Goaltide Daily Current Affairs
Current Affair 1:
News Seeds Bill Draft, 2019
The Seeds Bill 2019, likely to be tabled in the ongoing winter session of Parliament. We will see here very important things for Prelims examination.
Why farmers are protesting this new Seeds Bill, 2019?
Let the Bill be presented in the house. But we will discuss few reasons why this Bill is a problem.
- Clause 21 of the Seeds Bill 2019 states: “If, such registered seed fails to provide the expected performance under such given conditions, the farmer may claim compensation from the producer, dealer, distributor or vendor under the Consumer Protection Act, 1986.”
The fact that a farmer will have to approach a court which will require him to follow-up with the case for years, is something, that the activists are not comfortable with.
- Another concern regarding the Seeds Bill is that of price control. While the new Bill has provisions for state-level committees monitoring the quality of seeds, farmer leaders feel that government intervention is needed to offset the high price claimed by private players in the seed industry. For example, there was an increase in the price of Bt cotton seeds. So, then the Maharashtra government had to intervene. There is need for a provision on price control in this Act otherwise it will seriously affect farmer.
- There is almost no mention of crop diversification in the Bill which might help farmers in choosing alternatives other than the traditional crops.
So, now you have three most important points to reject this new seed bill, 2019.
Now, we will see few important Acts relevant for your Prelims Exam.
New seeds Bill, 2019 is going to be placed in the Parliament. So, what is the old one? Which Act is regulating seeds in country?
It is Seeds Act, 1966. The new bill seeks to replace the old Seed Act of 1966.
Currently, the sale and distribution of seeds in India is regulated by the Seeds Act 1966 ensuring better quality of seeds are used by cultivators.
Protection of Plant Varieties and Farmers Rights Act (PPVFRA), 2001
According to experts this bill is also in contrast with the Protection of Plant Varieties and Farmers Rights Act (PPVFRA), 2001.
What is this Protection of Plant Varieties and Farmers Rights Act (PPVFRA), 2001?
The Act, 2001 is in conformity with International Union for the Protection of New Varieties of Plants (UPOV), 1978.
No, what is this Union for the Protection of New Varieties of Plants (UPOV), 1978?
The International Union for the Protection of New Varieties of Plants or UPOV is an intergovernmental organization with headquarters in Geneva, Switzerland.
UPOV was established by the International Convention for the Protection of New Varieties of Plants. The Convention was adopted in Paris in 1961 and revised in 1972, 1978 and 1991.
The objective of the Convention is the protection of new varieties of plants by an intellectual property right. By codifying intellectual property for plant breeders, UPOV aims to encourage the development of new varieties of plants for the benefit of society. However, the Act also had strong provisions to protect farmers? rights.
India signed?
To recognize and ensure the intellectual property rights of the breeders of new plant varieties, the government of India sign the Union for the Protection of New Varieties of Plants (UPOV) Convention 1978 Act.
Now how the new seed bill 2019 is in contrast with Protection of Plant Varieties and Farmers Rights Act (PPVFRA), 2001?
- Compulsory registration of Seeds - the PPVFR Act was based on voluntary registration. The Seeds Bill insists on compulsory registration of seeds.
- Compensation for farmer’s role in development of a seed variety - PPVFR act provided that if in the evolution of Any seed variety , farmers and community played a key role than compensation should be provided to them. However, the new bill dilutes these provisions and private companies are left free to claim a derived variety as their own without giving benefits to the farmers.
- Re - registration - the PPVFR Act, which is based on an IPR like breeders? rights, does not allow re-registration of seeds after the validity period. However, under the new bill private seed companies can re-register their seeds an infinite number of times after the validity period.
- Seed pricing - new bill has vague provisions - seed companies may be able to fix seed prices as they deem fit, leading to sharp rises in costs of cultivation.
- Compensation in case of failure of desired results - According to the PPVFR Act, if a registered variety fails in its promise of performance, farmers can claim compensation before a PPVFR Authority.
Current Affair 2:
Bhimrao Ambedkar: revered reformer, forgotten economist
Let us learn some important things about Bhimrao Ambedkar.
The important publications by Baba Saheb:
- Mook Nayak: Marathi weekly whose title was 'Mook Nayak' (meaning 'Dumb Hero')
- Buddha and His Dharma: This was his last writing 'Buddha and His Dharma'
Organizations set up by Baba Saheb:
- Bahishkrit Hitkarini Sabha: In 1923, he set up the 'Bahishkrit Hitkarini Sabha (Outcastes Welfare Association), which was devoted to spreading education and culture amongst the downtrodden, improving the economic status and raising matters concerning their problems in the proper forums to focus attention on them and finding solutions to the same.
