Daily News Digest 10 May 2024

Land Subsidence 

Why in news?

Recently, severe land subsidence was reported from Jammu on the way to Srinagar on National Highway-44.

More about the news 

• Over the last several years, there have been intermittent reports of land subsidence in Jammu and Kashmir, particularly the Chenab Valley.
• The unscientific disposal of wastewater, chaotic construction and large-scale development projects, such as the construction of tunnels, highways, and railways and disruption to the river’s natural course have had an impact on the mountains surrounding, making them more susceptible to landslides and land subsidence.

What is Land Subsidence

• Subsidence is a general term for downward vertical movement of the Earth’s surface.
• Land subsidence occurs when large amounts of groundwater have been withdrawn from certain types of rocks, such as fine-grained sediments. 
• The rock compacts because the water is partly responsible for holding the ground up. When the water is withdrawn, the rocks fall in on itself.

What are the effects of land subsidence?

• The effects can be settlement of the upper clay layer leading to damage of infrastructure (roads, bridges) and flooding due to ineffective drainage systems of the city. 
• Lines of weakness in the layers can also be activated and this may cause earthquakes in the area. 
• There can be indirect effects such as a change in gradient of streams or drains. Land subsidence is an irreversible process.

Amplifying the Global Value of Earth Observation Report

Why in news?

Recently, the World Economic Forum, in collaboration with Deloitte released a report titled ‘Amplifying the Global Value of Earth Observation’.

Key highlights of the report

• The report showcases the dual economic and environmental value proposition of Earth observation (EO) data. 
• The report also emphasised how EO data can drive sustainable value while advancing climate and nature solutions.
• It projects the economic opportunity afforded by Earth Observation insights to surpass a whopping 700 billion in 2030.
• It illustrates how the widespread adoption of EO technologies worldwide could accelerate the transition to a nature-positive and net-zero global economy, hence reducing warming.
• The report said, certain sectors such as agriculture, mining, government, electricity, supply chain, transport, insurance, and financial services are poised to reap the majority of the economic benefits of EO data.
• The reports also state that EO data has the capacity to reduce greenhouse gas emissions by 2 gigatonnes annually, equivalent to the combined emissions of millions of gasoline-powered vehicles. Embracing EO data could drive innovation, efficiency, and improved risk management practices.

RBI’s Monetary Policy Report 2024

Why in news?

Recently, the RBI released its Monetary Policy Report 2024.

Key highlights of the report 

• The report said that climate change has increased the frequency and ferocity of weather shocks, posing challenges for monetary policy.
• According to the report, frequent weather shocks caused by climate change pose challenges for the monetary policy as well as downside risks to economic growth.

Impact of Climate change on Monetary Policy

• Climate change directly impacts inflation through adverse weather events affecting agricultural production and global supply chains, 
• Climate change could impact the natural rate of interest, 
• The after-effects of climate change might weaken the transmission of monetary policy actions to financing conditions faced by households and firms
• Lower productivity may lead to a fall in the natural rate of interest. Frequent shocks to inflation will, however, necessitate tighter monetary policy even with a lower natural rate of interest.

Solar Power Sector 

Why in news?

Recently, India became the third largest producer of solar power in 2023. 

More about the news

• As per a report by international energy analytics agency Ember, India overtook Japan to become the world’s third-highest producer of solar power in 2023.
• The leading producer of solar power in the world is China which produced 584 BU of solar power in 2024 – more than the next four countries combined (the United States, Japan, Germany and India).
• Niti Ayog suggests that as of May 2024, solar power, while making up 18% of India’s total installed electricity of 442 GW, made up only 6.66% of the power actually produced – reflecting the gap between potential and actuals.
• In terms of installed power capacity, which includes sources of renewable and non-renewable energy, India at 73 gigawatt (1 GW is one billion watts) ranks fifth in the world while Japan is at third place (83 GW).
• Globally however, renewable sources of energy made up 30% of global electricity produced.

Steps taken by government to promote solar energy 

• Permitting Foreign Direct Investment (FDI) up to 100 percent under the automatic route,
• Waiver of Inter State Transmission System (ISTS) charges for inter-state sale of solar and wind power for projects to be commissioned by 30th June 2025,
• Standard Bidding Guidelines for tariff based competitive bidding process for procurement of Power from Grid Connected Solar PV and Wind Projects.
• Notification of Promoting Renewable Energy through Green Energy Open Access Rules 2022.
• Launch of Green Term Ahead Market (GTAM) to facilitate sale of Renewable Energy power including Solar power through exchanges.

INTERPOL (International Criminal Police Organization)

Why in news?

Recently, the Interpol issued a Blue Corner Notice against “absconding” Lok Sabha MP, accused of multiple instances of sexual abuse.

About Interpol

• Interpol is an international organization that facilitates worldwide police cooperation and crime control. It is the world’s largest international police organization.
• It was established in 1923. It has more than 180 members.
• Interpol aims to promote the widest-possible mutual assistance between criminal police forces and to establish and develop institutions likely to contribute to the prevention and suppression of international crime.
• It supports police across the globe, enabling member countries to share and access data on crimes and criminals.

Interpol Notices

• INTERPOL Notices are international requests for cooperation or alerts allowing police in member countries to share critical crime-related information.
• Notices are issued by the General Secretariat at the request of a member country’s INTERPOL National Central Bureau and are made available for all our member countries to consult in our Notices database.
• Notices can also be issued at the request of International Criminal Tribunals and the United Nations in relation to the implementation of sanctions imposed by the Security Council.

Types of Interpol Notices

• Red Notice: To seek the location and arrest of persons wanted for prosecution or to serve a sentence.   
• Blue Notice: To collect additional information about a person’s identity, location or activities in relation to a criminal investigation.                    
• Black Notice: To seek information on unidentified bodies.
• Green Notice: To provide warning about a person’s criminal activities, where the person is considered to be a possible threat to public safety.
• Orange Notice: To warn of an event, a person, an object or a process representing a serious and imminent threat to public safety.
• Purple Notice: To seek or provide information on modus operandi, objects, devices and concealment methods used by criminals.