09 Nov 2022: PIB Summary for UPSC

TABLE OF CONTENTS

1. Indian National Cartographic Association (INCA)
2. New CJI - Dr D.Y. Chandrachud
3. Sovereign Green Bonds

1. Indian National Cartographic Association (INCA)

Syllabus – GS3, Governance.

Prelims – 42nd International Congress of INCA.

Context – 42nd International Congress of the Indian National Cartographic Association. 

Details –

• The National Hydrographic Office (NHO) is organising the 42nd International Congress of the

Indian National Cartographic Association (INCA). The NHO had earlier conducted the 37th INCA at Dehradun.

• The theme for the 42nd International Congress of INCA is “Digital Cartography to Harness Blue Economy”. 
• It has seven sub-themes:

1. Cartographic Applications for Sustainable Development
2. Space Technologies for Mapping
3. Geomatics in Disaster Management
4. Hydrography for Resource Management
5. Mapping for Environmental Planning & Management
6. Hydrography for Resource Management
7. Land Resource Mapping and Surveying

• The outcome of the Congress is to explore the feasibility of utilising cartography as a tool for developmental purposes.

About INCA –

• INCA was founded in 1979 and is one of the largest organisations in the field of cartography.
• INCA is devoted to the cause of cartography as a graphic mode of communication. 
• Organisations such as the National Hydrographic Office, Indian Space Research Organisation (ISRO), Survey of India, National Thematic Map Organisation, and universities are part of this association. 
• Its chief office is in Hyderabad and it has many branches.

2. New CJI – Dr D.Y. Chandrachud

Syllabus – GS2, Appointment to various constitutional posts.

Prelims – Dr D.Y. Chandrachud –  The Chief Justice of India.

Context – The Prime Minister, Shri Narendra Modi congratulated Dr. Justice D.Y. Chandrachud on being sworn in as the new Chief Justice of India (CJI).

About Dr D.Y. Chandrachud –

• Justice D.Y. Chandrachud took over as the 50th CJI in succession to Justice Uday Umesh Lalit, at Rashtrapati Bhavan, New Delhi.
• Justice Chandrachud has been a part of a number of landmark judgements including those on the Ayodhya title dispute, decriminalisation of homosexuality, privacy, adultery, entry of women into Sabarimala, etc.
• Justice D.Y. Chandrachud has a doctorate from Harvard Law School.
• He was first appointed as a judge of the Bombay High Court in 2000. He served as an additional Solicitor General of India from 1998 – 2000. 
• He has also served as Chief Justice of Allahabad High Court since October 2013 until his elevation as an apex court judge in 2016. 

Read more about the appointment of Supreme Court judges in the link.

3. Sovereign Green Bonds

Syllabus – GS3, Environment Conservation, Mobilisation of Resources.

Prelims – India’s first Sovereign Green Bonds 

Context – Smt Nirmala Sitharaman, the Union Finance Minister approves India’s first Sovereign Green Bonds Framework.

Details –

• In keeping with the ambition to significantly reduce the carbon intensity of the economy, the Union Budget 2022-23 announced the issue of Sovereign Green Bonds. 
• The approval of the final Sovereign Green Bond Framework will further strengthen India’s commitment towards its Nationally Determined Contribution (NDCs) targets adopted under the Paris Agreement. It will also help in attracting global and domestic investment in eligible Green Projects. 
• India adopted an ambitious NDC under the Paris Agreement (2015).
  • Reduce emission intensity of GDP by 33-35% by 2030 as compared to 2005 levels.
  • Create an additional carbon sink of 2.5 – 3 billion tonnes of carbon dioxide equivalent through additional forest and tree cover by 2030.
  • Increase the share of non-fossil fuel-based energy resources to 40% of installed electric power capacity by 2030. 
• The revenue generated from the issuance of such bonds will be deployed in public sector projects that will help in reducing the carbon intensity of the economy. 
• The framework comes close to India’s commitment under Panchamrit (five nectar elements) as elucidated by Shri Narendra Modi at COP 26 in 2021 at Glasgow Summit. 

The five nectar elements (Panchamrit) of India’s Climate action include –

1. Reach 500 GW of non-fossil energy capacity by 2030.
2. 50% of its energy requirements from renewable energy by 2030.
3. Reduction of total projected carbon emissions by one billion tonnes from now to 2030.
4. Reduction of the carbon intensity of the economy by 45% by 2030, over 2005 levels.
5. Achieving the target of net zero emissions by 2070.

• As per the provisions of the framework, Green Finance Working Committee (GFWC) is constituted to validate key decisions on the issuance of Sovereign Green Bonds.
• The Green Bond Framework has been reviewed by CICERO which has issued an independent Second party opinion (SPO). It has approved the alignment of the Sovereign Green Bond Framework of GoI with the International Capital Market Association (ICMA) Green bond Principles (2001). CICERO has rated India’s Green Bonds Framework as ‘Medium Green’ with a “Good” governance score.
  • CICERO is an independent and globally renowned Norway-based Second Party Opinion (SPO) provider.

About Green Bonds –

Green bonds are financial instruments that generate proceeds for investment in environmentally sustainable and climate-suitable projects. By virtue of their indication towards environmental sustainability, green bonds command a relatively lower cost of capital vis-à-vis regular bonds and necessitate credibility and commitments associated with the process of raising bonds.
Read the previous PIB articles here.

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