Wednesday, 10 November 2021

ASSESSMENT OF CLIMATE CHANGE IN INDIA

 India's contribution in mitigating carbon Emission comparative to other countries

Climate Change

Climate change refers to the change of climate directly or indirectly because of human activities that alter the composition of the global atmosphere. It refers to changes in climate characteristics, including temperature, humidity, rainfall, wind, and harsh weather events over long-term periods.

Causes of Climate change

As we know there are many reasons due to which the world is experiencing climate change, some of them are:

When fossil fuels like coal, oil, and natural gas are burnt, they release carbon dioxide into the atmosphere, because of this the layer of greenhouse gas is getting thicker which is, in turn, making the earth warmer. Similarly, there are other gases like methane, chlorofluorocarbons, and nitrous oxide, emitted through different human activities like industrial fume, vehicles, stubble burning, fire in the forests, etc. which contributes to the process of climate change.

Climate change in India

India is not historically responsible for climate change, but still, India and other developing nations are doing more than the developed countries to reduce carbon emissions. The latest Climate Change Performance Index (CCPI) 2021 has placed India among the top 10 countries to have adopted considerable measures to mitigate climate change. This is for the second consecutive year Indi has been Placed in the top 10 countries.

India is the 13th most vulnerable country to climate change. Since more than 60 percent of its agriculture is rainfed and it hosts 33 percent of the world's poor, climate change will have significant impacts on food and nutritional security. According to a study by the Council on Energy, Environment, and Water (CEEW), about three in four of India's districts are hotspots of extreme climate events such as cyclones, floods, droughts, heat, and cold waves. Here is a series of maps that capture climate change impacts on the country

Map showing climate change impact on The coast and islands of India

India is already the fifth most vulnerable country globally in terms of extreme climate events and it is all set to become the world’s flood capital.

Climate Change Projection and impacts on Central and Peninsular India

Comparing India and Other Nations: Equity is Key to Stopping Climate Change

Issues such as increasing historical emissions are slowly being phased out of the climate change discourse, by that the responsibility of a handful of countries like the United States, the United Kingdom, the European Union, Japan, Russia, Canada, and Australia, for creating the problem of global warming has been removed, as many other countries also joined this trend of emissions for the sake of their technological and economic advancement so that they can also participate in the race of developed countries and short their status from developing nation to developed nation.

Since 2001, China has also become part of the problem. Together, the seven rich countries, along with China, will control over 70 percent of the carbon space left between 2020 and 2030. 

As in the race of this developed and developing nation, developed nations are already contributing in the emission since 1870, whereas developing nations had joined in the past decade but still the unjust share of carbon emissions that have helped a certain group of countries develop while putting pressure on poor countries that are still developing to take unjust mitigation measures. This inequitable distribution of carbon emission and equal steps for mitigation, will net zero emissions targets by 2050 help mitigate climate change?

Here is some data which show this unequal participation in the emission and equal participation in the mitigation process by India and other developing nations comparative to developed nations:

China, the world’s most populous country now generates a major part of Earth’s pollutants. This, however, was not the case always.  Historically — from 1870 to 1989 — these were the biggest polluters:

  • The United Kingdom
  • The United States
  • Russia
  • Japan
  • Australia
  • Canada
  • The European Union

Together, they emitted 77 percent of the world’s carbon dioxide (CO2). The US alone emitted 31.26 percent. At that time — three years before the United Nations Framework Convention on Climate Change (UNFCCC) was drafted — China emitted only 5.11 percent. But between 1990 and 2019 its quadrupled to 20.7 percent.

India is the third-largest polluter after China and US but there is a large difference between the emission of India and the other two Largest emitters, i.e. 10.17 gigatonnes by china, 5.28 gigatonnes by the USA, and 2.62 gigatonnes by India.

At the current rate, the world will exhaust the remaining carbon budget. Developing countries and poor countries like Chille ( whose per capita emission is 4 tonne), Zambia, Botswana, are ready to take the greatest share of emission reduction, their per capita reduction is already low but they are ready to reduce further in the interest of keeping world safe, they are taking the bigger burden to reduce emission, they are saying they will get technology and money as promised twelve years ago, at United Nations Climate Summit in Copenhagen to channel US$ 100 billion to less wealthy nations by 2020; So, at the same time developed and wealthy countries must come forward and shouldn't ignore the principle of equity and reduce their emission in proportion to their past emission and help least develop and poor countries so that they can grow economically and support the world in saving the environment.

Major Initiatives are taken by the Indian Government to combat climate change:

It was in 2015 when nations across the globe met in Paris, and 197 signatory countries have promised to own up and to limit the increase to no more than 1.5 degrees over the pre-industrial levels by 2030. India is one of them. India has promised to cut its emission intensity by 33-35% by the year 2030, as compared to 2015 levels. It looks like this is desirable and achievable. Some other initiatives are:

  • International Solar Alliance
  • National Action Plan on Climte change- The Government of India launched National Action Plan on Climate Change (NAPCC) on 30thJune, 2008 outlining eight National Missions on climate change. These include:
    1. National Solar Mission
    2. National Mission for Enhanced Energy Efficiency
    3. National Mission on Sustainable Habitat
    4. National Water Mission
    5. National Mission for Sustaining the Himalayan Eco-system
    6. National Mission for a Green India
    7. National Mission for Sustainable Agriculture
    8. National Mission on Strategic Knowledge for Climate Change

