Daily Current Affairs (MCQ's) | 07-07-2022

Q1. The ‘Fit-for-55’ package and the Carbon Border Adjustment Mechanism (CBAM) are climate actions announced by

1. USA
2. UAE
3. European Union
4. China

Answer (c)

Explanation:

‘European Union Green Deal’

• At the forefront of the commitment to net-zero is the European Union, which wants to be the first carbon-neutral region in the world by 2050.
• It brought out the ‘European Union Green Deal’ last year to focus on a new growth strategy that aims to transform the EU society into a fair and wealthy one with a modern, resource- efficient and competitive economy.

CBAM: carbon-pricing system

• To attain carbon neutrality, the EU has set forth immediate targets and has brought out the ‘Fit-for-55’ package, a communication of its 2030 climate targets.
• A provision in the policy plan is the introduction of the Carbon Border Adjustment Mechanism (CBAM), a carbon-pricing system proposed for imports into the EU.

• The CBAM suggests taxing the imported goods-based difference between carbon used in the production of domestic and imported goods.
• The CBAM, however, will come completely into force from January 1, In the initial phase, five CITE (Carbon Intensive and Trade Exposed) sectors such as iron and steel, aluminium, cement, fertilizers and electricity will be taxed under CBAM.

Q2. Consider the following statements about the Carbon Border Adjustment Mechanism (CBAM)

1. The CBAM suggests taxing the imported goods-based difference between carbon used in the production of domestic and imported goods
2. It is a carbon-pricing system
3. In the initial phase, it will focus on carbon-intensive sectors

Select the correct answer from the codes given below

1. 1 only
2. 1 and 3 only
3. 2 only
4. 1, 2 and 3

Answer (d)

Explanation:

With carbon neutrality being the byword for a sustainable world, a host of countries — the United Kingdom, France, Germany, the United States, Brazil, India, and China among others — have set for themselves net-zero targets for the middle and later part of the century.

‘European Union Green Deal’

• At the forefront of the commitment to net-zero is the European Union, which wants to be the first carbon-neutral region in the world by 2050.
• It brought out the ‘European Union Green Deal’ last year to focus on a new growth strategy that aims to transform the EU society into a fair and wealthy one with a modern, resource- efficient and competitive economy.

CBAM: carbon-pricing system

• To attain carbon neutrality, the EU has set forth immediate targets and has brought out the ‘Fit-for-55’ package, a communication of its 2030 climate targets.
• A provision in the policy plan is the introduction of the Carbon Border Adjustment Mechanism (CBAM), a carbon-pricing system proposed for imports into the EU.
• The CBAM suggests taxing the imported goods-based difference between carbon used in the production of domestic and imported goods.
• The CBAM, however, will come completely into force from January 1, In the initial phase, five CITE (Carbon Intensive and Trade Exposed) sectors such as iron and steel, aluminium, cement, fertilizers and electricity will be taxed under CBAM.

Q3. The Just Energy Transition Partnerships (JETP) is proposed and steered by

1. G7
2. G20
3. Asian Development Bank
4. New Development Bank

Answer (a)

Explanation:

The Just Energy Transition Partnership (JETP) initiative is apparently modelled after the South Africa JETP launched at the last climate conference in Glasgow with the support of the United Kingdom (UK), the United States (US), France, Germany, and the European Union (EU).

There was a clear indication that following the successful model of cooperation with South Africa, the G7 plans to build new Just Energy Transition Partnerships (JETP) with several other countries like Indonesia, India, Senegal, and Vietnam.

South Africa has been promised to finance worth $8.5 billion in the first phase through mechanisms such as grants, loans and investments to meet its Nationally Determined Contribution (NDC) goals. JETP is yet to roll out and its modalities are still in the works. Its hurried adoption as the template for future NDC financing, therefore, raises a number of questions.

First, it is not clear why climate finance is being offered through JETP when an agreed international mechanism under the Paris Agreement exists? The primary vehicle of the Agreement is the Green Climate Fund (GCF), which has remained starved of funds ever since its inception in 2010. Although the Agreement does not bar bilateral, multilateral, and plurilateral channels for funding, the main problem is that such channels have generally pushed existing official aid and private investments into developing countries in the name of the climate crisis, with no additionality or concessionality. The additional benefits from JETP are not known.

Q4. Consider the following statements about an ancient king

1. He organized Prayag and Kannauj assembly
2. He wrote three plays: Ratnavali and Priyadarshika and Nagananda

Above statements are referring to

1. Harsha Vardhana
2. Chandra Gupta II
3. Mihirkula
4. Kumar Gupta, I

Answer (a)

Explanation:

To the 7th-century king Harṣa of Kanauj are attributed three charming plays: Ratnāvalī and Priyadarśikā; and Nāgānanda (“The Joy of the Serpents”), inspired by Buddhism and illustrating the generosity of the snake deity Jīmūtavāhana.

The Kanauj Assembly:

In the year 643 A.D., Harsha held a great religious assembly in his capital at Kanauj on the bank of the river Ganges. The purpose of the assembly was to highlight the teachings of Buddha. On that occasion, Harsha also wanted to honour the Chinese Master of the Law, Hiuen Tsang.

The Prayaga Assembly:

The Kanauj Assembly was followed by another spectacular assembly at Prayag in the same year. While the Kanauj Assembly was a religious assembly to highlight Mahayanism, the Prayaga Assembly was an assembly of universal character for offerings of royal charities to all classes of people. It was known as the Maha Moksha Parishad. Harsha was at his best in the Prayaga Assembly as a generous monarch and an admirer of all the major faiths of his country.

Q5. Consider the following statements about the Land Grant System in ancient India

1. This system was first started under the Gupta Empire
2. Satvahanas was the first to introduce the system in Deccan
3. The Gupta land grant system is considered to be responsible for the beginning of Indian feudalism

Which of the above statements is/are correct?

1. 1 and 2 only
2. 2 and 3 only
3. 1 and 3 only
4. 1, 2 and 3

Answer (b)

Explanation:

Land Grant System: Start of Feudalism in India

This system was started under the Mauryas. Satvahanas was the first to introduce the system in Deccan. Guptas were the first to grant lands to civil servants. Lands granted to the temples were called Bramhadeyas or Devadaya. Lands granted to the Brahmins were called Agraharas.

The grantees were called Bhaktas and Bhugathas. According to many theories, the Gupta land grant system was responsible for the beginning of Indian feudalism. The Samanthas who got lands from the Gupta king in course of time emerged as the Indian feudal class.

The Vakataka dynasty that ruled Deccan, gave the maximum number of land grants in ancient Indian history.