Daily Current Affairs 14 February 2024 – IAS Current Affairs

Current Affairs 14 February 2024 focuses on the Prelims-Mains perspective. Major events are :

Demand for Legalising MSP

Source: India Today
GS II:  Government policies and interventions for development in various sectors and issues arising out of their design and implementation

Overview

1. News in Brief
2. What is the Minimum Support Price (MSP)?
3. Why Demand for Legalising MSP?
4. What are the arguments against the Demand for Legalising MSP?

Why in the News?

Over 200 farmers’ unions, predominantly from Punjab, have begun a march towards Delhi.

News in Brief

• The “Dilli Chalo” march encapsulates the widespread discontent among farmers towards the government’s reluctance to ensure a Minimum Support Price (MSP) by law.

What is the Minimum Support Price (MSP)?

• Distortion of Market Forces
  • Legalizing MSP could distort market forces by artificially setting a price floor for certain crops.
  • This can lead to overproduction of MSP-supported crops and underinvestment in more profitable or environmentally sustainable alternatives.
  • It may also discourage farmers from diversifying into crops with higher market demand or better suited to local agro-climatic conditions.
• Fiscal Burden
  • Formalizing MSP into law could place a significant fiscal burden on the government, especially during years of bumper harvests when procurement costs escalate.
  • This could strain government finances and limit resources available for other crucial sectors such as health, education, and infrastructure.
• Inefficiencies in Procurement
  • Legalizing MSP may perpetuate inefficiencies in government procurement systems.
  • Procuring crops at MSP rates often involves bureaucratic hurdles, delays, and corruption, leading to wastage and resource misallocation.
  • This can undermine the objective of providing timely and adequate support to farmers.
• Market Distortions and Trade Disputes
  • Setting MSP as a legal requirement could distort domestic and international trade dynamics.
  • It may lead to trade disputes with other countries, especially if MSP-supported crops are exported at prices below international market rates, triggering accusations of dumping or unfair trade practices.
• Inhibiting Innovation and Adaptation
  • Legalizing MSP may disincentivize innovation and technological adaptation in agriculture.
  • Farmers may become complacent with guaranteed prices, reducing their incentive to adopt modern farming practices, improve productivity, or invest in research and development.

First GBFF Council Meeting

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

Overview

1. News in Brief
2. About Global Biodiversity Framework Fund (GBFF)
3. Outcomes of the Recent meet
4. Way Forward

Why in the News?

The first council meeting of the Global Biodiversity Framework Fund (GBFF) took place recently in Washington DC, United States, February 8-9, 2024.

News in Brief

• The delegates set down rules for the implementation of GBFF, which was proposed during 15th Conference of Parties (COP15) of the Convention on Biological Diversity in 2022. 
• Delegates approved the Resource Allocation Policy and the Project Cycle Policy, which will help the council allocate donor funds when they are available.
• GBFF’s first work programme is expected later this year, with financing by the end of 2024. 

About Global Biodiversity Framework Fund (GBFF)

The Global Biodiversity Framework Fund (GBFF) is a financial mechanism established to support the implementation of the Global Biodiversity Framework (GBF), a set of goals and targets aimed at conserving and sustainably using biodiversity.

Key facts about the GBFF

• Purpose: The GBFF is designed to mobilize financial resources from various sources, including governments, international organizations, private sector entities, and philanthropic organizations, to support activities that contribute to the goals of the GBF.
• Goals: The primary goal of the GBFF is to provide funding for projects and initiatives that promote the conservation, sustainable use, and equitable sharing of benefits derived from biodiversity. This includes activities such as habitat restoration, species protection, sustainable land management, and community engagement.
• Implementation: The GBFF operates through a combination of grants, loans, and other financial instruments to support biodiversity-related projects at local, national, regional, and global levels. It works in collaboration with existing funding mechanisms and institutions to maximize its impact.
• Governance: The governance structure of the GBFF typically involves a board of directors or trustees responsible for overseeing the fund’s operations, ensuring transparency, accountability, and adherence to its mandate and objectives.
• Partnerships: The success of the GBFF relies on partnerships with governments, non-governmental organizations (NGOs), the private sector, academia, and local communities. These partnerships facilitate the identification, design, and implementation of projects that address biodiversity conservation challenges effectively.
• Monitoring and Evaluation: The GBFF employs robust monitoring and evaluation mechanisms to assess the effectiveness of funded projects, measure their impact on biodiversity conservation and sustainable development, and identify lessons learned for future interventions.
• Scaling Up: As the need for biodiversity conservation becomes increasingly urgent, there is a growing recognition of the importance of scaling up financial resources for biodiversity-related initiatives. The GBFF aims to attract additional funding and leverage existing resources to expand its reach and impact over time.

