DAILY CURRENT AFFAIRS ANALYSIS

19.02.2025

• News 1: Sovereign Green Bonds
  
  

GS-3 Economy

About The News:                                                 

• Like several emerging markets, India also turned to sovereign green bonds to help fund its transition to a low-carbon economy, but investor demand remains weak.

Key points for prelims

Sovereign Green Bonds :

• SGBs are debt securities issued by a national government to fund projects that have positive environmental benefits.
• The proceeds from these bonds are exclusively allocated to green initiatives, which can include renewable energy projects, sustainable agriculture, waste management, and more.
• Essentially, these bonds are a way for governments to raise capital while promoting environmental sustainability.

Sovereign Green Bonds in India:

• The Union Budget 2022-23 announced the issue of SGrBs. The framework for the SGrBs was issued by the government on November 9, 2022.

What does the framework entail?

• The government’s framework is based on the International Capital Market Association’s (ICMA) listed principles for issuing green bonds, which has four components.
• Use of proceeds, project evaluation and selection, management of proceeds, and reporting.
• The government said the bonds’ proceeds will be used for green projects that:

1. Encourage energy efficiency
2. Reduce carbon emissions and greenhouse gases
3. Promote climate resilience and/or adaptation
4. Improve natural ecosystems and biodiversity, especially in accordance with the principles of sustainable development goals
5. The framework listed investments in solar, wind, biomass, and hydro energy projects, and urban mass transportation projects such as metro rail, green buildings, pollution prevention and control projects.
6. The government excluded projects such as fossil fuels, nuclear power generation, and direct waste incineration.
7. The eligible expenditure is limited to government spending that occurred not more than 12 months prior to issuance.
8. The proceeds should be allocated to projects within 24 months of issuing the bonds.
9. If an eligible green project is postponed or cancelled, it will be replaced by another eligible green project.
10. NEWS 2: NAKSHA Programme

GS-02 Government Schemes

About The News:

• The Union Minister of Rural Development and Agriculture & Farmers’ Welfare is inaugurating the NAKSHA Programme at Raisen, Madhya Pradesh.

Key points for prelims:

NAKSHA Programme:

• The National Geospatial Knowledge-based Land Survey of Urban Habitations (NAKSHA) programme aims to create and update land records in urban areas to ensure accurate and reliable documentation of land ownership.
• This initiative will empower citizens, improve ease of living, enhance urban planning, and reduce land-related disputes.
• The IT-based system for property record administration will foster transparency, efficiency and support sustainable development.
• The Survey of India is the technical partner for NAKSHA programme which is responsible for conducting aerial surveys and providing orthorectified imagery, through third party vendors, to state and Union Territory governments.
• The end-to-end web-GIS platform will be developed by the Madhya Pradesh State Electronic Development Corporation (MPSEDC) and storage facilities will be provided by the National Informatics Centre Services Inc. (NICSI).
• States and Union Territory governments are scheduled to conduct field surveys and ground truthing using the orthorectified imagery, ultimately leading to the final publication of urban and semi-urban land records.

GS-03 Environment

About the news:

• Environmentalists have raised alarm over an alarming increase in pollution in the Sowparnika River, which flows beside the Kollur Mookambika Temple.

Key points for prelims:  

Sowparnika River:

• The Sowparnika River is a west-flowing river in Karnataka.
• The river is surrounded by lush green forests of the Western Ghats.
• Course: Originating from the Kodachadri Hills in the Western Ghats, it flows through the Byndoor taluk, passing near the renowned Mookambika Temple in Kollur, before merging with the Arabian Sea.
• The Souparnika River is deeply associated with Hindu mythology.
• Legend has it that Garuda (the divine bird and vehicle of Lord Vishnu) performed penance on the riverbanks, which is how it got its name “Souparnika” (named after “Suparna,” another name for Garuda).
• A unique feature of the Souparnika River is observed near Maravanthe Beach, where the river runs parallel to the Arabian Sea, separated by a narrow stretch of land.
• This rare geographical phenomenon offers a picturesque landscape, making it a popular spot for tourists and photographers.

Mains Questions:

• Discuss the significance of Sovereign Green Bonds in India’s transition to a low-carbon economy. Analyze the challenges in their implementation and suggest measures to improve their effectiveness.