US Current Affairs - 2019
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As per a closely-watched review by United Kingdom (UK) based energy giant BP, titled “The BP Statistical Review of World Energy”, the global carbon emissions grew by 2.0% in 2018, the highest rate since 2010-2011. BP is a London based, British multinational oil and gas company.
Key Findings of Study
- The study called that the current trend of increasing carbon emissions is putting world on an ‘unsustainable’ path.
- There is a growing mismatch between societal demands for action on climate change i.e. for cutting a country’s net greenhouse (GHG) emissions to zero and the actual pace of progress being made in the domain.
- The energy demand and carbon emissions are currently growing at their fastest rate for years.
- The global energy demand grew by 2.9%. A part of this rise was met by increasing shale rock reserve exploitation in United States (US), which recorded fastest rise of oil and natural gas production in world, in recent times.
- Although the use of renewable forms of energy globally grew by 14.5% in 2018 but it still accounted for just 33% of total rise in power generation in 2018.
- Significance: The study highlights that a focus on green/renewable forms of energy will not be able to achieve net-zero GHG emission targets, rather the governments should to do more towards cutting the use of polluting coal and oil. This means that It should not be a race to renewables, but a race to reduce carbon emissions across many fronts.
About BP Statistical Review of World Energy
- It is viewed as an energy industry standard.
- It pools data on everything such as from the size of countries’ oil reserves to their production of renewable energy and various consumption rates.
Global efforts taken for CO2 Emissions
- Globally, governments are coming under intensifying pressure from campaigners to set deadlines by which they will cut their net greenhouse (GHG) emissions to zero.
- Britain’s top advisory body on climate change has recommended that British government must target for cutting their net GHG emissions to zero by 2050. This is the same deadline adopted by some other European governments.
- The progressive wing of US Congress is pushing for year 2030 as a deadline for US government to cut their net GHG emissions to zero. Although most analysts view this target as unattainable and prohibitively expensive to reach.
Tags: BP • BP Statistical Review of World Energy • Britain • British multinational Oil and Gas Company • Carbon Dioxide Emmsision • Climate Change • GHG • Green House Gas Emissions • Renewable Energy • Shale Gas • US
G20 Ministerial meeting on Trade and Digital Economy is being held from 8 June- 9 June 2019 in Japanese city of Tsukuba, Ibaraki Prefecture, Japan. Tsukuba is Japan’s one of main academic and research centers.
- Background: Japan has assumed its 1st ever rotating presidency in G20 thus a series of various ministerial meetings are being held in Japanese cities in 2019. Japan’s presidency will be culminating during G20 summit in Osaka on 28-29 June 2019.
- Chairman: Two day meet was chaired by Masatoshi Ishida, Japanese Minister of Internal Affairs and Communications and Hiroshige Seko, Minister of Economy, Trade and Industry.
- Objective: to discuss how economies of G20 countries can promote trade and investment and maximize benefits from development of digital economy and technologies so as to ensure sustainable growth of global economy.
- Over 50 Trade and Digital Economy Ministers got together for 1st time in G20 history in Tsukuba, Japan.
- G20 Trade Ministers deliberations will form part of G20 Summit Leaders agenda in formal discussions and will also be a part of Summit Declaration.
- The meet discussed importance of Digitalization that is expected to continue to create benefits for economies and societies as a whole and will also help achieve inclusive, innovative and human-centred future society ‘Society 5.0’.
- Issues related to free trade dominated discussion in meeting against backdrop of ongoing trade war between United States (US) and China and US President Donald Trump’s policy of creating trade barriers and imposing tariffs.
- Ways to reorder trade rules and finances in an era of technological change and protectionism were also discussed.
India and G20 Meet
- Background: Ever since G20 was founded in 1999, India has been actively participating in its meetings. Indian delegation for G20 Ministerial meeting on Trade and Digital Economy is being led by Piyush Goyal, Union Minister of Commerce and Industry & Railways.
- Discussion: Indian Commerce Minister will discuss developments in World Trade Organisation (WTO) matters, global trade situation, Digital trade and will also hold dialogue with other participating Trade Ministers on issues related to current international trade and investments.
- Significance: This is for first time that Ministers of Union Ministry of Electronics and Information Technology (MeitY) and Union Ministry of Commerce (MCA) will participate in a joint session on Digital Economy at G20 Ministerial Meeting.
Tags: G20 Ministerial Meeting • G20 Ministerial meeting on Trade and Digital Economy • Ibaraki Prefecture • Japan • Piyush Goyal • Society 5.0 • Trade Dispute • Tsukuba • Union Minister of Commerce • US • US-China trade dispute