Daily Current Affairs

April 2024

Current Affairs

Mullaperiyar Dam

Context: The Supreme Court on Monday fixed July 10 for finalising the legal issues to be heard and decided by it in an original suit filed by Tamil Nadu against neighbouring Kerala over the construction of a mega parking project near the Mullaperiyar dam.

The Supreme Court earlier directed the Survey of India to examine whether a mega car park envisaged by Kerala near the Mullaperiyar dam area enters the property covered by the Periyar Lake Lease Agreement of October 1886.

About Mullaperiyar Dam

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  • The river and the dam are so called because the dam is located after the confluence of the Mullayar and Periyar rivers.
  • The dam is 155 ft high and 1200 ft long. Its construction began in 1887 and was completed in 1895. 
  • The first dam, which was built by the British Corps of Royal Engineers, was washed away by floods. Thereafter, a second stonework dam was built in 1895.
  • The dam's purpose was to divert the waters of the west-flowing River Periyar eastward to the arid rain shadow regions of the Theni, Madurai, Sivaganga and Ramanathapuram districts of Tamil Nadu. 
  • The construction of the dam paved the way for the creation of the artificial lake at the Centre of the Reserve. The Periyar Tiger Reserve covers the area inclusive of and around an artificial lake, created because of the construction of the Mullaperiyar Dam. 
  • The dam was built to meet the water requirements of the temple town of Madurai in Tamil Nadu.  
  • Hence, though the dam is situated in Kerala, it is operated by the Tamil Nadu Government. It was according to a 999-year lease agreement (Periyar Lake Lease Agreement) made during the British rule that the operational rights were handed over to Tamil Nadu.
  • The Periyar Lease Agreement granted permission to Tamil Nadu to divert water from the Mullaperiyar river basin in Kerala to Theni to irrigate five arid districts. 
  • As per the agreement, Tamil Nadu was given exclusive right and liberty to use the land at the confluence of the Periyar and Mullayar, in addition to 100 acres for constructing the dam.
  •  The agreement also gave the right to the neighboring state to use water from the dam for irrigation purposes.

Challenges with Renewable Energy

What is India's stance regarding renewable energy?

  • India is the world's third-largest consumer of energy. 
  • According to the Renewables 2022 Global Status Report, India ranks fourth globally in installed renewable energy capacity, fourth in wind power capacity, and fourth in solar power capacity. 
  • India has already met its goal of achieving 40% of installed electric capacity from non-fossil fuel sources.

Targets

  • India has set a new target of 500 GW of non-fossil fuel-based energy by 2030, which is the largest expansion plan for renewable energy in the world. 
  • Additionally, India has committed to achieving net-zero emissions by 2070. 
  • However, India has not committed to phasing out coal due to priorities such as poverty reduction and economic growth.

India has taken several steps to promote renewable energy:

  • National Green Hydrogen Mission focuses on employment, import substitution, and R&D in renewable energy.
  • PM KUSUM scheme ensures energy security for farmers and increases non-fossil fuel power capacity to 40% by 2030.
  • India allows up to 100% Foreign Direct Investment in renewable energy projects.
  • Production Linked Incentive (PLI) scheme aims to enhance India's manufacturing and exports in the solar sector.
  • Green Energy Corridors establish transmission systems for renewable energy projects.
  • The International Solar Alliance aims to deploy solar energy solutions globally.
  • Green carbon credits are proposed to create carbon sinks through public participation.

Despite these efforts, India faces challenges in increasing renewable energy:

