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A division of the World Bank has just made its first so-called “green loan” to a bank in Vietnam, meant for businesses to help with environmental problems in a nation that has one of the world’s highest emissions rates relative to its economy. Vietnam has a fast growing economy but also has a fast growing pollution problem.
The loan package of $212.5 million to VPBank was announced this month under the Green Loan Principles, a voluntary set of international guidelines to make loans for eco-friendly projects, such as to promote solar power or biodiversity.
In explaining why it packaged the loan, the World Bank’s International Finance Corporation (IFC) said that Vietnam is the most “carbon intensive” nation in the Asia Pacific region, after China and Mongolia. Carbon intensity measures how much carbon dioxide a nation emits for every dollar of gross domestic product (GDP) it generates. In other words Vietnam’s economy costs a lot of greenhouse gas, and the IFC hopes loans like this one can help reduce the pollutants.
This meets a “strategic objective of increasing financing for climate-smart initiatives to boost environmentally sustainable development in emerging markets with high potential of greenhouse gas emissions reduction such as Vietnam,” Rosy Khanna, the IFC financial institutions group director for Asia Pacific, said.
She said there is “high interest” among investors to provide a “source of capital while helping the country tackle climate change at the same time.”
Climate problems mean Vietnam has a business opportunity that the IFC values at $753 billion for investors looking to tackle them.
The Southeast Asian nation has one of the highest GDP growth rates in the world but that growth is causing worry about the potential impact on the environment. Vietnamese citizens are increasingly worried about everything from the plastic rubbish that is ending up in the ocean, to the toxic chemicals that could be polluting their food and water supply. Khanna said Vietnam has a lot of potential to reduce emissions, but the reason emissions are so high is that the nation is increasingly generating electricity through coal, the dirtiest source of energy.
VPBank, officially known as the Vietnam Prosperity Joint Stock Commercial Bank, said it would use the loan to invest in alternatives.“
This is also an opportunity to help VPBank make positive contributions to national objectives by providing financial solutions to the segment of corporate customers investing in eco-friendly projects, such as renewable energy, national energy security, energy efficiency, green buildings, green transport, [and] waste treatment,” the bank said in a press release.
The IFC has also collaborated with businesses to facilitate green finance in other developing nations such as Costa Rica, Egypt, India, Mexico, and Ukraine.
It said the loans in Vietnam would likely be used for green infrastructure, in addition to energy projects, particularly involving small or medium size businesses.
VPBank has committed to setting up a management system to ensure accountability for the green loan, allowing it to record and monitor the types of green projects the loan finances, as well as allowing for third party verification. (VOA)
Prior to the brutal second wave of the pandemic, Prime Minister Narendra Modi had cautioned civil services probationers against developing the despised "babu mindset". He gave the invaluable piece of advice while addressing civil services probies at the well-known Lal Bahadur Shastri National Academy of Administration in Mussoorie via video-conferencing. He also outlined the keystone mantra of "minimum government and maximum governance".
With the recent collapse of the under-construction flyover in Bandra Kurla Complex which injured 14 labourers, it seems like the Brihanmumbai Municipal Corporation (BMC) has got the PM's keystone mantra all wrong. The recent flyover collapse isn't an isolated incident, in fact, a month ago a similarly bemusing incident took place in the eastern part of the suburbs.
On 1st August 2021, the honourable Chief Minister of Maharashtra Shri. Uddhav Thackeray inaugurated a flyover in the eastern part of the suburbs. In his inaugural speech, he quipped the BMC to smoothen the rough road surface. The BMC swing into action and the surface of the flyover was swiftly re-worked upon. But, instead of smoothening the pre-existing rough surface, the shoddy repair work added to the problem. To top it all off, the BMC added a barrage of speed breakers and rumbler strips on the bridge.
The shoddy repair work combined with a plethora of speed breakers caused long congestions on the Mankhurd-Ghatkopher stretch, ultimately killing the purpose of building the bridge. Moreover, after numerous accidents of motorbikes skidding on the bridge during the rain and the subsequent death of a rider the bridge was closed for traffic.
The construction of the flyover commenced in February 2016 at an approved cost of ₹500 crores. The project was slated to be delivered in January 2019 but was delayed multiple times. The BMC had also made a design change in the flyover by adding a connector to the Deonar dumping ground due to which the construction cost of the flyover was increased to over ₹700 crore. The flyover was expected to bring relief to the traffic on Ghatkopar-Mankhurd Link Road but instead, it added to the existing traffic woes. On a concluding note, the maximum city of Mumbai runs on barely minimum governance, literally.
Keywords: Mumbai, Narendra Modi, Civil Services, Governance.
Along with the undeniable natural beauty, the Kashmir valley has developed a reputation for adventurous activities like trekking, hiking, and river rafting. Kashmir has maintained its charm, allowing us to time-travel into beautiful destinations which make one forget about the stress and worries of life. The hikes in Kashmir offer adventurers to go on a self-discovery trip through nature's lap over the mountains while taking in the breathtaking scenery that surrounds them on their journey. In addition to the hikes, there are many thrilling adventure activities, like rock climbing, rope climbing, etc. Trekking across the region of mountains and lakes will allow you to experience living in the "Paradise on Earth," and you wouldn't want to return to your regular life after that.
