Current Affairs - Environment

The discovery of new species of jumping spiders occurred in India, but the title references both India and Sri Lanka, highlighting the biodiversity significance of both countries. Sri Lanka is included due to its ecological role in the region, alongside India. Both countries are recognized for their diverse ecosystems, which contribute to the discovery of new species.

India has pledged to achieve net-zero emissions by 2070 as part of its commitment under the Panchamrit strategy at COP26. This ambitious goal requires significant investments, with an estimated need of over USD 10 trillion. The government is working on setting up a National Green Financing Institution to aggregate green finance and lower the cost of capital to support this target. Achieving net zero by 2070 is crucial for mitigating the economic and environmental risks posed by climate change.

The study on Olive Ridley turtles was conducted by the Dakshin Foundation in partnership with IISc Bengaluru and State Forest Departments. This long-term assessment, covering 16 years, provided valuable insights into the population trends of these turtles in India, including the impact of climate change on their sex ratio and other conservation concerns. The collaboration with IISc Bengaluru highlights the significant role of research institutions in wildlife conservation efforts.

COP16, the 16th Conference of the Parties to the Convention on Biological Diversity (CBD), was held in Rome, where global leaders committed to securing $200 billion annually to protect biodiversity and implement the Kunming-Montreal Global Biodiversity Framework. The agreement also included the establishment of the Cali Fund to ensure fair benefit-sharing from genetic resource data. Additionally, the Global Environment Facility (GEF) allocated over $3 billion, leveraging a total of $22 billion for biodiversity conservation efforts worldwide.

The Cali Fund was launched at COP16 in Rome on February 25, 2025, to gather contributions from businesses using Digital Sequence Information (DSI) like genetic data. The fund is dedicated to supporting biodiversity conservation, with a focus on directing at least 50% of its resources to indigenous peoples and local communities. Managed by the UNDP and UNEP, the Cali Fund aims to support various conservation projects to safeguard biodiversity globally.