  • High Costs and Storage Challenges Hinder Solar Power Expansion: The coal-based power plants require an initial investment of about Rs. 4 crores per MW, while in solar power plants with a capacity of 15% requirement is Rs. 18 crores in investments. Thus due to the high cost, many opt for investment in coal-based power plants.
  • Low Investment:  High transmission and distribution (T&D) losses, which have plagued discoms for decades, prevent them from making decisive investments to support renewable energy, keeping them locked into existing fleet of coal-fired power plants. Further questions around the costs and frictions associated with coal mining, transportation livelihoods, and rehabilitation of those affected need to be addressed which make transition less painful.
  • Weather Dependency: Renewable energy sources such as solar, wind, and tidal power depend on specific weather conditions. If favourable weather is unavailable, these sources can become inefficient and not feasible.
  • Land Acquisition: Most renewable energy plants require large areas of land, which introduces issues related to the cost of acquiring such vast tracts and other land acquisition challenges. Additionally, the distance between the renewable energy source and the grid increases both the cost and the efficiency challenges of renewable energy.
  • Environmental Problems: The turbines contribute to noise pollution and have also been responsible for bird fatalities during operation.
  • Dependence on Solar Panels: India has heavily relied on importing solar cells and modules, mainly from China and Vietnam, to meet its solar energy requirements.

Way Forward

  • Large-scale renewable energy development can avoid reproducing the injustices of past large-scale infrastructure projects, while being sensitive to developmental objectives.
  • Experimenting with ownership models is one approach. The parks need not necessarily be owned by the state or private companies. Community initiatives could help generate revenues for the communities, further promoting small businesses and upskilling, improving incomes, stimulating local economies, and improving energy access. 
  • Solar and wind park development is exempted from Environmental and Social Impact Assessment. The legal and regulatory architecture must be revised and strengthened to limit adverse social and environmental consequences. 
  • In terms of impacts on small and medium landowners where private land is being used, there is no mechanism to monitor if a fair price is paid to those leasing their land. Involving local governance units in the planning and siting processes can provide an opportunity to align local developmental objectives with solar park development. 
  • Wasteland classification needs a significant overhaul. Recognition of commons under the FRA would help improve environmental and equity outcomes by granting land ownership to communities dependent on commons. If such land is to be leased or acquired for solar parks, solar park development corporations will have to engage with local governance units such as the Gram Sabha to initiate the project. 
  • Encouraging research and experimenting with ‘agrivoltaics’ is another way to think about sustainably developing renewable energy. Agrivoltaics pair solar with agriculture, creating energy and providing space for crops, grazing, and native habitats under and between panels. Thus, farmers can grow crops while also being ‘prosumers’ — producers and consumers — of energy.
  • Large-scale renewable energy projects could have positive employment outcomes at the district level, but they lead to massive employment shifts between sectors at the national level. Adequate skilling and training programmes targeting the unskilled and poorer populations are essential to protect them. 

Conclusion

  • We are at the cusp of a second green revolution, this time involving energy. We have an opportunity to anticipate the unintended consequences of this revolution, and align our technological, economic, and institutional structures to maximise synergies between sustainability, climate change mitigation, and development related outcomes.

Amendments in the Green Credit Programme

Context: Ministry of Environment has introduced certain changes in the Green Credit Programme such as removal of the earlier criteria of minimum of 1100 trees/hectare to qualify as reforested landscape and left it to states to specify them.

About: Green Credit Program (GCP) was launched in 2023 as an innovative market-based mechanism designed to incentivize voluntary environmental actions across diverse sectors, by various stakeholders like individuals, communities, private sector industries, and companies. 

What are Green Credits:

  • Green Credits (GCs) are a form of environmental rewards that represent the positive environmental actions awarded to entities who participate in tree plantation initiatives under the Green Credit Program.
  • Two years after planting and following an evaluation by the ICFRE, each such planted tree could be worth one ‘green credit.
  • The Implementing agency (Forest department) will be responsible for ensuring completion of plantation within 2 years.

Administration of Green Credit:

The GCP's governance framework is supported by an inter-ministerial Steering Committee and The Indian Council of Forestry Research and Education (ICFRE) serves as the GCP Administrator, responsible for program implementation, management, monitoring, and operation.

To obtain Green Credits, individuals and entities must register their activities through the central government's dedicated app/website for green credit.

The Administrator will verify the activity through a designated agency, with self-verification for small projects. 

Once verification is complete, the Administrator will grant a Green Credit certificate which will be tradable on the green credit platform.

UNCTAD

Context: The UNCTAD report has made growth projections about India that Indian economy is projected to grow 6.5% in 2024.

