APPOINTMENTS
IMF reappointed Kristalina Georgieva as managing director for another five-year term.
• According to the International Monetary Fund (IMF), Kristalina Georgieva has been re-appointed as the Managing Director (MD) of the IMF for a new 5 year term.
• Kristalina Georgieva's new term will start on 1 October 2024.
• Georgieva is the second woman to head the IMF and the first person from an emerging market economy.
• This decision was unanimously approved by the board. She was the sole candidate for the position.
• She will continue to serve as managing director after the current term ends on 30 September 2024.
• She has led the IMF in a period of great turmoil in the global economy, from the outbreak of the Covid-19 pandemic to Russia's invasion of Ukraine.
• Traditionally, European countries recommend the managing director of the IMF.
BANKING, ECONOMY AND FINANCE
Government sets coal production target at 170 million tonnes for FY25
• The government has set a target of producing 170 million tonnes of coal from captive and commercial coal blocks in the country during the financial year 2024-25.
• This target is 26 percent more than the 116 metric tons produced in 2023-24.
• Regarding Coal India Limited, the objective for coal production from its ines in 2024-25 has been set at one billion tonnes.
• The coal sector in India underwent nationalization through the Coal Mines (Nationalisation) Act of 1973.
• Initially, the Indian government-owned Coal India Limited and its subsidiaries held a monopoly on coal production in the country, but subsequently permitted private sector involvement.
STATE NEWS
Madhya Pradesh leads in Tree Plantation Under the ‘Green Credit’ Plan with 954 Hectares.
• Madhya Pradesh has taken the lead in tree plantation under the 'Green Credit' Plan by dedicating 954 hectares for this initiative. Over the past two months, Madhya Pradesh has spearheaded the implementation of the Centre's Green Credit Program (GCP) by approving more than 500 land parcels, covering a total area of 4,980 hectares across 10 states, for plantation.
• Together with three other states, these regions have identified over 10,000 hectares of land for participation in the program. Currently, Madhya Pradesh has the highest sanctioned degraded forest land for plantation and greening efforts, standing at 954 hectares. Following Madhya Pradesh are Telangana (845 hectares), Chhattisgarh (713 hectares), Gujarat (595 hectares), and Assam (454 hectares).
• The administrator, the Indian Council of Forestry Research and Education (ICFRE), has granted approval for five other states—Bihar, Rajasthan, Tamil Nadu, Maharashtra, and Odisha—to utilize similar land parcels for plantation purposes.
• At least 14 public sector undertakings (PSUs) and other entities have been registered to plant trees on degraded forest land and ultimately earn green credits.
• Individuals, industries, and other public/private entities, including philanthropies and local bodies, can voluntarily participate in the GCP.
• Although the program was started six months ago to encourage environment-friendly practices by people.
• In February, the Environment Ministry notified the methods for calculating the credit generated instead of the tree plantation on degraded land parcels, including bushes, barren lands, and catchment areas of rivers in every state and union territory.
AWARDS
Bayer Leverkusen for the first time won the Bundesliga title.
• Bayer Leverkusen football club won its first Bundesliga title by defeating Werder Bremen football club 5-0.
• The Bayer Leverkusen club also ended Bayern Munich's grip on the Bundesliga title.
• Since 2012–2013, Bayern Munich has won 11 straight Bundesliga championships.
• It is the second major German trophy for the Bayer Leverkusen football team, which won the DFB-Pokal, or the German Cup, in 1993.
• The title is the first Bundesliga win for a club that had previously held the record for most second-place finishes without lifting the championship titles.
• Additionally, Bayern Leverkusen has earned qualified in the UEFA Champions League for 2024–25.
INDEX AND RANKING
As per Global Forest Watch, India lost 2.33 million hectares of tree cover since 2000.
• According to the latest data from the Global Forest Watch monitoring project, India has witnessed the loss of 2.33 million hectares of tree cover since 2000, marking a six percent decline in tree cover during this timeframe.
• The data reveals that 95 percent of the tree cover loss in India from 2013 to 2023 occurred within natural forests.
• Over the period from 2002 to 2023, India experienced the loss of 414,000 hectares of humid primary forest, which accounts for 4.1 percent of its total tree cover loss during the same period, constituting 18 percent of the overall loss.
• Global Forest Watch employs satellite data and other resources to track forest changes in real-time.
• Between 2001 and 2022, forests in India emitted 51 million tons of carbon dioxide equivalent annually, while also sequestering 141 million tons of carbon dioxide equivalent per year, resulting in a net carbon sink of 89.9 million tons of carbon dioxide equivalent annually.
• The loss of tree cover in India has led to the release of an average of 51.0 million tons of carbon dioxide equivalent per year into the atmosphere.
• It's important to note that tree cover loss encompasses not only deforestation but also human-induced loss, natural disturbances, and both permanent and temporary loss.