Funds

• The world requires at least $200 billion a year until 2030 to fund biodiversity protection programmes, as assessed during COP15. 
• So far, GBFF has 200 million Canadian dollars (approximately $148.56 million) from Canada, 10 million pounds (approximately $12.65 million) from the United Kingdom, 40 million euros (approximately $43.16 million) from Germany and 10 million euros (approximately $10.79 million) from Spain.
• The total funds collected are just a little bit more than the $200 million needed as seed capital to make the GBFF operational.

Outcomes of the Recent meet

• The delegates set down rules for the implementation of GBFF, which was proposed during 15th Conference of Parties (COP15) of the Convention on Biological Diversity in 2022. 
• The GBFF Resource Allocation Policy gives the Global Environment Facility (GEF) chief executive the authority to approve projects worth up to $5 million. It also mandates midterm reviews for all projects above $2 million. 
• GEF implementing agencies will have nine months from the endorsement of a project preparation grant to fully prepare projects and get them approved by the GBFF council.

Way Forward

Overall, the Global Biodiversity Framework Fund plays a crucial role in financing efforts to conserve and sustainably manage the Earth’s biodiversity, thereby contributing to the achievement of global conservation targets and the long-term well-being of ecosystems and human societies.

Atlantic Meridional Overturning Circulation

Source: Down to Earth
GS I: Geography

Overview

1. News in Brief
2. Atlantic Meridional Overturning Circulation (AMOC)

Why in the News?

A major ocean current system that helps regulate climate and weather patterns worldwide may come to a halt this century, much sooner than earlier believed.

News in Brief

• Atlantic Meridional Overturning Circulation (AMOC), which moves warm ocean water from the tropics to the northern Atlantic Ocean basin, could collapse between 2025 and 2095 due to the impact of anthropogenic emissions, says a July 25, 2023 paper by scientists from the University of Copenhagen, Denmark.
• Based on the current emissions rate, the collapse is likely to occur in the 2050s, the scientists say with 95 per cent confidence in the study published in Nature Communications.

Atlantic Meridional Overturning Circulation (AMOC)

• The Atlantic Meridional Overturning Circulation (AMOC) is a crucial component of the Earth’s climate system, responsible for redistributing heat around the globe.
• It is a large-scale ocean circulation pattern that transports warm, salty water from the tropics northward in the upper layers of the Atlantic Ocean and colder water southward at deeper levels.
• This circulation is vital in regulating climate and affecting weather patterns, sea levels, and ecosystems.

Key Facts on AMOC

• Mechanism: The AMOC operates like a conveyor belt, driven by differences in temperature and salinity. Warm, salty water from the Gulf Stream moves northward along the surface, releasing heat and moisture into the atmosphere, which moderates the climate of Western Europe.
• Strength: The strength of the AMOC can vary due to natural climate variability and human-induced factors. It is typically measured in terms of the volume of water transported per unit of time, with estimates suggesting a range of 15 to 20 million cubic meters per second.
• Impacts: Changes in the AMOC can have far-reaching consequences. A weaker AMOC could lead to cooler temperatures in Europe, altered precipitation patterns, and disruptions to marine ecosystems, including shifts in fish populations and coral bleaching events.
• Potential Feedback: There are concerns that ongoing climate change could weaken the AMOC by melting ice caps, increasing freshwater input from melting glaciers and ice sheets, and altering precipitation patterns. Such changes could create feedback loops, further destabilizing the climate system.

Noted Observation

• Historical Changes: Paleo-climatological evidence suggests that the AMOC has undergone significant fluctuations in the past, including abrupt slowdowns during periods of rapid climate change, such as the Younger Dryas around 12,000 years ago.
• Contemporary Observations: Recent studies have documented a slowdown in the AMOC over the past century, potentially linked to global warming. For instance, data from the RAPID array of monitoring stations in the North Atlantic show a weakening of the circulation since the mid-20th century.
• Extreme Weather Events: Changes in the AMOC can influence weather patterns, contributing to events like the “Beast from the East,” where cold air from the Arctic is drawn southward, causing severe winter weather in Europe.

Conclusion and Way Forward

• Understanding and monitoring the Atlantic Meridional Overturning Circulation is essential for predicting and mitigating the impacts of climate change.
• Continued research, coupled with improved climate models and observational networks, can help refine our understanding of the AMOC’s dynamics and anticipate potential changes in the future.
• Additionally, concerted efforts to reduce greenhouse gas emissions and limit global warming are crucial for preserving the stability of this vital oceanic circulation pattern and minimizing its disruptive effects on weather, ecosystems, and society.

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