Current Affairs 5 May 2021 – IAS Current Affairs

Current Affairs 5 May 2021  focuses on Prelims-Mains perspective. Major events are :

1. Network for Greening the Financial System
2. Asiatic Lions infected with SARS-COV2
3. India-UK Virtual Summit
4. SUTRA Model for Covid Trajectory
5. Purchasing Managers index (PMI)
6. 5G Spectrum Trials

Network for Greening the Financial System

Source : Down To Earth
GS III : Conservation, environmental pollution and degradation, environmental impact assessment

Why in News ?

Reserve Bank of India (RBI) has joined the Network for Greening the Financial System. 

• It is a voluntary group of central banks.

Key Facts

• RBI has joined to share best practices and contribute to the development of environment and climate risk management in the financial sector
• It aims to mobilise mainstream finance to support the transition towards a sustainable economy.
• How climate change affect the finance ?
  • Climate change poses risks to financial stability in the form of
    • Physical risks : extreme and slow onset weather events
    • Transition risks : changes in policy, legal and regulatory frameworks, consumer preferences and technological development while transitioning to a low-carbon economy
• New Zealand became the first country to announce a law that will require financial firms to disclose climate-related risks and opportunities.
  • The law seeks to bring climate risks and resilience into the heart of financial and business decision-making.

World Economic Forum’s (WEF) and Global Risks Report 2021

• Climate action failure and infectious diseases as the highest risks.
• Risk perception of climate action failure has remained unchanged.
• It suggesting that not delaying the shift towards a greener economy despite the pandemic.
• about $5 trillion will be needed to be invested annually in green infrastructure, far exceeding the current floor commitment of $100 billion annually.

Independent Expert Group on Climate Finance

• It mentioned the the urgency of fulfilling the $100 billion commitment from public contributors of climate finance including bi-lateral, multilateral climate funds, multilateral development banks and development finance institutions.
• Also to leverage far greater private finance.
• The report explains developed countries by highlighting four key deficiencies that include
  • Low levels and declining share of grant finance
  • Under funding of adaptation
  • Lack of adequate finance for least developed countries and small island developing states
  • Obstacles to expeditious access by developing countries to climate finance.

Private sector climate financing

• To create climate positive actions the starting point is to make private sector account for and mitigate systemic risks.
• Conventional economic models account only for linear risks which are critically insufficient while considering the imperative of low-carbon growth pathways.
• Private sector across the world require to alter processes such that their investments do not exacerbate climate change.
• Focus on three key areas progressively
  • Assess whether companies’ actions that cause negative externalities are mitigated.
  • Align with UN Sustainable Development Goals.
  • Alignment with decarbonisation pathways.

Asiatic Lions infected with SARS-COV2

Source : PIB
GS II : Conservation, environmental pollution and degradation, environmental impact assessment

Why in News ?

On the 24th April 2021 with an abundance of caution  (NZP) Hyderabad shared samples (as collected from nose, throat and respiratory tract under anaesthesia) with CCMB-LaCONES for eight Asiatic lions housed in the Zoo that had showed signs of respiratory distress.

• It has now been confirmed that eight Asiatic lions housed in Nehru Zoological Park (NZP), Hyderabad have tested positive for SARS-CoV2 virus.

Key Facts

• The samples have revealed that the infection was not caused by any variant of concern.
• The monitoring and guidelines for prevention, sample collection, detection in suspected cases, and safety protocols for animal keepers etc have been suggested to zoos in consultation with scientific agencies.
• There is no factual evidence that animals can transmit the disease to humans any further.

About Asiatic lions

• Asiatic lion is a Panthera leo leo population surviving today only in India having inhabited much of Western Asia and the Middle East.
  • Its range is restricted to Gir National Park and the surrounding areas in the Indian state of Gujarat.
  • It occurred in Saudi Arabia,[6][7] eastern Turkey, Iran, Mesopotamia, Pakistan, and from east of the Indus River to Bengal and the Narmada River in Central India.[8]
• Conservation Status
  • IUCN Red List, it is listed under its former scientific name Panthera leo persica as Endangered.3
  • It was included on CITES Appendix I, and is fully protected in India.
• Reason for decline
  • There are indications of poaching incidents in recent years.
  • Vulnerable to large forest fire.
  • Expansion of Agriculture land.

India-UK Virtual Summit

Source : Indian Express
GS II : Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests

Why in News?

Prime Minister of India and Prime Minister of the United Kingdom held a India-UK Virtual Summit and adopted an ambitious Roadmap 2030.

