UPSC QUIZ 2.04.2024

Explanation:

• UN Climate Change Conference (UNFCCC COP 27) convened in Sharm El-Sheikh, Egypt established a Loss and Damage Fund for climate disaster recovery in developing nations.
• The 2023 UNFCCC COP 28 (Dubai) focused on transitioning from fossil fuels, pledging to triple renewable energy capacity by 2030.
• As preparations for COP29 in Baku intensify, attention now turns to finance discussions, particularly the New Collective Quantitative Goal (NCQG).

New Collective Quantitative Goal

• The NCQG is a new annual financial target that developed countries must meet from 2025 onward to provide climate finance to developing countries.
• It will replace the previous commitment of USD 100 billion per year that developed nations had pledged in 2009 but failed to deliver.
• The final NCQG amount is expected to be a central point of negotiation at the COP29 summit in Baku, Azerbaijan, in November 2024.

Explanation:

• Scientists discovered 50,000-year-old magentofossils in the Bay of Bengal. This discovery has been published in the journal Nature.
• These are the fossilized remains of magnetic particles made by magnetotactic bacteria. These are also called magnetobacteria. Magnetotactic bacteria are prokaryotic organisms.
• These organisms live in harmony with the Earth's magnetic field. These follow the Earth's magnetic field to reach places with the best oxygen concentrations.
• The tiny sacs of this bacteria contain "novel structured particles rich in iron", which essentially act as a compass. Magnetotactic bacteria form tiny crystals made from the iron-rich minerals magnetite or greigite.
• These crystals help them navigate the changing oxygen levels in the water body. Fossils left by the crystal-forming bacteria help scientists explore the conditions that prevailed millions of years ago.

Explanation:

• Skyroot successfully test-fired Stage-2 of the Vikram-1 space launch vehicle.
• Skyroot Aerospace conducted the test from the Satish Dhawan Propulsion Test Range of the Indian Space Research Organization (ISRO).
• A thrust of 186 kilonewtons (kN) was recorded in the test which lasted for 85 seconds. Stage-2 of the Vikram-1 launch vehicle is called Kalam-250.
• Kalam-250 is a high power carbon composite rocket motor, which uses solid fuel and high performance ethylene-propylene-diene terpolymer (EPDM) thermal protection system (TPS).
• It is a high power carbon composite motor that propels the rocket. Vikram-1 launch is a historic event for the Indian space sector as it was the first private orbital rocket launch.

Explanation:

• A new species of cicada has been discovered by scientists in Meghalaya. This discovery has been published in the journal Zootaxa.

"Bicolor"

• The name of this species is “bicolor”.
• This name has been given because of its two different colors.
• Due to the colorful wings of this species, it is also known as "Butterfly Cicadas".
• It belongs to the Bequartina genus.
• The cicada was first spotted in 2017 by Dr. Vivek Sarkar of the Wildlife Institute of India in the vicinity of Balpakram National Park in South Garo Hills district.

Explanation:

• India’s foreign exchange reserves increased for fifth continuous week.
• As per RBI data, India’s forex reserves reached to a record high level of $642.63 billion in the week that ended on March 22, 2024.
• However, India’s foreign currency assets decreased by $123 million to $568.264 billion.
• In the week that ended on 22 March 2024, India’s forex reserves increased by $139 million.
• In the week, gold reserves increased from $347 million to $51.487 billion.
• India’s foreign currency assets form the biggest component of the forex reserves.
• Forex reserves increased by $6.396 billion before the week that ended on 22 March.
• In the calendar year 2023, RBI increased foreign exchange reserves by about $58 billion.
• In 2022, India’s forex reserve fell by $71 billion cumulatively.
• The last time India’s forex reserves reached an all-time high was in October 2021.
• An increase in the cost of imported goods in 2022 could be the reason for much of the subsequent decrease.
• Forex reserves are the assets that central bank of a country holds.
• It is generally held in reserve currencies (usually the US Dollar, the Euro, Japanese Yen, and Pound Sterling).

• It includes India’s Reserve Tranche position in the International Monetary Fund.