Cultural Property Agreement
Why in News: Recently, the Governments of India and the United States signed the inaugural ‘Cultural Property Agreement’ at Bharat Mandapam in New Delhi, during the 46th World Heritage Committee meeting.
About the Cultural Property Agreement
- Objective: The agreement aims to prevent and curb the illicit trafficking of antiquities from India to the USA.
- Alignment with International Conventions: It aligns with the 1970 UNESCO Convention on the Means of Prohibiting and Preventing the Illicit Import, Export, and Transfer of Ownership of Cultural Property, to which both countries are signatories.
- Scope of Restrictions: The agreement restricts the importation into the USA of certain archaeological materials dating from 1.7 million years ago to 1770 CE and certain ethnological materials. These include categories of civic, religious, and royal architectural materials, religious items, ceremonial objects, and manuscripts ranging from the 2nd century BCE to 1947 CE.
- Return of Forfeited Objects: As per the agreement, the USA will return any object or material on the Designated List that is forfeited to the US Government back to India.
- Precedents: The USA has already executed similar agreements with countries such as Algeria, Belize, Bolivia, Bulgaria, Cambodia, Chile, China, Colombia, Costa Rica, Cyprus, Ecuador, Egypt, El Salvador, Greece, Guatemala, Honduras, Italy, Jordan, Mali, Morocco, Peru, and Turkey.
- Significance: The agreement facilitates the quick seizure of Indian antiquities at US Customs and ensures their repatriation to India.
Climate Finance Action Fund
Why in News: Azerbaijan, the host of the 29th Conference of Parties to the United Nations Framework Convention on Climate Change, has announced the creation of a new fund named the ‘Climate Finance Action Fund’.
About Climate Finance Action Fund
- Capitalisation: Funded by contributions from fossil fuel-producing countries and companies across oil, gas, and coal sectors. Azerbaijan is a founding contributor.
- Launch: Introduced as part of 14 initiatives during the COP29 thematic days.
- Public-Private Partnership: Designed as a catalytic public-private partnership to mobilise the private sector and mitigate investment risks.
- Special Facilities: Contains concessional and grant-based support facilities to address natural disasters in developing countries.
- Operational Phase: Will become operational after raising an initial $1 billion and securing commitments from 10 contributing countries as shareholders.
- Developing Countries: Fifty percent of the capital will support climate projects in developing countries focusing on mitigation, adaptation, and research and development.
- NDC Support: Fifty percent will help member countries meet their Nationally Determined Contributions (NDCs) to keep the 1.5°C temperature target within reach.
- Rapid Response Funding Facility (2R2F): Twenty percent of revenues generated from investments will go into this facility, providing highly concessional and grant-based support.
- Location: The fund’s secretariat will be based in Baku, Azerbaijan.
GROWTH-India Telescope
Why in News: Recently, the GROWTH-India Telescope achieved a significant observation by capturing a 116-meter, building-sized asteroid during its closest approach to Earth.
About GROWTH-India Telescope
- First of its Kind: India’s first fully robotic optical research telescope.
- Primary Mission: Observes explosive transients and variable sources, including near-Earth asteroids.
- Indian Astronomical Observatory: Located at Hanle, Ladakh, at an elevation of 4500 meters above mean sea level, making it one of the highest observatory sites globally.
- Collaborative Site: Shares the location with the Himalayan Chandra Telescope (HCT), the gamma-ray array telescope (HAGAR), and the imaging Cherenkov telescope (MACE).
- Partnership: Built through collaboration between the Indian Institute of Astrophysics (IIA) and the Indian Institute of Technology Bombay (IITB).
- Support: Funded by the Department of Science and Technology (DST) and the Indo-US Science and Technology Forum.
- GROWTH Project: Part of the Global Relay of Observatories Watching Transients Happen (GROWTH), an international network of observatories.
- Objective: Provides continuous monitoring of celestial events, ensuring uninterrupted data collection by overcoming the limitation of daylight interruptions through collaborative observations across the globe.