1. Olive Ridley turtles along the Visakhapatnam coast
CONTEXT: Carcasses of Olive Ridley turtles continue to wash ashore along the Visakhapatnam coast.
- Environmental experts say that a majority of the deaths are due to marine pollution and trawling activities for catching fish.
- They are the smallest and most abundant of all sea turtles found in the world.
- It gets its name from the olive green colouration of its carapace (shell).
Scientific Name: Lepidochelys olivacea
They are best known for their unique mass nesting, called Arribada, where thousands of females come together on the same beach to lay eggs.
Distribution: They are mainly found in the warm waters of the Pacific, Atlantic, and Indian oceans. Odisha’s Gahirmatha Marine Sanctuary is known as the world’s largest rookery (a colony of breeding animals) of sea turtles.
Features:
- An adult typically measures between 62 and 70 cm in length and weighs about 35-45 kg.
- They have one to two visible claws on each of their paddle-like flippers.
- They are omnivorous, meaning they feed on both plants and animals.
- They are solitary, preferring the open ocean.
- These turtles spend their entire lives in the ocean, and migrate thousands of kilometers between feeding and mating grounds in the course of a year.
Conservation Status:
IUCN Red List: Vulnerable
Wildlife Protection Act, 1972: Schedule 1
CITES: Appendix I
2. How Would a Carbon Market Function?
- Introduction to Carbon Market
- Definition: A carbon market is a system that allows for the buying and selling of the right to emit carbon into the atmosphere.
- Concept:
- Governments set limits on carbon emissions.
- Companies can trade “carbon credits,” which certify their right to emit specific amounts of carbon.
- Origin: Carbon markets emerged in the 1990s in the U.S. under the cap-and-trade model.
- What Are Carbon Credits?
- Carbon Credit:
Equivalent to 1,000 kilograms (1 tonne) of carbon dioxide emissions. - Purpose:
To control emissions by limiting the amount of carbon credits and allowing trade to ensure efficient allocation. - Key Points:
- Individuals and firms holding credits can sell them if they emit less carbon.
- Price of carbon credits depends on demand and market forces.
- Credits can also be given to carbon sinks (like forests) that absorb carbon.
- Benefits of Carbon Markets
- Efficient Solution to Pollution:
- Assigning costs to emissions encourages industries to reduce pollution.
- Internalizes environmental costs into corporate expenses.
- Innovation in Carbon Reduction:
- Encourages investments in clean energy and efficient technology.
- Global Standardization:
- Provides unified frameworks for emissions reporting and management.
- Market Forces:
- Prices carbon credits efficiently based on demand and supply dynamics.
- Corporations and Carbon Markets
- Corporations often prefer voluntary reporting systems (e.g., Carbon Disclosure Project).
- Concerns include:
- Government intervention may raise production costs and create difficulties in budgeting emissions.
- Carbon markets allow efficient trading between companies, helping firms purchase credits at lower prices.
- Challenges with Carbon Markets
- No Real Emission Reduction: Trading carbon credits may lower prices but fail to reduce emissions effectively.
- Carbon Offsets Issues: Offsets (e.g., tree planting) may not accurately reflect real emission reductions.
- Market Manipulation: Over-reliance on trading credits without substantial environmental action.
- Compliance Issues: Difficulty in monitoring and verifying
- Critical Analysis
- While carbon markets promote efficiency, they do not always guarantee emission reductions.
- Alternative Policies:
- Governments may need stricter regulations and direct penalties for emissions.
- Risk of “Greenwashing” where companies purchase credits but make minimal efforts to reduce emissions.
- Key Terms
- Carbon Credit: 1,000 kg of CO₂.
- Cap-and-Trade: System to set emission limits and allow trading.
- Carbon Offset: Mechanism to reduce carbon emissions (e.g., afforestation).
- Carbon Disclosure Project: Voluntary system for emissions reporting.
- The Gist (Summary)
- Carbon markets aim to reduce emissions by creating a tradeable market for carbon credits.
- Pros: Efficient allocation, market-driven solutions, and cost-effective emission control.
Cons: No guaranteed reduction, offset issues, and regulatory challenges.
3. Wheat, Edible Oil, and Inflation
