Insights Daily Current Events, 14 November 2015
Paper 2 Topic: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.
Pak, China kick off ambitious USD 46 billion economic corridor project
Pakistan and China recently kicked off their ambitious 46 billion US Dollar economic corridor project with China acquiring over 2,000 acres of land in restive Balochistan to develop the strategic Gwadar port.
- The two countries have signed a deal to acquire the usage rights to more than 2,000 acres of land for a Chinese company.
About the CPEC project:
- The 3,000-km corridor connecting Xinjiang with Pakistan’s Gwadar Port through PoK is stated to cost $46 billion.
- The project includes building of highways, railways as well as pipelines.
- This corridor is among the six economic corridors conceived under China’s Silk Road Economic Belt and 21st-Century Maritime Silk Road.
Significance of this project:
- This project will shorten the route for China’s energy imports from the Middle East by about 12,000 kms.
- The corridor would transform Pakistan into a regional hub and give China a shorter and cheaper route for trade with much of Asia, West Asia and Africa.
- The Corridor will link China’s underdeveloped far—western region to Pakistan’s Gwadar deep—sea port on the Arabian Sea.
India has already conveyed its objections to China as it passes through disputed territory. However, Chinese officials defend it as commercial project aimed at improving the lives of people.
sources: bs, wiki.
Paper 1 Topic: art and culture.
Hundred Drums Wangala festival begins on a cultural fervor
The annual Hundred Drums Wangala Festival recently began at Asanang in West Garo Hills in Meghalaya.
- Wangala is the most significant post harvest festival of the Garos generally held in the second week of November every year.
- It is a Thanksgiving ceremony to Misi Saljong also known as Pattigipa Rarongipa (The Great Giver) for having blessed the people with rich harvest of the season.
- The festival was started in the year 1976 at Asanang. The festival has grown over the years under the patronage of the Government of Meghalaya.
- During the festival, indigenous sports competitions will be held.
sources: web india.
Paper 3 Topic: conservation.
Green Climate Fund faces uncertainty
At a recently concluded meeting of the Green Climate Fund’s board in Zambia, developed countries including the US have refused to commit to a deadline by which the rest of the money ($4.37 billion) would be deposited with the Fund. At present, Green Climate Fund has only $5.83 billion in its kitty.
- The US informed that it would not be able to provide the pledged $3 billion by December 2015 to the Green Climate Fund. The EU finance ministers have also concluded their meeting without committing to a clear road-map for delivery of their fair share towards the annual $100 billion corpus target, which is to be delivered by 2020.
Green Climate Fund (GCF):
The Green Climate Fund (GCF) is a fund within the framework of the UNFCCC founded as a mechanism to redistribute money from the developed to the developing world, in order to assist the developing countries in adaptation and mitigation practices to counter climate change.
Why it was founded?
- It was founded as a mechanism to redistribute money from the developed to the developing world, in order to assist the developing countries in adaptation and mitigation practices to counter climate change.
- It was also founded to make a significant and ambitious contribution to the global efforts towards attaining the goals set by the international community to combat climate change.
How it helps?
- The Green Climate Fund will support projects, programmes, policies and other activities in developing country Parties using thematic funding windows.
- It is intended to be the centrepiece of efforts to raise Climate Finance of $100 billion a year by 2020.
- It will promote the paradigm shift towards low-emission and climate-resilient development pathways by providing support to developing countries to limit or reduce their greenhouse gas emissions and to adapt to the impacts of climate change, taking into account the needs of those developing countries particularly vulnerable to the adverse effects of climate change.
Who will govern the Fund?
- The fund is governed by a Board of 24 members and was initially supported by an Interim Secretariat.
- The Board will have full responsibility for funding decisions and receives the guidance of the COP.
- The Fund is accountable to, and functions under the guidance of, the COP.
sources: bs, unfcc.