CURRENT AFFAIRS

Detailed explanation-1: -Q. Which country is the first to introduce Climate Change law for Financial sector? Notes: New Zealand has become the first country in the world to introduce a Climate Change law for Financial sector. The law requires banks, insurers and investment managers to report the impacts of climate change on their business.

Detailed explanation-2: -The Montreal Convention (1987) The Montreal Protocol was the first global treaty that dealt with the environment and showed what was possible with global cooperation and proved something of a template for future global environmental treaties.

Detailed explanation-3: -New Zealand becomes first country to force finance companies to act on climate risks. New Zealand has become the first country in the world to pass a law forcing financial institutions to disclose and, the government says, act on climate-related risks and opportunities.

Detailed explanation-4: -The Climate Change Action Plan was announced on October 19, 1993. This plan aimed to reduce greenhouse gas emissions to 1990 levels by 2000. Clinton described this goal as “ambitious but achievable, ” and called for 44 action steps to achieve this goal.

Detailed explanation-5: -In 1896, a seminal paper by Swedish scientist Svante Arrhenius first predicted that changes in atmospheric carbon dioxide levels could substantially alter the surface temperature through the greenhouse effect. In 1938, Guy Callendar connected carbon dioxide increases in Earth’s atmosphere to global warming.