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Climate change: How it led to an unequal world

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Amazon Fire Global Climate Change
In this handout satellite image released by NASA on Tuesday, Aug. 27, 2019 shows the fires in Brazil. (ESA/NASA–L. Parmitano/NASA via AP)

When a 16-year-old girl who has avowed air travel has to cross the Atlantic in a solar-powered race boat to speak at a conference on climate change while the Amazon rainforests are still burning in evidence to everything she has argued at the highest public forums, it is evident that the adults in the room are not doing enough. The “war on nature must end”, Greta Thunberg appealed as she reached the shores of America. But just over the last few years, Bolsonaro in Brazil has allowed deforestation to take place unchecked under his watch while the Trump administration has been handing out leases of public land and waters for oil and gas drilling that are estimated to produce more carbon emissions than the entire European Union does in a year.

In the face of the world’s biggest crisis, a few world leaders seem to be moving in the opposite direction in denial. The myopic economic interests of countries have clearly taken precedence over the global environmental concerns regarding climate change. Nevertheless, the impact of the climate crisis has not been more evident than today through the unpredictable weather conditions and changing trends in climate, melting glaciers, rising sea levels, as well as ocean acidification. Warming temperatures triggered by greenhouse gas emissions have increased the frequency and intensity of floods, droughts and storms across countries and regions. However, the consequent environmental degradation does not have a uniform impact on countries with varying levels of economic development.

A recently published study by researchers from the Stanford University has found that between 1961 and 2010, the poor countries with lowest carbon emissions suffered bigger losses as compared to wealthy countries with highest emissions. The study emphasized that most poor countries of the world are poorer, and the rich countries are richer due to the impact of global warming. The ratio between incomes of the richest 10 per cent and the poorest 10 per cent of the global population has been estimated to be 25 per cent more than it would have been during that time period otherwise.

A similar impact has been observed within countries where people who are least responsible for the climate crisis are the most vulnerable to the risks associated with it. The local communities living in rural parts of developing countries (that are already at a disadvantage) are directly affected due to the consequent impact on agricultural production, water availability, industry and human health. As a result of rising inequality among and within countries, India’s GDP is estimated to be 31 per cent lower than it would have been without climate change. By contrast, the GDP of Canada and EU are 32 per cent and 9.5 per cent higher respectively.

These findings further the ongoing debate on the division of responsibility for causing climate change and its mitigation. Historically, developed countries have had a major contribution to the greenhouse gas emissions which makes it imperative for them to lead the fight against climate change and its adverse effects. The fact that their development which caused climate change muted the growth prospects of the next wave of developing countries puts additional onus on the developed economies to make efforts to address the crisis.

Given that all countries continue with their efforts to promote an ecosystem of sustainable production and consumption, the developed countries should not only take responsibility for their own actions, but also compensate for their negative contribution of the past. In 2015, the Global Climate Fund was created with the objective to support the efforts of developing countries to tackle climate change through investments in the form of grants, loans, equity and guarantees. In addition to financial assistance, transfer of green and clean technologies to the low-income countries could further stimulate their transition to become green economies. Thus, a comprehensive action plan should be advanced to encourage adoption of sustainable alternatives by providing fiscal incentives, regulatory support for resource-incentive sectors and building of climate-resilient infrastructure in developing countries. Stringent laws regarding green subsidies and carbon taxes levied on traded goods and services could initiate the establishment of carbon-free markets. Green innovation through investment in research and technology could also play a key role to find global solutions to the global issue of climate change.

Therefore, global value chains based on cooperation and coordination have the capacity to enhance productivity through innovation-driven production processes. International forums and bilateral trade agreements should also focus on enabling the transfer of environmentally-sound technologies for renewable sources of energy, water conservation and waste management from developed to developing countries. Lastly, since leaders like Trump and Bolsonaro cannot be expected to alter their stance on climate change, currently it is only the people who need to do their part by changing dietary habits, for instance, until the developed world can lead by example.

(Amit Kapoor is chair, Institute for Competitiveness. He can be contacted at [email protected] and tweets @kautiliya. Saloni Bhatia, researcher, Institute for Competitiveness, has contributed to the article. The views expressed are of the authors)

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Rahul Gandhi returning to lead Congress again?

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scindia rahul gandhi priyanka gandhi

New Delhi/Wayanad (Kerala), Dec 6 : Former Congress President Rahul Gandhi is all set to return to lead the party and is likely to take over after the Delhi assembly polls early next year. A hint to this effect was dropped by Congress General Secretary, Organisation, K.C. Venugopal who said that country wants his leadership more now.

Venugopal, who is accompanying Gandhi to his Kerala constituency Wayanad, told reporters: “The nation is going through a critical phase… The party needs his leadership and there is loud chorus from the workers to bring him again and we hope he will listen to them.”

A Congress session is scheduled in the next few months to ratify the appointment of interim President Sonia Gandhi. A source said that in the same meet, a chorus will grow to bring again Rahul Gandhi as planned by young leaders in the party.