About UNCTAD: 

  • The United Nations Conference on Trade and Development (UNCTAD) was established almost six decades ago in 1964, as an organ of the United Nations General Assembly.
  • UNCTAD helps developing countries participate more equitably in the global economy. 
  • It also supports developing countries efforts to use trade, investment, finance, and technology as vehicles for inclusive and sustainable development. 
  • Membership: 195 member states.
  • HQ: Geneva, Switzerland
  • As part of the United Nations Secretariat, UNCTAD reports to the UN General Assembly and the Economic and Social Council but has its own membership, leadership and budget. It is also part of the UN Sustainable Development Group and supports the implementation of the Financing for Development process. 
  • UNCTAD works with member States, international organizations, academics, non-governmental organizations, media, civil society and youth. 
  • The UN General Assembly held the first United Nations Conference on Trade and Development in 1964. The UN institutionalized the conference and gave it a mandate to meet every four years, with intergovernmental bodies meeting between sessions and a permanent secretariat providing the necessary substantive and logistics support. 
  • There have been 15 quadrennial conferences since 1964. The fifteenth (UNCTAD15) was held in Bridgetown, Barbados in October 2021. 
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UNCTAD Reports

The United Nations Conference on Trade and Development (UNCTAD) publishes important reports like:

  • Trade and Development Report
  • World Development Report
  • The least Developed Countries Report
  • Information and Economy Report
  • Commodities and Development Report
  • Technology and Innovation Report

Marine Cloud Brightening (MCB)

Context: Scientists are experimenting with an idea to fight global warming — brightening up marine clouds by aerosol sprays so that they reflect more sunlight back into the atmosphere.

About Marine Cloud Brightening

  • Marine Cloud Brightening Program involves atmospheric scientists and experts collaborating to study how aerosols affect clouds.
  • It is a programme of the Department of Atmospheric Sciences, University of Washington, USA

Objective: To understand these interactions and explore the feasibility of reducing climate warming by enhancing sunlight reflection from marine clouds.

Technique: In clean oceanic air, clouds mostly form from sulfates and sea salt crystals, which are not abundant. This results in larger droplets that reflect less light.

  • Marine cloud brightening (MCB) aims to increase the brightness of marine clouds by enhancing their reflectivity. It achieves this by releasing tiny sea water droplets into the atmosphere using water cannons or special ships.
  • When these droplets evaporate, they leave behind salt particles. These particles act as nuclei for cloud formation, leading to denser and brighter clouds.

Significance of Aerosol-Cloud Interactions:

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  • Clouds reflect sunlight, cooling temperatures locally and globally.
  • Aerosol particles, from natural and human sources, can brighten clouds, enhancing sunlight reflection and cooling the Earth's climate.
  • Changes in cloud cover or sunlight reflection can influence climate dynamics significantly.

Role of Aerosol

  • Aerosols from both natural sources (like biological emissions and sea spray) and human activities (such as burning fossil fuels) mix with low clouds, especially over the ocean, brightening them and thereby increase albedo. This in turn leads to cooling of climate.
  • Uncertainty remains about the overall cooling effect of aerosols on the climate.
  • Aerosol air pollution has made the planet about 0.7° F (0.4 °C) cooler than it otherwise would be, according to the 2021 report by the Intergovernmental Panel on Climate Change (IPCC). For comparison, greenhouse gas emissions have added 2.7°F (1.5°C) of warming.

Aerosol and Precipitation

  • Aerosols serve as cloud condensation nuclei (CCN), providing surfaces on which water vapor can condense to form cloud droplets.
  • The presence of aerosols affects cloud properties such as droplet size, number, and distribution, which in turn influence precipitation formation.
  • Effects on Cloud Dynamics:
    • Increased aerosol concentrations can lead to the formation of a larger number of smaller cloud droplets, altering cloud dynamics.
    • Smaller droplets may reduce the efficiency of raindrop formation and growth, potentially delaying or suppressing precipitation.
  • Precipitation Enhancement or Suppression:
    • In some cases, aerosols can enhance precipitation by increasing the number of cloud droplets and promoting coalescence and raindrop formation.
    • However, in polluted conditions with high aerosol concentrations, clouds may exhibit reduced precipitation efficiency, leading to suppressed rainfall.

