, Minister of State for Fisheries, Animal Husbandry, and Dairy, presented the National Fisheries Development Board (NFDB) with the India Agribusiness Award 2022.

Ground Water Resource Assessment

The Central Ground Water Board (CGWB), States, and Union Territories collaborated to conduct the assessment. There are 437.6 billion cubic metres (bcm) of groundwater recharge and 239.16 bcm of groundwater extraction in the entire nation annually. 1,006 of the 7,089 assessment units in the nation have been classified in the report as being "over-exploited."

Uplinking And Downlinking Of Television Channels

The Ministry of Information and Broadcasting has established new uplinking and downloading regulations. It was formerly advised by the Ministry of Information and Broadcasting (I&B) that all broadcasting should only be done through Prasar Bharti. Television networks must now air 30 minutes each day of programming in the public or national interest. Nevertheless, sports, wildlife, and foreign channels will be exempt from these requirements.

International Affairs

BIMSTEC Agriculture Ministers Meeting 2022

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) 2022's second agriculture ministerial-level meeting was hosted by India in New Delhi under the leadership of Narendra Singh Tomar (Union Minister For Agriculture And Farmers Welfare). The gathering launched the BIMSTEC Agricultural Cooperation Action Plan (2023-2027). The agriculture ministers from Bhutan, Bangladesh, Nepal, Myanmar, Sri Lanka, and Thailand attended this meeting. Its objective is to develop a comprehensive regional strategy to boost cooperation for agricultural transformation.

Yearbook of Global Climate Action 2022

The Yearbook of Global Climate Action 2022 was recently released by the Marrakech Partnership for Global Climate Action. The sixth volume in the series, the Yearbook of Global Climate Action, examines the nature and extent of climate change in 2022.

Greenwashing

The UN Secretary-General has cautioned private companies to stop "greenwashing" and change their ways within a year. American environmentalist and researcher Jay Westerveld coined the phrase "greenwashing" in 1986. Greenwashing is the practice of businesses and governments portraying a wide range of activities as being environmentally benign, as something that would result in emissions being avoided or reduced.