The ongoing humanitarian crisis in Ukraine is imprinting detrimental effects on the lives of millions and also creating a spur in the global economy. The territorial invasion by Russia managed to receive global economic sanctions, and since Russia is one of the largest exporters of fuel, these sanctions are also affecting the other nations as the global crude oil prices witnessed a sudden surge in recent months.
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Climate Finance is an umbrella term that encompasses different kinds of financial instruments used to support activities that help develop sustainable infrastructure. It includes establishment of renewable energy plants and storage systems, efforts of adapting to changing climate conditions, developing resilience to disasters that result from changing climate and extreme weather conditions. Another aspect of climate finance is issuing loans in exchange of a guarantee from a corporation or government that they will work in line with the sustainable development goals set by either the United Nations, or is a set of mutually agreed upon terms between the lender and the borrower based on climate goals.
As the mercury keeps soaring, India is experiencing its hottest summers in 122 years. By mid-May, maximum temperatures in North India have crossed 45 degrees celsius consistently. Extreme weather cannot be attributed to a single cause. Heatwaves are a result of the compounding effect of global warming, pollution, and existing weather patterns. Researchers have pointed to another issue that is aggravating the already existing problems of heatwaves - Western Architecture.
The recent report published by the Intergovernmental Panel on Climate Change (IPCC) report revealed some of the most worrying assessments of how the increasing global temperature is affecting our whole ecosystem. In the AR6, the scientists focused on the mitigation aspect as they have already highlighted the causes and impacts of climate change in their first and second publications.
Climate change, which is a global phenomenon in contemporary times, has been impacting proportionally every element as per its vulnerability on the planet. Though climate change has affected every human being and different species on the planet, its impact varies disproportionately among men and women. And women and girls being one of the most vulnerable sections of society get hit the most.
Transitioning a fast growing economy like India from fossil fuels to renewables is not simple. Especially in the times of global political and economic upheaval– partly caused by the pandemic that is slowly waning, and partly because of the Russia - Ukraine conflict– which is choking the fuel supply chain resulting from political tensions and economic restrictions.
In March 2022, Nitin Gadkari (Minister for Road Transport & Highways, GoI) went viral on Twitter when he arrived at the parliament in a green hydrogen-powered car – the Toyota Mirai. In Japanese, the word Mirai means future; it is one of the few cars developed that run on hydrogen-powered fuel cells. The minister’s drive to the parliament was to raise awareness about India’s vision to replace coal and petrol with green hydrogen.
Climate change is adversely affecting our planet by causing extreme weather events like heat waves, tropical storms, forest fires, bringing alterations in crop production etc.
India along with the UK launched ‘One Sun, One World, One Grid’ (OSOWOG) initiative at the COP 26 Climate Meet in Glasgow. This project is about setting a trans-national electricity grid to generate and supply solar power across the world. It is an initiative of ISA( International Solar Alliance), which is an alliance of 121 countries which receive good sunlight throughout most of the year. The ISA was first proposed by the Indian prime minister in 2015 in his speech in London. The World Bank’s technical assistance team is supposed to design the blueprint print for the project. The vision behind One Sun One world One grid(OSOWOG) is that the sun never sets on earth, there is always some place where the sun is shining and that can be utilized to generate energy.
India’s northern plains are home to the most polluted cities on the planet, with 13 of them making it to the top 15 most polluted cities in the world. India’s vehicular pollution added more than 300 million tons of CO2 to the atmosphere and it is only going to increase if the country doesn’t take drastic steps towards green sources of energy like green hydrogen . The steel industry heavily relies on fossil fuel for heating iron making furnaces 50% of the heating furnaces in Indian coal industry is coal, it resulted in more than 240 tons of carbon dioxide in the last year which is 12% of India’s carbon emission. There is an industry wide consensus that the use of green hydrogen can drastically improve the efficiency and the state of carbon emissions of the steel industry.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.