COP29 Climate Finance Action Fund of Azerbaijan

• Azerbaijan, the host country for COP29, is tasked with establishing a new climate fund as of July 24, 2024.
• This fund is aimed at motivating fossil fuel producers to assist low-income countries affected by climate change.
• The Climate Finance Action Fund will encourage investments from fossil-fuel-producing nations and companies to support renewable energy projects and enhance resilience against extreme weather in these vulnerable countries.
• While the fund is intended to help some of the hardest-hit nations address climate change impacts and boost their green energy efforts, participation will be voluntary.
• There is no plan to mandate contributions from fossil fuel producers, a measure that many environmental advocates have sought.
• Despite this, the fund represents a significant effort by COP29 organizers to hold fossil fuel producers accountable for their environmental impact.

World’s Most Powerful Passport of 2024 Report

• Singapore’s passport has been rated the most powerful in the world by the Henley Passport Index, offering visa-free entry to 195 destinations as of July 24, 2024.
• This achievement highlights Singapore’s strong diplomatic ties and the ease with which its citizens can travel globally.
• India, on the other hand, is ranked 82nd, providing visa-free access to 58 countries.
• The Henley Passport Index, which has been operating since 2006, ranks passports based on the number of countries accessible without a pre-arranged visa.
• The index is updated quarterly and relies on data from the International Air Transport Association (IATA).

                                       Visa-Free Country Top Countries and India

World Leaders Summit 2024 Held

• The World Leaders Summit 2024, held at the historic House of Lords in the UK Parliament on July 24, 2024, is a crucial event for global leaders to discuss major international issues.
• The summit provides a significant platform for dialogue and cooperation on pressing topics such as climate change, economic inequality, and technological progress.
• The House of Lords, representing stability and leadership, is an ideal location for this meeting.
• The gathering of top officials from diverse backgrounds enhances creative problem-solving and fosters international relationships. Key areas of focus included:

1. Economic Growth: Strategies for sustainable and inclusive development.
2. Sustainable Development: Balancing economic growth with environmental protection.
3. Artificial Intelligence (AI): Exploring AI’s benefits while managing its risks.
4. Healthcare Access: Ensuring fair distribution of resources post-pandemic.
5. Technology’s Role: Assessing digital transformation’s effects on governance and public engagement.

UN Report on Global Hunger Crisis

• The United Nations' goal to end global hunger by 2030 is becoming more difficult due to conflicts, climate change, and economic issues.
• The latest UN report released on July 24, 2024 reveals that chronic hunger remains high and many people cannot access healthy food.
• The 2023 State of Food Security and Nutrition in the World report indicates that 733 million people experienced hunger last year, with Africa facing the most severe crisis, where one in five people is hungry.
• The report, compiled by various UN agencies, also notes that over one-third of the global population could not afford a nutritious diet.
• The report, presented before the G20 summit in Brazil, calls for financial reforms to improve food security.
• If trends continue, about 582 million people are expected to suffer from chronic undernourishment by the decade's end, with half in Africa.

World’s Oldest Calendar Uncovered

• Archaeologists at Göbekli Tepe in southern Turkey have uncovered what is believed to be the world’s oldest Sun-and-Moon calendar, carved into a stone pillar on July 24, 2024.
•  The pillar, dating back nearly 13,000 years, features 365 V-shaped symbols, each representing a day, indicating an advanced understanding of both solar and lunar cycles.
•  The calendar accounts for 12 lunar months and 11 additional days, showing that ancient societies had a sophisticated knowledge of time.
•  Martin Sweatman, one of the researchers, suggests that environmental changes, possibly from a comet strike, may have influenced the development of early writing systems.
• This discovery not only highlights early human astronomical practices but also offers insights into prehistoric societies in Turkey, enhancing our knowledge of their cultural and scientific achievements.

Phase II of the Ballistic Missile Defense System Successfully Tested (Defence)

• The Defense Research and Development Organization (DRDO) successfully tested the Phase-II Ballistic Missile Defense (BMD) system on July 24, 2024.
• This test demonstrated India's improved capability to defend against ballistic missiles with ranges up to 5000 km, marking a significant advancement from the Phase-I system.
•  The BMD program has 2 phases:

1. Phase-I: This existing phase can intercept missiles up to 2000 km away.
2. Phase-II: The newly tested phase can target missiles up to 5000 km away.