Potential Acceleration of Climate Warming:

  • Reductions in atmospheric aerosols since 2010 may have accelerated global warming.
  • Recent declines in particulate pollution emissions from ships, coinciding with rising ocean surface and global temperatures, emphasize the need to understand these effects.

Understanding Marine Cloud Brightening (MCB):

  • MCB proposes using sea salt particles to brighten clouds over the ocean, reducing climate warming.
  • Scientific studies suggest that specific aerosols can significantly increase cloud reflectivity.
  • Sea salt particles would be sprayed from ships into low-lying clouds, remaining in the atmosphere for a few days within localized areas.

Uncertainties and Considerations:

  • Specific regions of the ocean may be more suitable for MCB, but the extent of brightening and its effectiveness in different regions are uncertain.
  • Implementation decisions, such as which areas to brighten and to what extent, will determine the climate cooling achieved and its broader impacts.
  • Changes in clouds induced by MCB and pollution aerosols can affect atmospheric circulation, weather patterns, and precipitation in both local and distant regions.

Critical Aspects and Research Needs:

  • Improving understanding of MCB and aerosol effects is crucial for projecting long-distance effects and associated risks.
  • Further research is needed to assess the feasibility, potential consequences, and optimal implementation strategies of MCB in addressing climate change.

Benefits of Ashwagandha

Context: In the recent years, Ashwagandha has become a subject of intense scientific discussions throughout the world and dozens of scientific papers have been published on its properties in various technical journals. Even the National Geographic magazine has featured Ashwagandha in its latest issue.

Ashwagandha

  • Ashwagandha is an evergreen shrub found in parts of India, Africa, and the Middle East.
  •  It contains several bioactive compounds, including a group of substances known as withanolides.
  • Ashwagandha has also been promoted for COVID-19, but there is not sufficient high-quality evidence to support its use.
  • The shrub got its name Ashwagandha because its roots are said to smell like a wet horse. 
Ashwagandha

Benefits of Ashwagandha

Stress Management:

  • Ashwagandha is renowned for its stress-relieving properties, aiding in the management of both physical and mental stress.
  • Research suggests that Ashwagandha supplementation may help reduce cortisol levels, the hormone associated with stress, promoting a sense of calmness and relaxation.

Enhanced Cognitive Function:

  • Studies indicate that Ashwagandha may support cognitive function, including memory, attention, and learning abilities.
  • Its neuroprotective properties may help protect against age-related cognitive decline and improve overall brain health.

Physical Performance and Endurance:

  • Athletes and fitness enthusiasts often use Ashwagandha to enhance physical performance and endurance.
  • It is believed to improve stamina, strength, and muscle recovery, making it a popular choice among individuals engaging in rigorous physical activities.

Immune System Support:

  • Ashwagandha is recognized for its immunomodulatory properties, which may help strengthen the immune system.
  • By promoting immune function, it may assist the body in fighting off infections and illnesses, contributing to overall well-being.

Anti-inflammatory and Anti-bacterial Effects:

  • Withanolides, the active compounds found in Ashwagandha, exhibit anti-inflammatory and anti-bacterial properties.
  • These properties may help reduce inflammation, alleviate pain, and protect against bacterial infections, supporting overall health and wellness.

Neuroprotective Benefits:

  • Research suggests that Ashwagandha may have neuroprotective effects, potentially benefiting individuals with neurodegenerative diseases such as Alzheimer's and Parkinson's.
  • Withaferin A, a compound in Ashwagandha, has been studied for its ability to combat Beta-amyloid deposition in the brain, a characteristic of neurodegenerative diseases.

Potential Aphrodisiac Properties:

  • Traditionally, Ashwagandha has been used as an aphrodisiac to enhance sexual vitality and libido.
  • Some studies suggest that Ashwagandha may improve sexual function and fertility in both men and women, although further research is needed to confirm these effects conclusively.

Overall, Ashwagandha offers a range of potential health benefits, from stress reduction to immune support and cognitive enhancement. However, it's essential to use it under medical supervision, considering potential contraindications and individual health conditions.

