Current Affairs - May, 2019
Latest Current Affairs May, 2019 with Current Affairs, news summary on current events of National and International importance of May, 2019 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.
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According to a United Nations’ report titled World Economic Situation and Prospects (WESP) Report 2019 Mid-year Update, India’s economy is projected to grow at 7.1 % in fiscal year 2020 which will be backed by strong domestic consumption and investment.
Key Findings of Report
- Global Growth: For both developed and developing countries, 2019 growth projections have been downgraded. The growth outlook for many developing economies was also weakened. After an expansion of 3% in 2018, world gross product growth is now projected to settle to 2.7 % in 2019 and 2.9 % in 2020.
- India’s Growth: Despite a downward revision growth in Indian economy remains strong amid robust domestic demand. India is projected to grow at 7% in fiscal year 2019 and 7.1% in fiscal year 2020.
- Risk Projections: As per WESP report, certain risks that could trigger a prolonged slowdown in the world economy’s growth include an escalation in trade disputes, a sudden deterioration in financial conditions, and accelerating effects of climate change.
- The increasing frequency and intensity of natural disasters globally highlight the rising threats faced from climate change, particularly by most vulnerable economies.
- Recommendations: To tackle current growth slowdown it would require a combination of monetary, fiscal and development-oriented measures. Also, there is an immediate need of more coordinated multilateral approach to global climate policy, which includes use of carbon pricing mechanisms.
About WESP Report
It is a joint product of United Nations Department of Economic and Social Affairs (UNDESA), the United Nations Conference on Trade and Development (UNCTAD) and the five United Nations regional commissions.
Month:Current Affairs - May, 2019 Categories: Reports & Indices
Tags: Fiscal Year • Indian Economy • UN Report • UNCTAD • UNDESA • United Nations Conference on Trade and Development • United Nations Department of Economic and Social Affairs • WESP Report • World Economic Situation and Prospects (WESP) Report 2019 Mid-year Update
According to a recent research published in journal Nature, China continues to use the banned ozone depleting chemical called CFC-11 in violation of Montreal Protocol.
Key Findings of Report
- Despite being a signatory to Montreal Protocol, and agreeing to phase out the production of harmful CFC-11 in 2010, China continues to emit ozone depleting CFC-11 in violation of Montreal Protocol.
- Suspicion: An initial study about a year ago reported new global emissions of CFC-11 gas, which many scientists, environmental groups and policymakers had suspected but were only able to locate source generally as East Asia.
- Confirmation: New findings by international team of researchers confirmed about suspected region and claimed that emissions of ozone layer harming gas are coming from eastern China, primarily from its two heavily industrialised provinces namely Shandong province and Hebei province. These two provinces originate between 40% and 60 % of total global CFC-11 emissions from Eastern China.
- Highlights: In years between 2008 and 2012, eastern China emitted an average of about 6,400 metric tonnes (MT) of CFC-11 per year, the emissions increased by 25% in 2012 and since 2013 CFC-11 emissions were on rise. This number then increased to an average of about 13,400 metric tonnes (MT) of CFC-11 per year in years between 2014 and 2017.
- Reasons: China has world’s largest polyurethane foam market which accounts for about 40 % of world’s total consumption. The Chinese foam manufacturers have been using CFC-11 illegally to save on higher cost of alternatives like hydrochloro-fluorocarbons named HCFC-141b, which is supposed to be phased out in China by 2026. The research also found evidence that factories in Shandong province were still making and using gas to manufacture foam insulation.
- Significance: The new research findings will add to international pressure on Chinese government to curtail the illegal use of CFC-11.
- It is also called as freon-11, Trichlorofluoromethane or R-11.
- It is one of a class of compounds called chlorofluorocarbons that is responsible for destroying atmospheric ozone.
- It is also a potent greenhouse gases (GHG) that contributes to atmospheric warming.
- Before being included in production moratorium agreed in the Montreal Protocol of 1987 it was widely being used as a refrigerant.
About Montreal Protocol
- It is a legally binding international pact signed in 1987 to preserve degradation of atmospheric ozone layer that blocks harmful ultraviolet (UV) radiation from sun. Excessive amounts of some types of UV radiation can cause eye damage and skin cancer in people and are also harmful to crops and vegetation.
- The protocol prescribe that consumption and production of compounds that deplete ozone (03) such as halons, carbon tetrachloride, stratosphere-chlorofluorocarbons (CFCs), and methyl chloroform-are to be phased out by 2000 (2005 for methyl chloroform).
- According to World Meteorological Organization (WMO), hole in ozone layer is on path of recovery and reduction in atmospheric concentration of CFC-11 has made second-largest contribution to its decline since 1990s.
Month:Current Affairs - May, 2019 Categories: National
Tags: CFC-11 • China • Greenhouse Gases • Montreal Protocol • ozone • Ozone Hole • Ozone Layer Depletion • R-11 • Trichlorofluoromethane • WMO • World Meteorological Organization