Carbon sink Current Affairs - 2020

What is Greenco Rating System followed in India?

On March 19, 2020, the Ministry of Railways presented the details of Greenco System in the country in Lok Sabha. As on 2018, 42 Railway Production units have implemented Greenco Rating.

What is GreenCo?

The assessment of major workshops and production units in various industries based on their ecological sustainability. The assessment helps the comapnies in resource conservation and reduction. It also helps to track the environmental impact caused by the infrastructural projects undertaken

Greenco Certification

The Greenco Certification or rating is provided by the Confederation of Indian Industry (CII). The factors considered while providing the certification is greenhouse gas mitigation; zero waste; recycling and material conservation; world class energy efficiency and toxicity reduction.

The CII is to conduct Greenco Summit in June 16, 17 and 18, 2020. The summit will discuss green concepts and technologies. It will also aim at promoting sustainable models.

INDC of UNFCCC

The Greenco rating was acknowledged in the INDC (Intended Nationally Determined Contributions) submitted by India to United Nations Framework Convention on Climate Change (UNFCCC) in 2015.

The INDC are the commitments made by the countries on climate actions to be taken after 2020.

India’s major INDCs
  • To reduce emissions by 33% to 35% by 2030 as compared to 2005
  • To create carbon sink of 3 billion tonnes of Carbon Dioxide. A carbon sink is a natural reservoir that absorbs carbon and lowers concentration of carbon dioxide. It mainly includes vegetation and ocean.

European Investment Bank to stop Fossil Fuel Funding by 2021

The European Investment Bank is to stop funding oil and coal projects at the end of 2021. Since 2013, the European Union through the bank has funded 13.4 billion Euros for fossil fuel projects. In 2018, it was around 2 billion Euros. The Union has been reducing its funding to fossil fuel projects and is stopping by 2021.

Highlights

  • The EIB’s new policy demands that the energy projects applying for funding must prove that they can produce 1 Kilo watt hour of energy emitting less than 250 grams of carbon dioxide.
  • The new rules being adopted are not applicable to gas-based energy projects. However, gas projects should be based on the norms set by the bank for “new technologies”. The “new technologies” include carbon capture, combining heat and power generation, mixing in renewable gases with fossil fuels, etc.
  • The exemptions are made on gas projects as they are common in the EU member states. For the next 5 years, EU has over 200 billion USD worth projects planned.

EU aims to become first carbon-neutral continent by 2050.