Raja Punja Bhil

Context: In the tribal regions of Rajasthan, tribal parties such as Bharat Adivasi Party, are aiming to frame a broader ideology to create awakening among the tribes. Signboards with drawings of the 16th century tribal icon Rana Punja Bhil have been placed in several places.

The Union Government, through the National Commission for Scheduled Tribes, has also started a project to revise existing literature on Adivasi histories and communities, shifting from colonial-era perspectives to indigenous narratives.

About Raja Punja Bhil:

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  • Rana Punja Bhil or Poonja, was a tribal leader belonging to Bhil tribe.
  • Rana Punja became king of Bhomat region in southern region of Rajasthan. 
  • In 1576 he fought alongside Rana of Mewar, Maharana Pratap against the Mughal emperor Akbar's forces, led by Man Singh I in the Battle of Haldighati.
    • Punja brought a contingent of Bhil tribesmen and himself led a crucial role in Haldighati.
    • Note:
      • The battle of Haldighati was fought in 1576 between the Mewar forces led by Maharana Pratap, and the Mughal forces led by Man Singh I of Amber. 
      • Maharana Pratap was defeated in this battle.
      • After Akbar ascended the throne he started acquiring Rajputana States by using his diplomacy skills.

About Bhil tribe: 

  • Listed as tribal people in: Gujarat, Madhya Pradesh, Chhattisgarh, Maharashtra and Rajasthan as well as in Bengal and Tripura. 
  • Classified as Scheduled Tribes in Rajasthan. 
  • Term ‘Bhil’ was used to refer to various ethnic communities living in the forests and hills of Rajasthan's southern parts and surrounding regions of western India, highlighting the popularity of the bow and arrow as a weapon among these groups. 
  • Language: Bhili, throughout their geographic distribution. 
  • Bhil Rebellion:
    • The rulers of princely states in southern Gujarat were Bhils.
    • The Bhils rebelled on several occasions during the British colonial era, notably in 1846, 1857–58 and 1868. 
    • The Bhils were designated as a criminal tribe by the British colonial government under the Criminal Tribes Act 1871.

Household savings and its impact

Context:  The recent Household consumption expenditure survey has highlighted an alarming scenario for the Indian economy in terms of declining savings and investment in the economy.

Savings in Indian Economy

  • Gross Domestic Savings is contributed by the (I) Household sector, (II) Private (III) Corporate and Public Sector. 
  • Decline in Gross Domestic Savings in the last decade from 37% to 31.5%. 
  • The Household Sector contributes the largest share of Savings in India. 
  • The Household Savings is categorised into a) Net Financial Savings & b) Physical Savings.
  • Net financial savings = Gross financial savings - borrowing.
  • Financial assets include bank deposits, currency, financial investments in mutual funds, pension funds, etc.
  • Household borrowing includes credit from non-bank financial corporations and housing corporations, credit from commercial banks.
  • Now, there has been a reduction in household net financial savings, as the household net financial savings/GDP ratio has attained a four-decade low.
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Three factors for reduction in net financial savings

  • Financing of additional consumption expenditure: But this is not a major factor as consumption/GDP ratio has remained largely unchanged. (60.95% in 2021-22 to 60.93% in 2022-23). 
  • Investment in physical assets: This is also not a major factor as the household physical investment/GDP ratio has increased by only 0.3% between 2021-22 to 2022-23.
  • Increase in the interest payment of households: This has been the major factor as interest payment of the household has increased considerably. This indicates the higher debt burden on the household.
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Implication of higher debt burden:

  • Issue of debt repayment and financial fragility- If the households fail to meet their debt repayment commitments, then it reduces the income of the financial sector as the interest paid by the households is the interest income of the financial sector. So, failure to repay the debt by the household can have a cascading effect on the macroeconomy as it will deteriorate the balance sheets of the lending institutions and in turn make them reduce their credit disbursement to the non-financial sector or the household.
  • Impact on consumption demand- Majority of the consumption in the Indian economy is driven by the household sector. Now, in the present scenario of declining wealth of the households, the consumption expenditure of the households may decline further as they may attempt to preserve their wealth through savings.
  • Declining investment in the economy- The declining savings on the part of the household can lead to the decline in the overall savings in the economy with the banks and government and in turn the bring down overall savings and investment in the economy.