- Independent Labour Party: Dr. Ambedkar organized the Independent Labour Party, participated in the provincial elections and was elected to the Bombay Legislative Assembly.
- Scheduled Caste Federation: Scheduled Castes Federation (SCF) was an organisation in India founded by B. R. Ambedkar in 1942 to campaign for the rights of the Dalit community.
Important movements led by Baba Saheb
Mahad March: In 1927, he led the Mahad March at the Chowdar Tank at Colaba, near Bombay, to give the untouchables the right to draw water from the public tank where he burnt copies of the 'Manusmriti' publicly.
Temple entry movement: The temple entry movement launched by Dr. Ambedkar in 1930 at Kalaram temple, Nasik is another landmark in the struggle for human rights and social justice.
Conception of Communal award: Ramsay McDonald announced the 'Communal Award' as a result of which in several communities including the 'depressed classes' were given the right to have separate electorates. This was a part of the overall design of the British to divide and rule. Gandhiji wanted to defeat this design and went on a fast unto death to oppose it. On 24th September 1932, Dr. Ambedkar and Gandhiji reached an understanding, which became the famous Poona Pact
According to this Pact, in addition to the agreement on electoral constituencies, reservations were provided for untouchables in Government jobs and legislative assemblies. The provision of separate electorate was dispensed with. The Pact carved out a clear and definite position for the downtrodden on the political scene of the country. It opened up opportunities of education and government service for them and also gave them a right to vote.
Current Affair 3:
RBI releases “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector” What is On-Tap Licensing?
An “on-tap? facility would mean the RBI would accept applications and grant license for Small Finance Banks (SFBs) throughout the year. The policy allows aspirants to apply for small finance bank license at any time, subject to the fulfillment of the conditions laid down by the RBI.
What are the new guidelines? Vey important guidelines. Do read.
Major changes from the earlier Guidelines on Small Finance Banks dated November 27, 2014, are
- The licensing window will be open on-tap;
- minimum paid-up voting equity capital / net worth requirement shall be ? 200 crore;
- for Primary (Urban) Co-operative Banks (UCBs), desirous of voluntarily transiting into Small Finance Banks (SFBs) initial requirement of net worth shall be at ? 100 crore, which will have to be increased to ? 200 crore within five years from the date of commencement of business. Incidentally, the net-worth of all SFBs currently in operation is in excess of ? 200 crore;
- SFBs will be given scheduled bank status immediately upon commencement of operations;
- SFBs will have general permission to open banking outlets from the date of commencement of operations;
- Payments Banks can apply for conversion into SFB after five years of operations, if they are otherwise eligible as per these guidelines
Let us learn about Small Finance Banks.
- Small Finance Banks were created pursuant to the announcement in Union Budget 2014-2015, presented on July 10, 2014. RBI issued the Guidelines on 27 November 2014 for licensing and regulation of SFBs. On 16 September 2015, RBI decided to grant “in-principle” approval to 10 applicants to set up small finance banks under the Guidelines issued on November 27, 2014.
- The Small Finance Banks (SFBs) are the differentiated banks (different from scheduled commercial banks) which have been set up to further the objective of financial inclusion by primarily undertaking basic banking activities of acceptance of deposits and lending to un-served and underserved sections without any restriction in the area of operations.
- Resident individuals/professionals with 10 years of experience in banking and finance and companies and societies owned and controlled by residents will be eligible to set up small finance banks. Existing Non-Banking Finance Companies (NBFCs), Micro Finance Institutions (MFIs), and Local Area Banks (LABs) that are owned and controlled by residents can also opt for conversion into small finance banks.
- The SFBs would be required to extend 75% of their loans for the priority sectors.
- SFBs are subject to all prudential norms and regulations of RBI as applicable to existing commercial banks like maintenance of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR).
How are Small finance banks different from the Payment banks?
Both Payment Banks and Small Finance Banks are the differentiated banks which have been set up to promote financial inclusion.
While Small Finance Banks can undertake both deposit and lending activity, the Payment banks cannot lend loans.
Further, the Payment Banks cannot accept deposits more than Rs 1 lakh.
The Payment Banks need to invest 75 per cent of their deposits in government securities with maturity up to one year, and the balance 25 per cent with the commercial banks.
Just to trach performance of Small Finance Banks, study led by Dvara Research in 2018.
SFBs have largely done well in maintaining profitability despite the more stringent regulatory mandates on PSL and loan sizes.