Rahul Gandhi’s elevation to the party organisation was first demanded at the AICC’s Hyderabad session in 2006 where workers from UP raised slogans in his favour and he was made party General Secretary in 2007. After that, the demand to make him Vice President was raised at the brainstorming session in Jaipur in 2013.

He was elected President unopposed in 2017 after demand from different quarters of the party, but during the 2019 General Elections, the party was routed under his leadership and he resigned in May taking the responsibility of poll debacle and did not budge to the party’s repeated requests to reconsider. In August, Sonia Gandhi was appointed interim party chief.

Though he may not be the party chief, but Rahul Gandhi’s decisions are evident within the party’s decisions as evinced by appointment of Nitin Raut as minister in the Shiv Sena-Congress-Nationalist Congress Party coalition government in Maharashtra and of Nana Patole as the Assembly Speaker.

The party is finalising a venue for the AICC session, which could be held in the Congress-ruled states of Madhya Pradesh or Rajasthan in January and February, a source said.

By: BY SAIYED MOZIZ IMAM

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RBI holding repo rate bodes well for savings: Economists

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Reserve Bank of India RBI

New Delhi, Dec 6 : Even as many see the RBI’s pause on repo rate as a setback for the growth, some economists argue that any further cut could have affected households savings which have already seen a decline in recent times.

“Reduction in interest rate will work negatively. The interest rate is like a double-edged sword. It will have an impact on savings and it will have an impact on investments. We know very clearly that it does not have much impact on investments. Now, what is it doing? It is basically hampering the savings,” said N.R. Bhanumurthy of the National Institute of Public Finance and Policy (NIPFP).

He also said that monetary policy is not just about interest rates.

“There are many things which monetary policy does. It can ensure that credit flow is better and the banking sector is in good shape. They can create money supply. So, it can do many things. They have to now see how savings could be improved,” the NIPFP professor said.

M. Govinda Rao, Chief Economic Advisor, Brickwork Ratings, said that transmission of the reduction in the policy (repo rate) requires the lending rates to fall. Further, that would also require the deposit rates to fall, which could result in reduced saving by households.

“When the inflation rate is perking up, if the banks also reduce the deposit rates, the rate of return on savings will decline which could not only reduce the incentive to save but also can hurt the elderly who maintain themselves from the interest income,” he said.

As per Economic Survey of FY19, gross savings fell nearly 60 basis points as a share of GDP in two years to 30.5 per cent in 2017-18. Household savings led the decline as its share contracted from as high as 23.6 per cent of GDP in 2011-12 to 17.2 per cent of GDP in 2017-18.

“The household sector savings declined from 23.6 per cent of GDP in 2011-12 to 17.2 per cent in 2017-18 and its net financial savings and a ratio of GDP declined from 7.2 per cent to 6.5 per cent during the same period. Thus, besides inflationary expectations, ensuring adequate real rate of return on the savings could be an objective of keeping the repo rate constant,” Govinda Rao said.

As against market expectations of a rate cut, the RBI on Thursday maintained the policy repo rate at 5.15 per cent. With this, the reverse repo rate also stands unchanged at 4.9 per cent. The Monetary Policy Committee (MPC) was unanimous in its decision to maintain status quo on both rates and ‘accommodative’ stance.

(Nirbhay Kumar can be contacted at [email protected])

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Immediately probe the encounter: Legal experts

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Hyderabad Murder Encounter

New Delhi, Dec 6 : Legal experts say as per the law a probe should be immediately set up into the mysterious encounter of the four accused in the rape and murder of a Hyderabad-based veterinarian.

“The rule of law should prevail in the country, there should be an immediate inquiry into the encounter of the accused,” said senior advocate Vikas Singh, former President of Supreme Court Bar Association.

A week after the brutal gang rape and murder of the young veterinarian in Hyderabad, police shot dead all the four accused in an alleged ‘encounter’ near Shadnagar town.

The accused were killed in the early hours of Friday when they allegedly snatched weapons from the police and tried to escape from Chatanpally near Shadnagar, about 50 kms from Hyderabad.

Singh emphasised that there should be balance between justice delivery system and human rights of the citizens. “The authorities should immediately begin an inquiry into this encounter, and this probe should be completed as soon as possible. The authorities should ascertain whether it was a genuine encounter or it was stage managed by the police,” added Singh.

The four accused killed in the encounter were identified as lorry drivers Mohammed Arif (26) and Chintakunta Chennakeshavulu (20), and lorry cleaners Jollu Shiva (20) and Jollu Naveen (20). All hailed from the Narayanpet district of Telangana.

Senior advocate Puneet Mittal said that there should immediately be a judicial probe into the matter to unearth the real picture behind this mysterious encounter. “The probe should be on the factors that were behind this encounter. The families of the accused could also move the court seeking inquiry into the matter,” added Mittal.

Senior advocate Sanjay Parekh said according to the law the encounter should be looked into as killings. “As per law, a case should be registered against the police officials involved in the alleged encounter followed by a probe,” said Parekh.

He also insisted that usually the action of the police officials claiming self defence comes into the picture at the stage of the trial, but at this stage of the case there should be a probe immediately to verify the encounter.

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