Kashan style carpet of Kashmir

Context: Kashan style is a historic design from the Iranian city of Kashan, employed in carpet making in Kashmir. Kashmir is among the leading carpet-producing States in India and over one lakh artisans are employed by the carpet industry here.

About Kashan Style

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History of carpet making in Kashmir: 

  • The origin of hand knotted carpets locally known as ‘Kal baffi’ dates back to the 15th century.
  • It is said that Sultan Zain-ul-Abidin brought carpet weavers from Persia and central Asia to Kashmir to train the local inhabitants.
    • Shah Rukh Shahi Khan, popularly known as Ghiyas-ud-Din Zain-ul-Abidin was the ninth Sultan of Kashmir, who reigned first from 1418 to 1419 and then from 1420 to 1470.
    • He was famously called Budshah  by his subjects. 
    • The Mahabharata and Kalhana's Rajatarangini were translated into Persian by his order. 
  • There are different types of knots and in Kashmir the Farsi baff and the Persian system known as Sehna, or Sinneh, knot is originally used.
  • Designs and patterns in Kashmir carpets continue to be predominantly inspired by classical Persian and Central-Asia rugs.
    • Thus, Kashmir has been creating Kashan and Kirman, Tabriz and Isfahan, Meshed and Bokhara. 

Kashan rugs: 

  • Kashan rugs, renowned for their intricate designs and cultural significance, originated in Iran.
  • Kashan rugs typically feature intricate medallion designs (an oval or circular design, portrait, relief carving, etc. resembling a medal in shape) at the centre.
  • These rugs are renowned for their rich colour palettes. Deep reds, blues, ivories, and earthy tones are common. 
  • The combination of these colours adds to the rug's allure and creates a vibrant masterpiece.
  • One hallmark of an authentic Kashan rug is its fine knot density. 

Mpox virus uses ‘genomic accordion’ to evolve and infect humans

Context: Monkeypox (Mpox) virus, like other poxviruses, can change its genome to evade our  immune system. This is achieved by either expanding or contracting its genome through gene duplication or gene deletion. Such rhythmic expansions and contractions are called genomic accordions. 

  • Scientists have recently identified the part of the Mpox genome where these expansions and contractions happen. This finding could be crucial in tracking the evolution of the virus and developing treatments and vaccines against Mpox.

Mutation of a Virus:

  • A mutation of a virus refers to a change or alteration in its genetic material, which can be either DNA or RNA. 
  • Mutations can occur naturally and spontaneously during the replication process of the virus, and they can lead to genetic variations within the viral population.
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Monkeypox:

  • Mpox is a viral zoonotic disease caused by the Mpox virus, which is a DNA virus. 
  • Symptoms: Mpox is characterised by rash or skin lesions that are usually concentrated on the face, palms of the hands, and soles of the feet.
  • Transmission: It is mainly spread to people from animals, primarily rodents and monkeys. Human-to-human transmission can also occur through contact with respiratory droplets and bodily fluids through the sexual route. 
  • Treatment: Currently, there is no specific treatment approved for Mpox. However, there are several antiviral medications used to treat smallpox, given to patients with Mpox. Most cases of Mpox are self-limiting (can get better without treatment). 
  • Vaccines: The United States Food and Drug Administration FDA has approved two smallpox vaccines, Jynneos and ACAM2000, that might help prevent monkeypox. There is no specific Mpox vaccine in the Indian market yet.
  • Note: In 2022, the disease had an outbreak in more than 118 countries and the World Health Organisation (WHO) declared it a public health emergency. Based on WHO data, infections have a mortality rate of 1-10%. 
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Fourth global mass coral bleaching

Context: The US National Oceanic and Atmospheric Administration (NOAA) declared the onset of the fourth global mass coral bleaching event due to extraordinary ocean temperatures recently.

This event carries significant implications for marine ecosystems and the millions reliant on reefs for sustenance, livelihoods, and coastal defence.