Much of the SFB branch network is in the semi-urban and urban areas. SFB lending and to an extent deposit-taking, does not see rural centres being serviced more than what is already being done by existing banking models (except for RRBs. 
The share of SFB branches in underbanked locations constitutes only 21% of their total bank branches. The highest such proportion is that of Regional Rural Banks at 76%.
Current Affair 4:
India’s forex reserves cross $ 450 billion for the first time
According to the latest data released by the RBI, the forex reserves have crossed $450-billion mark for the first time ever due to strong foreign inflows.
We will learn about Forex Reserves:
The Foreign exchange reserves of India consists of below four categories;
- Foreign Currency Asset (FCA)
- Gold
- Special Drawing Rights (SDRs)
- Reserve Tranche Position (RTP)
What Foreign Currency Asset (FCA) includes?
Reasons for increase in the Forex Reserves
The net foreign direct investment (FDI) rose to $20 billion in the first half of 2019-20 from $17 billion a year ago while net foreign portfolio investment (FPI) was $ 9 billion in April-November 2019 as against net outflows of $ 15 billion in the same period last year. Hence, the RBI has bought the excess dollar supply in the economy to check large scale appreciation in the value of Rupee. This has in turn led to increase in the forex reserves to over $450-billion mark for the first time.
How the increase in the forex reserves would benefit India?
An important indicator of the stability of a currency is import cover. It measures the number of months of imports that can be covered with foreign exchange reserves available with the central Bank. The rising forex reserves have led to an improvement in India’s import cover to around 11 months. Further, an increase in the forex reserves will give the RBI the firepower to act against any sharp depreciation in the value of Rupee.
Current Affair 5:
Exchange Traded Funds
The Cabinet Committee on Economic Affairs has approved for the establishment of Bharat Bond Exchange Traded Fund (ETF) to create an additional source of funding for Central Public Sector Undertakings (CPSUs) Central Public Sector Enterprises (CPSEs), Central Public Financial Institutions (CPFIs) and other Government organizations.
To know what Bharat 22 ETF is first you will need to know what ETF is.
- ETF is a fund that is created by pooling together assets and then dividing this cumulated asset into individual units that are traded on the stock exchange.
- The value of the ETF comes from the value of the underlying assets (shares of stock, bonds, foreign currency, etc.).
- These ETFs are listed in the stock exchanges are similar to like shares and can be traded like ordinary shares.
- In nature, the ETFs are index funds because they comprise of shares of different companies.
Features of Bharat Bond ETF:
- ETF will be a basket of bonds issued by Central Public Sector Undertakings (CPSUs), Public Sector Enterprises (CPSEs), Central Public Financial Institutions (CPFIs) and other Government organization Bonds which are tradable on secondary market.
- Small unit size Rs 1,000 to attract retail investors.
This ETF will diversify investor base (as size unit cost only Rs 1000) for creating an opportunity for the general public to participate in the bond market.
- Each ETF will have a fixed maturity date with 2 maturity series 3 and 10 years
- Investors of the Bharat Bond ETF are assured safety since they are issued by CPSEs and other Government owned entities
- The 0.0005% cost structure makes it the cheapest available investment option.
- Bond ETFs will provide tax efficiency as compared to bonds, as coupons (interest) from the bonds are taxed depending on the investor's tax slab
Benefits for CPSEs
- Additional source of meeting their borrowing requirements apart from bank financing.
- It will expand their investor base through retail participation which can increase demand for their bonds.
- With increase in demand for their bonds, these issuers may be able to borrow
Overall impact on Bond Markets
This is expected to eventually increase the size of bond ETFs in India leading to achieving key objectives at a larger scale - deepening bond markets, enhancing retail participation and reducing borrowing costs.
ETF vs Mutual Funds
Mutual fund is like an ETF as it is a unit that comprised of equities of different companies. But ETF and mutual funds differ with respect to tradability. Mutual Fund selling price will be the price of shares at the close of the day. On the other hand, shares of ETF are traded throughout the day. And at any moment, ETF can be bought and sold. In this respect, ETFs have more liquidity and marketability. Another difference is that Mutual Fund is managed by a financial company and its fund managers; whereas the ETF is managed by the investor himself.
Current Affair 6:
Sattriya Dance
Why in news?
Dance historian Dr. Sunil Kothari has recently been bestowed with the Madhabdev Award by the Government of Assam for popularising Sattriya dance.
So, learn about Sattriya Dance
The Sattriya dance form was introduced in the 15th century A.D by the great Vaishnava saint and reformer of Assam, Mahapurusha Sankaradeva as a powerful medium for propagation of the Vaishnava faith. The dance form evolved and expanded as a distinctive style of dance later on.