The following are some of the finest hiking destinations in Kashmir:
#1: Kashmir Great Lakes Trek: You will be transported to a heavenly and unseen aspect of Kashmir on the Kashmir Great Lakes Trek. In addition to three high-altitude passes and five river valley crossings, this is the only trip in the Himalayas that includes seven alpine lakes, each of which is a stunning shade of green, blue, or turquoise. The extravagance is limitless and breathtakingly stunning every day: infinite blue sky, a larger-than-life backdrop of the Rocky Mountains, colourful meadows overflowing with wildflowers, river crossings are just a few examples of what you will encounter during the trek.
You will be transported to a heavenly and unseen aspect of Kashmir on the Kashmir Great Lakes Trek. | Photo by prayer flags on Unsplash
#2: Sonamarg-Vishansar-Bandipora Trek: The Sonamarg-Vishansar-Bandipora trek is a one-of-a-kind experience that provides a glimpse into Kashmir's undiscovered regions. Sonamarg, famously known as the Meadows of Gold, is the starting point for this fascinating journey that is the perfect experience for anyone looking to get away from the frantic tourist rush. This trek is a fascinating journey that allows nature enthusiasts to bask in the splendour of nature's grandeur. The trek goes over many high mountain passes, some as high as 4000 metres in elevation. The hiking route, in addition to providing breathtaking views of the magnificent Vishansar Lake, provides visitors with the chance to see more than 50 alpine lakes.
Sonamarg, famously known as the Meadows of Gold, is the starting point for this fascinating journey. | Photo by YASER NABI MIR on Unsplash
ALSO READ: Top 10 Beautiful Sights To VIsit In Kashmir
#3: Tral-Narastan-Marsar Trek: The Tral-Narastan-Marsar trek is filled with a range of exciting experiences from beginning to end. The hiking trail passes past a waving saffron field, beautiful meadows, and several streams. The path also crosses the Dachigam National Park, where there is an opportunity to see various animal species. Trekkers may take in spectacular views of the high mountains running parallel to them as they cut and pass through Narastan, a Hindu pilgrimage place.
The Tral-Narastan-Marsar trek is filled with a range of exciting experiences from beginning to end. | Wikimedia Commons
#4: Chhatargul-Mahlish-Gangabal: The journey, which passes through beautiful locations such as Chattargul, Mahlish, Kolsar, and Trunkul, provides a peek into an utterly uninhabited wilderness of Kashmir. There are lakes and meadows adorned with flowers along the route as one trek into the alpine wilderness. Trekkers can also enjoy fishing in the crystal clear lakes, camping, or just seeing towering snow-capped mountains while on their journey.
There are lakes and meadows adorned with flowers along the route as one treks into the alpine wilderness. | Wikimedia Commons
#5: Kolahoi Base Camp Trek: The Kolahoi Base Camp trek in Kashmir has been famous since the early 1900s and has been a goal for many seasoned hikers from across the world. While Srinagar serves as the beginning point for the trip, it is in Aru Valley that the actual hiking begins. The Kolahoi Base Camp Trek is a gentle adventure that is ideal for novices and families with children. The breathtaking sight of the peaks rising into the sky on the horizon of the Pirpanjal and Karakoram ranges is certainly worth capturing. It is considered to be one of the most popular treks in the Kashmir valley.
The Kolahoi Base Camp Trek is a gentle adventure that is ideal for novices and families with children. | Wikimedia Commons
Kashmir's natural splendour, with its beautiful valleys and towering mountains, is really unlike anywhere. Trekking through various valleys and peaks while taking in the scenic beauty is something that always calms the heart and provides us with memories that we will remember for a lifetime.
Keywords: Kashmir, Lakes, Alpine, Hiking, Trekking, Treks, Sonamarg, Gangabal, Kolahoi, Chhatargul, Mahlish, Tral, Narastan, Marsar
The Pitru Paksha starts after the Full Moon day, and this day marks the beginning of the waning phase of the Lunar cycle. This event is roughly of 15-day period, and is of great significance. From this day, rituals like Tarpan or Tarpanam and Shradh are carried out to pay respects to dead relatives and ancestors.
It is believed that from the very first day till the last day, the unhappy souls of the deceased return to the Earth to see their family members. So, in order to ensure that the dead attain Moksha, i.e. to get liberation, family members of these souls quench their thirst and satisfy their hunger by performing the Pind Daan, which includes offering food consisting of cooked rice and black sesame seeds. The literal meaning of Pind Daan is the act of satisfying those who no longer exist physically.
For fifteen days, prayers are offered in temples and rituals are performed to help the souls get free from the cycle of birth, life, and death, and attain salvation.
At the same time, the Pitru Paksha is also an important period for people with Pitru Dosha, which means the curse imposed by the ancestors. Hence, in order to ask forgiveness, people perform Shradh rituals and offer food to the crows, who are considered as living beings that represent the dead. It is believed, if the crow eats the offered food, the ancestors are happy and pleased. But, if the crow doesn't eat the offered food and flies away, the ancestors are not happy.
The event of Pitru Paksha is widely observed by Hindus from all over the world, and they perform prayers and rituals in order to gain their ancestors blessings.