Causes of Elevated Ocean Temperatures:

  • Since mid-March 2023, average sea surface temperatures (SST) have been unusually high, reaching a record monthly high of 21.07 degrees Celsius in March.
  • Rising emissions of heat-trapping greenhouse gases (GHGs), such as carbon dioxide and methane, are the primary contributors to soaring temperatures. 
  • Nearly 90% of the additional heat trapped by GHGs has been absorbed by the oceans.

Importance of Corals and Coral Reefs:

  • Corals are essentially animals, which are sessile, meaning they permanently attach themselves to the ocean floor. 
  • They use their tiny tentacle-like hands to catch food from the water and sweep into their mouth. 
  • Each individual coral animal is known as a polyp, and it lives in groups of hundreds to thousands of genetically identical polyps that form a ‘colony’.
  • Corals are largely classified as either hard coral or soft coral.
  • It is the hard corals that are the architects of coral reefs — complex three-dimensional structures built up over thousands of years. 
  • “Unlike soft corals, hard corals have stony skeletons made out of limestone that are produced by coral polyps. 
  • When polyps die, their skeletons are left behind and used as foundations for new polyps,” according to NOAA.
  • Coral reefs, also referred to as “rainforests of the sea”, have existed on the Earth for nearly 450 million years.
  • Australia’s Great Barrier Reef is the largest in the world, stretching across 2,028 kilometres. 

Significance of Coral Reefs:

  • Coral reefs harbour immense biodiversity, supporting over 400 coral species, 1,500 fish species, and numerous other organisms.
  • They provide economic benefits valued at about $375 billion annually and offer coastal protection from storms and floods for over 500 million people worldwide.
  • Coral reefs can absorb up to 97% of the energy from waves, storms, and floods, which prevents loss of life, property damage, and soil erosion.

Understanding Coral Bleaching:

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  • Most corals contain algae called zooxanthellae — they are plant-like organisms — in their tissues. 
  • Corals and zooxanthellae have a symbiotic relationship. 
  • While corals provide zooxanthellae a safe place to live, zooxanthellae provide oxygen and organic products of photosynthesis that help corals to grow and thrive. 
  • Zooxanthellae also give bright and unique colours to corals.
  • Corals are very sensitive to light and temperature and even a small change in their living conditions can stress them. 
  • When stressed, they expel zooxanthellae and turn entirely white. This is called coral bleaching.
  • Coral bleaching doesn’t immediately lead to the death of corals. They rather go under more stress and are subject to mortality. 
  • Coral bleaching reduces the reproductivity of corals and makes them more vulnerable to fatal diseases. If the bleaching is not too severe, corals have been known to recover.

Incidences of Coral bleaching

  • Global mass bleaching of coral reefs is when significant coral bleaching is confirmed in the Atlantic, Indian and Pacific oceans, according to a report published by The Conversation. Such events are a relatively new phenomenon. 
  • The first one took place in 1998 in which 20% of the world’s reef areas suffered bleaching-level heat stress. 
  • The next two global bleaching events occurred in 2010 (35% of reefs affected) and between 2014 and 2017 (56% of reefs affected).

Current Status of Global Bleaching Event:

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  • NOAA has confirmed the fourth global bleaching event, with widespread bleaching reported across 54 countries, territories, and localities from Florida, the US, Saudi Arabia to Fiji.
  • The Great Barrier Reef is experiencing its most severe bleaching event, with approximately one-third of surveyed reefs showing extreme bleaching.
  • Bleaching was also confirmed in the Western Indian Ocean, including Tanzania, Kenya, Mauritius, Seychelles, and off the western coast of Indonesia.
  • The key driver behind the current event is higher ocean temperatures. However, the situation has been exacerbated by El Niño, a weather pattern which is associated with warmer oceans.

Impact of the Event:

  • The full impact of the ongoing bleaching event is yet to be determined, but scientists anticipate severe consequences.
  • With global temperatures rising, such events are expected to become more frequent and prolonged, posing a grave threat to coral reefs worldwide.

Response and Outlook:

  • To curb global warming and mitigate the loss of coral reefs, countries must reduce greenhouse gas emissions to net zero by 2050, as outlined in the Paris Agreement.
  • However, achieving this goal remains challenging due to continued record levels of GHG emissions.
  • The fourth global mass coral bleaching event underscores the urgent need for concerted global action to mitigate climate change and preserve coral reef ecosystems, upon which millions depend for their well-being.

