In News: The second in-person summit of the QUAD grouping will be held today in Tokyo.
- Formally the Quadrilateral Security Dialogue, the Quad began as a loose partnership after the devastating 2004 Indian Ocean tsunami, when the four countries joined together to provide humanitarian and disaster assistance to the affected region.
- It was formalised by former Japanese Prime Minister Shinzo Abe in 2007, but then fell dormant for nearly a decade, particularly amid Australian concerns that its participation in the group would irritate China.
- The group was resurrected in 2017, reflecting changing attitudes in the region toward China’s growing influence.
- Both the Trump and Biden administrations saw the Quad as key to a pivot toward placing more focus on the Indo-Pacific region, particularly as a counterweight to China’s assertive actions.
- The Quad leaders held their first formal summit in 2021 and met again virtually in March.
Indo-Pacific Economic Framework for Prosperity (IPEF)
In News: Prime Minister Shri Narendra Modi participated in an event in Tokyo to launch the Indo-Pacific Economic Framework for Prosperity (IPEF).
Key elements envisaged within the IPEF
- The IPEF seeks to strengthen economic partnership amongst participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.
- Initial Partners-Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. Together, they represent 40% of world GDP.
- The announcement of IPEF is a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth.
- Four key pillars to establish high-standard commitments that will deepen our economic engagement in the region:
- Connected Economy
- Resilient Economy
- Clean Economy
- Fair Economy
In News: The Indian delegation led by Piyush Goyal at Davos discussed how the financial institution can further complement the government’s sustainable growth agenda.
- Water is made of one hydrogen and two oxygen atoms. Without contamination, water mostly contains only these two elements. Green hydrogen is regular hydrogen obtained by separating hydrogen and oxygen molecules of water by using only renewable energy.
- Green hydrogen is made by a process called electrolysis. It means when we run an appropriate amount of electric current through water, it separates hydrogen and oxygen.
- However, the energy used in electrolysis must be renewable of clean energy, which will not release any carbon dioxide into the atmosphere.
- According to data from the International Energy Agency (IEA) in 2018, the demand for hydrogen has tripled since 1975. The consumption of hydrogen reached 70 million tonnes in 2018.
- It has been used to fuel cars, spaceships, and industries, among other areas. However, the usage of green hydrogen in industries is very low.
- Prime Minister Narendra Modi announced a National Hydrogen Mission in 2021 to make India a hub of green hydrogen production and export. India intends to become self-reliant in energy and inspire clean energy transition across the world.
- India’s OIL (Oil India Limited) established the country’s first pure green hydrogen plant in Assam.
- Conglomerates like Reliance Group and Adani Group have also announced plans to enter green hydrogen production.
- Adani Group plans to invest $70 billion to become the world’s largest renewable energy company.
In News: The “world of work” is being buffeted by multiple crises, says the ninth edition of the International Labour Organisation (ILO) Monitor.
- It was created in 1919, as part of the Treaty of Versailles that ended World War I, to reflect the belief that universal and lasting peace can be accomplished only if it is based on social justice.
- The only tripartite U.N. agency, since 1919 the ILO brings together governments, employers and workers of 187 member States, to set labour standards, develop policies and devise programmes promoting decent work for all women and men.
- The main aims of the ILO are to promote rights at work, encourage decent employment opportunities, enhance social protection and strengthen dialogue on work-related issues.
ILO Monitor 9th Report
The report gives a global overview of how countries are tackling an uneven labour market recovery that has been further undermined by developments such as the Russian aggression against Ukraine, increases in inflation, and continuing strict COVID-19 containment measures.