Key Facts

• India and the UK enjoy long standing friendly ties and share a Strategic Partnership by mutual commitment to democracy, fundamental freedoms and the rule of law.
• Roadmap 2030 :
  • Its was adopted at the Summit to elevate bilateral ties to a ‘Comprehensive Strategic Partnership’.
  • The Roadmap will pave the way for a deeper and stronger engagement over the next ten years
  • It will focus on the key areas of people to people contacts, trade and economy, defence and security, climate action and health.
• Enhanced Trade Partnership (ETP)
  • To unleash the trade potential between the 5th and 6th largest economies of the world and by setting an ambitious target of more than doubling bilateral trade by 2030.
  • As part of the ETP India and the UK agreed on a roadmap to negotiate a comprehensive and balanced FTA, including consideration of an Interim Trade Agreement for delivering early gains.
  • The enhanced trade partnership between India and UK will generate several thousands of direct and indirect jobs in both the countries.
• Global Innovation Partnership
  • GIP was announced at the Virtual Summit that aims to support the transfer of inclusive Indian innovations to select developing countries, starting with Africa.
  • Both sides agreed to enhance cooperation on new and emerging technologies, including Digital and ICT products, and work on supply chain resilience.
  • They also agreed to strengthen defence and security ties, including in the maritime, counter-terrorism and cyberspace domains.
• Maritime Domain Awareness
  • It includes new agreements on maritime information sharing an invitation to the UK to join India’s Information Fusion Centre in Gurgaon and an ambitious exercise programme which includes joint trilateral exercises.
• Two countries agreed to build on existing government-to-government collaboration on India’s future combat air engine requirement.
• Agreed to work together to ensure an ambitious outcome at COP26 and expand the UK-India partnership on tackling climate change
  • By accelerating the development of clean energy and transport and new technology
  • Protecting nature and biodiversity and helping developing countries adapt to the impact of climate change.

SUTRA Model for Covid Trajectory

Source : Business Standard
GS II : Issues relating to development and management of Social Sector/Services relating to Health, Education, Human Resources.

Why in News?

National Covid-19 Supermodel Committee has said that it could not predict the exact nature of the second Covid-19 wave across the country.

About SUTRA Model

• SUTRA (Susceptible, Undetected, Tested (positive), and Removed Approach)
• It first came into public attention when one of its expert members announced in October that India was past its peak.
• After new cases reached 97,000 a day in September, there was a steady decline and the scientists associated with the model development informed that
  • The model showed the COVID burden was expected to be capped at 10.6 million symptomatic infections by early 2021 with less than 50,000 active cases from December.
  • In October, at that time, there were 7.4 million confirmed cases of which about 7,80,000 were active infections.
• SUTRA model chose a data centric approach.
  • The equation that gave out estimates of what the number of future infections might be and the likelihood of when a peak might occur, needed certain constants.

Key Facts

• Committee comprising three scientists working on the SUTRA model
  • It aimed for charting the trajectory of Covid-19
• Model predictions in this instance were incorrect as the nature of the virus has been changing very rapidly.
• It worked based on mathematical model to predict the spread of the virus
  • It is important that a mathematical model can only predict future with some certainty.
  • Also the virus dynamics and its transmissibility don’t change substantially over time.
  • Mathematical models can also provide a mechanism to predicting alternate scenarios corresponding to various policy decisions such as non-pharmaceutical interventions
  • In the case of Covid-19, it is clear that the nature of the virus has been changing very rapidly.
  • In such a context, any prediction for Covid-19 must be continually readjusted, sometimes almost daily

The panel was formed by the central government last year to make projections about the spread of the pandemic to help it make short term and medium term plans and decisions.

Current COVID Cases

• The country on Tuesday reported 3.57 lakh new cases and 3,449 deaths.
• The highest single-day spike was reported on May 1 when the cases crossed 4 lakh to hit a new global record.

Purchasing Managers index (PMI)

Source : The Hindu
GS III : Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment

Why in News ?

India’s manufacturing sector activity was largely flat in April as rates of growth for new orders and output eased to eight-month lows amid the intensification of the COVID-19 crisis, a monthly survey said on May 3.

Key Facts

• The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) was at 55.5 in April, little changed from March’s reading of 55.4.
  • In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
• PMI results for April showed a further slowdown in rates of growth for new orders and output, both of which eased to eight-month lows amid the intensification of the COVID-19 crisis.
• The survey participants also signalled a steep increase in input costs.
• While output and sales increased at the slowest rates there was a faster upturn in international orders.
  • New export orders increased for the eighth consecutive month.
• Manufacturing employment continued to fall.

5G Spectrum Trials

Source : PIB
GS III : Infrastructure: Energy, Ports, Roads, Airports, Railways etc.
GS III : Science and Technology- developments and their applications and effects in everyday life

Why in News ?

Telecom Department gave go-ahead for 5G technology and spectrum trials to telecom service providers (TSPs).

• Bharti Airtel, Reliance JioInfocomm, Vodafone Idea and MTNL will start 5G trials in different locations across India to cover rural, semi-urban and urban areas.

Key Facts

• These TSPs have tied up with original equipment manufacturers and technology providers which are Ericsson, Nokia, Samsung and C-DOT.
• In addition, Reliance JioInfocomm Ltd. will also be conducting trials using its own indigenous technology.
• Its aims
  • Testing 5G spectrum propagation characteristics especially in the Indian context
  • Model tuning and evaluation of chosen equipment and vendors
  • Testing of indigenous technology
  • Testing of applications
  • To test 5G phones and devices.
• The duration of the trials, at present, is for a period of 6 months.
• The data generated during the trials shall be stored in India.
• Each TSP will have to conduct trials in rural, semi-urban settings and urban settings so that the benefit of 5G Technology proliferates across the country.
  • The experimental spectrum is being given in various bands which include the mid-band (3.2 GHz to 3.67 GHz), millimeter wave band (24.25 GHz to 28.5 GHz) and in Sub-Gigahertz band (700 GHz).

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