• The Phase-II system uses a solid-fueled, two-stage endo-atmospheric missile designed for ground launch.
• It enhances flexibility by targeting threats in both endo and low exo-atmospheric regions.
•  India’s No First Use nuclear policy underscores the importance of a robust BMD system due to increasing long-range ballistic threats.

Dark Oxygen Discovered (Environment and Ecology)

• A study published in ‘Nature Geoscience’ on July 24, 2024, has revealed the discovery of a new type of oxygen, called “dark oxygen,” found on the deep-ocean floor.
• Previously, it was believed that Earth’s oxygen mainly came from photosynthetic organisms like plants and algae.
• This research indicates that oxygen can also be produced in dark environments, such as the ocean floor.
• The discovery was made in the Clarion–Clipperton Zone of the Pacific Ocean, where researchers initially thought their sensors were malfunctioning due to unusual oxygen readings.
• “Dark oxygen” is linked to polymetallic nodules, rich in metals like cobalt and nickel, which could be crucial for deep-sea life and may have mining potential.
• This type of oxygen, while not widely known, is important for various processes, including supporting life in extreme environments and influencing climate history.

Play Sports New Brand Ambassador Announced

• Grand Slam champion Sania Mirza, Olympic bronze medallist MC Mary Kom, and Rannvijay Singha were announced as brand ambassadors for ‘Play Sports, ’on July 24, 2024.
• This initiative aims to build a sustainable sports ecosystem in India by collaborating with schools, enhancing sports development, managing infrastructure, running academies, and scouting young talent.
• The first phase of Play Sports will focus on improving sports infrastructure and training facilities in schools and communities in Delhi NCR and Jaipur, with plans to expand nationwide.
• The organization will upgrade existing facilities and create new sports grounds where needed, provide equipment support, and develop sports curricula for schools.

2030 Winter Olympics to be Hosted by France

• The International Olympic Committee (IOC) selected the French Alps as the host for the 2030 Winter Games, pending certain conditions on July 24, 2024.
• French President Emmanuel Macron assured IOC members that the government formed after the 2024 Summer Games in Paris would handle all organizational and financial guarantees. The IOC accepted these assurances and approved the bid.
• The French bid, which had exclusive negotiating rights since November, featured ski resorts in the French Alps and ice sports venues in Nice.
• Host country must guarantee financial and security commitments for the Games. France has a caretaker government due to recent legislative elections not producing a majority.
• However, organizers remain confident that the future government will provide the necessary guarantees.

Bibhuti Bhusan Nayak

• CMA Bibhuti Bhusan Nayak was elected as the 67th President of the Institute of Cost Accountants of India (ICMAI) for the 2024-25 term on July 24, 2024.
• With over 30 years of expertise in finance and cost accountancy, he becomes the third Cost Accountant from Odisha to hold this position.
• He retired as Deputy General Manager (Finance) from Odisha Power Transmission Corporation Limited (OPTCL) and is currently a practicing Cost Accountant.
• He has previously served as Chairman of the Bhubaneswar Chapter (2015-16) and the Eastern India Regional Council (EIRC) of ICMAI (2022-2023).
• He was also a Council member for the 2023-27 term and Vice President for 2023-24. The ICMAI, established on May 28, 1959, regulates cost and management accounting in India.

Rajiv Gandhi Civil Abhaya Hasthan Scheme in Telangana

• Telangana’s Chief Minister A Revanth Reddy announced a new initiative to tackle unemployment by collecting data on job vacancies in government offices annually by March on July 24, 2024.
• The project aims to streamline hiring procedures by creating a job calendar, ensuring job notices are distributed by June 2 each year, with the hiring process completed by December 9.
• This systematic approach seeks to make state job recruitment more transparent and accountable.
• The Chief Minister emphasized the challenges faced by unemployed youth and the government's dedication to addressing these issues, including reforms to the Telangana State Public Service Commission (TGPSC).