Current Affairs Quiz - July, 2024

Notes:
The Economic Survey noted the European Union’s Carbon Border Adjustment Mechanism (CBAM) conflicts with the Paris Agreement’s spirit. CBAM is an EU tariff on carbon-intensive products, ensuring imported goods pay for their carbon emissions, aligning their carbon price with domestic products. EU importers must buy carbon certificates based on embedded emissions. This encourages cleaner production globally by pricing carbon emissions fairly. CBAM aims to prevent undermining the EU’s climate objectives.

Notes:
The Uttar Pradesh government has launched the “Ped Lagao, Ped Bachao Jan Abhiyan-2024” campaign to plant 3.73 crore saplings along riverbanks. The initiative targets the Ganga (77.5 lakh saplings), Yamuna (98.5 lakh saplings), and Hindon (4 lakh saplings). The project includes planting a variety of trees and medicinal plants, supported by an incentive scheme funded by the National Mission for Clean Ganga. It aims to enhance green cover and aid environmental conservation.

Notes:
The Union government has stated that the Goods and Services Tax (GST) has reduced the tax burden on common people. Tax incidence refers to how a tax burden is divided between stakeholders such as buyers and sellers. There are two forms: statutory incidence, which determines who is legally responsible for paying the tax, and economic incidence, which reflects the final burden on economic welfare.

Notes:
The Finance Minister announced NPS Vatsalya, a new scheme under the National Pension Scheme (NPS) to help parents and guardians plan for their children’s future financial needs. Parents can open an account for their minor children, with funds accumulating until the child turns 18. Upon adulthood, the amount transfers to a standard NPS account and can be converted into a non-NPS plan. NPS, a voluntary retirement scheme, enables individuals to build a retirement corpus through regular contributions. Open to all Indian citizens, including non-residents, NPS invests in market-linked instruments, offering potentially higher returns than traditional fixed-income options.

Notes:
The European Space Agency (ESA) has announced a mission to study the Apophis asteroid during its close flyby of Earth in 2029. This mission follows NASA’s commitment to Apophis, which was once feared to be on a collision course with Earth. In 2029, Apophis will pass within 32,000 km of our planet, providing a rare opportunity to study such a large asteroid up close. ESA noted that asteroids of this size approach Earth at such close distances only once every 5,000 to 10,000 years.

Notes:
Azerbaijan has launched the Climate Finance Action Fund (CFAF) as part of its initiatives for the UN Climate Change Conference COP29. Headquartered in Baku, the CFAF aims to support climate projects in developing countries, advance Nationally Determined Contributions (NDCs), and address natural disaster impacts. The fund will be capitalized by fossil fuel-producing countries and companies involved in oil, gas, and coal. It will become operational after raising $1 billion in its initial fundraising round and securing commitments from 10 contributing countries.

Notes:
The GROWTH-India Telescope recently made a remarkable observation, capturing a 116-meter, building-sized asteroid during its closest approach to Earth. As India’s first fully robotic optical research telescope, its primary mission is to observe explosive transients and variable sources, including near-Earth asteroids. Located at the Indian Astronomical Observatory in Hanle, Ladakh, at 4500 meters above sea level, it is among the highest observatory sites globally. Constructed through a partnership between the Indian Institute of Astrophysics (IIA) and IIT Bombay, with support from DST and the Indo-US Science and Technology Forum, it is part of the international GROWTH network, providing continuous monitoring of celestial events.

Notes:
Union Minister for Environment, Forest and Climate Change Bhupender Yadav launched the Ideas4LiFE initiative at IIT Delhi to invite innovative ideas promoting environmentally friendly lifestyles. The Ideas4LiFE portal will collect ideas on themes like saving water and reducing waste. Supported by institutions like UGC and UNICEF, the initiative aims to foster a global movement for environmental sustainability.

Notes:
The Karnataka Chief Minister is ready to discussing the Mekedatu project with Tamil Nadu. This multi-purpose project aims to build a balancing reservoir near Kanakapura in Karnataka, close to Tamil Nadu. The project involves constructing a dam at the confluence of the Cauvery and Arkavathi rivers, with a capacity of 66,000 TMC, supplying over 4 TMC of drinking water to Bengaluru. The estimated cost is around Rs 14,000 crores.

Notes:
Russian President recently greeted Indian Navy personnel aboard INS Tabar during Russia’s Navy Day celebrations. INS Tabar, a stealth frigate built in Russia, is the third ship of the Talwar class. Commissioned on April 19, 2004, in Kaliningrad, it can handle various naval missions independently or as part of a larger task force. The ship is part of the Indian Navy’s Western Fleet, based in Mumbai.