IMF, World Bank debt revamp process needs a relook

Context: The recent Global Sovereign Debt Roundtable (GSDR) meeting held on the sidelines of the IMF and World Bank Meetings offered solutions for low-and middle-income countries (LMICs), burdened by mounting debt. The world is facing a global debt challenge that reached a staggering $235 trillion in 2022, with low-income developing countries particularly vulnerable.

Challenges in dealing with debt vulnerabilities: 

  • IMF and World Bank acknowledged significant progress in tackling global debt vulnerabilities.
  • Key challenge: debt restructuring processes and ensuring fair treatment across creditors.
  • United Nation Conference on Trade and Development Least Developed Countries Report 2023: 
    • Total external debt of Least Developed Countries hit a record $570 billion in 2022-more than four times higher than in 2006.
    • These countries are spending five times more on debt servicing than a decade ago.
    • Number of sovereign debt defaults in these countries have increased in recent years. 
    • Low-Income Countries: 60 per cent are currently in debt distress or having defaulted on their obligations.
  • Unsustainable debt situation creates a vicious cycle.
    • LMICs rely on borrowing to finance crucial infrastructure projects and social programmes.
    • Excessive debt can become a major drag on economic growth.
    • High debt servicing costs divert resources away from productive investments, hindering long-term development prospects.
    • Conditions of loans:
      • The IMF and World Bank through tools like Debt Sustainability Frameworks (DSFs), assess a country’s ability to repay its loans and offer financial assistance and policy advice for reforms that promote economic growth.
      • However, a study of 81 developing countries from 1986 to 2016 shows that IMF loan arrangements containing structural reforms led to rise in unemployment, lower government revenue, increased costs of basic services, and decreased investment in social security programmes. 
      • Also, groups like Paris Club, only negotiate debt restructurings with debtor countries that have demonstrated a track record of implementing reforms under an IMF program.
      • This means country must have a current program supported by an appropriate arrangement with the IMF, example: Extended Fund Facility, Poverty Reduction and Growth Facility. 
  • Lengthy time frame associated with debt restructuring processes:
    • Delayed resolutions create uncertainty for debtor countries increasing  economic hardship. 
      • Example: Delay in finalising the IMF programme and debt restructuring package for Ethiopia under the G20 Common Framework for debt treatments.
      • Stakeholders have specifically sought clarification over the efficacy of the IMF’s Ethiopia package and the reasons for its delay.
      • Hence, transparency will benefit Ethiopia and also strengthen confidence in the IMF's role as a facilitator of debt resolution.
  • Another issue pertains to the absence of adequate representation, influence, and voice for developing countries in the decision-making processes of MDBs.

Way forward:

  • Need to set target of programme approval within 2-3 months for future debt restructuring cases, also included under the G20 Common Framework for debt treatments.
  • Streamlining communication and information sharing between debtor countries, official bilateral creditors (government-to-government loans), and private creditors.
  • Ensuring comparability of treatment (CoT) between different creditor groups, which means that all creditors holding similar claims should receive comparable treatment in terms of debt relief.
  • Enhanced information exchange and coordination between official bilateral creditors and private creditors will allow debtor countries to negotiate with full knowledge of CoT. This will facilitate a more efficient and equitable resolution.
  • The IMF and World Bank should prioritize programs identified by national governments with a sectoral focus and long-term transformation plans. This approach aligns more closely with the developmental priorities of individual nations and encourages the co-creation of multi-year programs.
  • Countries are encouraged to create bankable projects that can compete for finance on the country platforms. Technical support can help in developing asset specifics, measurement, disclosure, and appropriate incentives. Transparency and competition are key factors in reducing the impact of geopolitics in project decisions.
  • Global South representation to ensure that the voices and perspectives of the Global South, including countries such as India, are not only heard but also advocated for in decision-making processes. This ensures a more inclusive and equitable approach to their operations.

The IMF and World Bank must continue to play a proactive role in facilitating communication, promoting transparency, and advocating for faster and fairer debt restructuring processes.

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