GCF Current Affairs

ISA-ADB, NDB, GCF, AfDB and AIIB sign joint declarations of financial Partnership

The International Solar Alliance (ISA) and African Development Bank (AfDb), Asian Infrastructure Investment Bank (AIIB), Asian Development Bank (ADB), Green climate fund (GCF), and New Development Bank (NDB) signed Joint financial partnership Declarations. The International Energy Agency (IEA) also signed Joint partnership Declaration with ISA. The objective of these agreements is to deepen their cooperation in support of renewable energy. ISA had earlier signed three partnerships with World Bank, European Investment Bank (EIB) and European Bank for Reconstruction and Development (EBRD).

International Solar Alliance (ISA)

The ISA was one of key takeaways at Paris Climate summit, 2015 (2015 UN Climate Change Conference, COP 21 or CMP 11). It is aimed at tapping solar energy in the countries that lie partially or fully between Tropics of Cancer and Capricorn. ISA is first treaty-based intergovernmental organisation (entered into force in December 2017) to be headquartered at Gurugram, India.

Its major objectives include global deployment of over 1,000GW of solar generation capacity and mobilisation of investment of over US $1000 billion into solar energy by 2030. It also aims to bring together countries with rich solar potential to aggregate global demand, thereby reducing prices through bulk purchase, facilitating deployment of existing solar technologies at scale and promoting collaborative solar R&D and capacity building.

Month: Categories: India Current Affairs 2018

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NABARD accredited by UN’s Green Climate Fund as National Implementing Entity

National Bank for Agriculture and Rural Development (NABARD) got accredited by the Green Climate Fund as a national implementing entity for undertaking climate change related projects in India.

In 2010 the United Nations Framework Convention on Climate Change (UNFCCC) had set Green Climate Fund (GCF) to help developing countries to finance clean energy projects other mitigation efforts and adaptation to climate change.

Accordingly NABARD is the only national implementing entity in the country for undertaking climate change projects.

NABARD will get funds in the form of concessional loan or in form of grant or through other modalities approved by the GCF Board.

In line of this NABARD has submitted a proposal to GCF for financial support on ‘Mitigating climate change and enhancing adaption for farmers through agro-forestry project set by Haryana Government.

Haryana government Project:

  • Haryana Government’s project plans to cover an area of 30,000 hectare under the agro-forestry plantation of fast growing canal eucalyptus species.
  • Project plans mitigation of climate change by sequestering carbon dioxide from atmosphere.
  • It also plans to lower ground water table as in Haryana due to excess canal irrigation water logging is serious issue on the farm lands.

Carbon Sequestration:

It is the process of capturing and long-term storage of atmospheric carbon dioxide through physical, chemical or biological processes. Co2 is artificially captured and deposited in a reservoirs or carbon sinks.

Month: Categories: Business & Economy Current Affairs 2018

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