The Department of Science & Technology, Ministry of Science & Technology was entrusted with the responsibility of coordinating two out of these eight national missions on climate change. These are:

  1. National Mission for Sustaining Himalayan Ecosystem (NMSHE) and
  2. National Mission on Strategic Knowledge for Climate Change (NMSKCC).
  • International Solar Alliance
  • FAME Scheme for E- mobility
  • Atal Mission for Rejuvenation & Urban Transformation (AMRUT) for smart cities
  • Pradhan Mantri Ujawala Yojana
  • Ujala Scheme

Way Forward

  • India has technology but need to work on Research and Development to reach our targets.
  • The real challenge is to get other developed countries on board, to move shoulder to shoulder in mitigating carbon emission as they are the major emitter since industralisation. Developed Countries should avoid diluting the CBDR principle anticipated in earlier agreements.
  • Replacing and banning single use plastic will also act as a game changer
  • India should treat climate change as developmental challenge instead of treating it as environmental change.
  • Investment in R&D is needed to stimulate innovations in sustainable climate-friendly productivity, and the private sector can help on this.
  • India’s ambitious targets to cut carbon emissions by 33-35% by the year 2030, as compared to 2015 levels require sustainable plans.
  • Climate finance can prove to be a compelling financial tool to align India’s growth with various climate change measures.

At the end I would like to quote :

If we take climate action seriously, this means that we must not only take action in our own country but must also, and in particular, significantly scale up our efforts for global climate protection. Because saving the climate is vital to the survival of humanity.

Dr. Gerd Muller (Federal Minister for Economic Cooperation and Development )

Source: The Hindu, downtoearth.org.in, dst.gov.in, Ourworldindata.org

Sunday, 7 November 2021

Cryptocurrency " Present & Future " in India

 Cryptocurrency " Present & Future " in India

Definition

A cryptocurrency is a digital or virtual currency that uses cryptography for security. Cryptocurrencies use decentralized technology to let users make secure payments and store money without the need to use their name or go through a bank.

They run on a distributed public ledger called blockchain, which is a record of all transactions updated and held by currency holders. the most common cryptocurrencies are Bitcoin, Libra, Ethereum, Ripple.

BlockChain - It is a Digital Ledger. (Ledger is a book containing accounts to which debits and credits are posted from books of original entry). A blockchain is a digitized, decentralized, public ledger.

Cryptocurrency in India

In the last 1 or 2 years, the market of cryptocurrency is increased up to 500% but the share of India is approximately 0.2% and it has some reasons like:

  • Circular issued by RBI in 2018, preventing all banks from dealing in cryptocurrencies. But in 2020 Supreme Court declared it unconstitutional.
  • Lack of government support for Cryptocurrency
  • It is not a legal tender
  • Government announcement to introduce a bill; Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, to create a sovereign digital currency and simultaneously ban all private cryptocurrencies
  • There is nobody or any framework for the regulation of the cryptocurrency
  • Cryptocurrencies neither offer direct use value nor possess significant exchange value, can buy you very few real goods and services. like gold and silver.

These are some of the reasons because of which investors, blockchain entrepreneurs are afraid to invest in cryptocurrency and prefer to go and invest in those countries where cryptocurrency has a safe future.

But, since 2020, when the supreme court overturned an order by the Reserve Bank of India dated April 6, 2018, restricting the use of cryptocurrencies; traffic in domestic cryptocurrency exchange in India has grown manyfold. Unlike previous rallies, the current rally in bitcoin has witnessed the increasing participation of retail investors in India.

Future of Cryptocurrency in India

Yet, the future of bitcoin and other cryptocurrencies is unlikely to be as bright as many believe it to be. But still, there are chances that government will launch its own digital currency, and make it secure for people, and regulate it securely among the people of the country. Also, the government must keep in view the past mistakes, when technology was advancing all over the world in the 90s, India could not make significant improvements. But with time India has come a way forward in technological development but still, it could not match countries like USA and China. Blockchain technology has many applications which are discovered and many are yet to be discovered if India does not participate in it actively it will regret future on its decisions. Showing interest in newly discovered blockchain technology can be a step forward for India.

Issues Associated With Banning Decentralised Cryptocurrencies

  • Brain-Drain
    • Ban on crypto-currencies is most likely to result in an exodus of both talent and business from India, similar to what happened after the RBI's 2018 ban,
    • Back then, Blockchain experts moved to countries where crypto was regulated, such as Switzerland, Singapore, Estonia, and the US
    • With a blanket ban, blockchain innovation, which has uses in governance, data economy, and energy, will come to halt in India.
  • In Contradiction with Policies
    • Banning crypto-currency is inconsistent with the Draft National Strategy on Blockchain, 2021 of the Ministry of Electronics and IT(MeitY), which hailed blockchain technology as transparent, secure, and efficient technology that puts a layer of trust over the internet
  • Will Deprive of Transformative Technology
    • A ban will deprive India, its entrepreneurs, and citizens of a transformative technology that is being rapidly adopted across the world, including by some of the largest enterprises such as Tesla and MasterCard.

Way Forward

  • Regulation is the most effective solution and it should be clear, transparent, coherent, and animated by a vision of what it seeks to achieve
  • Strong KYC Norms
  • Ensuring Transparency
  • Igniting the Entrepreneurial wave

Cryptocurrencies and Blockchain technology can reignite the entrepreneurial wave in India's startup ecosystem and create job opportunities across different levels, from blockchain developers to designers, project managers, business analysts, promoters, and marketers.