Sattriya was given the status of a classical dance in the year 2000.
There were two dance forms prevalent in Assam before the neo-Vaishnava movement such as Ojapali and Devadasi
Sattriya dance tradition is governed by strictly laid down principles in respect of hastamudras, footworks, aharyas, music etc.
This tradition, has two distinctly separate streams - the Bhaona-related repertoire starting from the Gayan-Bhayanar Nach to the Kharmanar Nach, secondly the dance numbers which are independent, such as Chali, Rajagharia Chali, Jhumura, Nadu Bhangi etc.
Among them the Chali is characterized by gracefulness and elegance, while the Jhumura is marked by vigor and majestic beauty.
Current Affair 7:
Remission of Duties or Taxes on Export Product (RoDTEP).
The Government of India has introduced Remission of Duties or Taxes on Export Product (RoDTEP) scheme to replace the existing Merchandise Exports from India Scheme (MEIS) and create a fully automated route for Input Tax Credit in the GST to help increase the exports in India.
So, we will see about Merchandise Exports from India Scheme (MEIS)
The Government of India has introduced Merchandise Exports from India Scheme (MEIS) through the Foreign Trade Policy (FTP) 2015-20 w.e.f. April 1, 2015. It seeks to promote export of notified goods manufactured/ produced in India.
MEIS is a major export promotion scheme of GOI implemented by the Ministry of Commerce and Industry
The RoDTEP scheme will be monitored by the Ministry of Finance and comes into effect from January 1, 2020. The scheme provides an additional export credit of up to Rs.68,000 crores and the projected forgone revenue will be up to Rs.50,000 crores.
The following were the other announcements covered on RoDTEP:
- The MEIS scheme will be applicable only until Procedure for December 31, 2019, replacing with RoDTEP
- Create a fully automated procedure for ITC in GST to avoid double taxation
- Privileged Textile and other export sectors that are applicable for an incentive of up to 2% of MIES shall be replaced with RoDTEP scheme
- Ministry of Finance has allocated a budget of Rs.1,700 crore to provide higher insurance cover through Export Credit Guarantee Corporation (ECGC), to increase the lending opportunities from banks.
- By adopting to RoDTEP scheme, Indian exporters will be able to meet the international standards for exports as affordable testing and certification will be made available to exporters within the country instead of relying on international organizations.
- Apart from boosting the export sector of our country, RoDTEP will coordinate with the World Trade Organization (WTO) to reduce the post-production transaction costs for exporters. The implementation of the scheme thereby must provide a production-oriented process along with WTO, which in turn can boost the production of SMEs, MSMEs. RoDTEP is a WTO-consistent scheme.
Current Affair 8:
Torrefaction Technology
To find a solution to this issue of Pollution from stubble burning in winter, India is testing a Swedish technology — Torrefaction that can convert rice stubble into ‘bio-coal’.
The Torrefaction technology involves heating up straw, grass, sawmill residue and wood biomass to 250 degrees Celsius - 350 degrees Celsius. This changes the elements of the biomass into ‘coal-like’ pellets. These pellets can be used for combustion along with coal for industrial applications like steel and cement production
So far, the technology has only been substantially tested in Scandivia as a 16,000 ton/year plant.
Current Affair 9:
Anglo-Indians Reservation in Legislative Bodies
Recently, the Union Cabinet has approved the removal of reservation for Anglo-Indians in legislative bodies.
We will learn basics about Anglo-Indian and Constitutional Provisions regarding Anglo-Indians.
Anglo-Indians were provided two nominated seats in the Lok Sabha and one nominated seat in the State Legislative Assemblies to ensure adequate representation of the community in elected legislative bodies. The reservation for the Anglo-Indian community was extended till the year 2020 through the 95th Amendment, 2009. Originally, this provision was to operate till 1960.
Now, in Prelims if they ask Anglo-Indians are defined in the Constitution? You will get confused.
Who nominated Anglo-Indians in Lok Sabha and State Legislative Assembly?
One more important thing:
National Commission for SCs (Article 338) investigates all matters relating to the Constitutional and other legal safeguards for the Anglo-Indian community and report to the President upon their working.
Current Affair 10:
Global Climate Risk Index 2020
Who publishes it?
The international environmental think tank ‘Germanwatch’ has recently released the Global Climate Risk Index 2019.
We will see important things about the report.
The Global Climate Risk Index 2020 analyses to what extent countries and regions have been affected by impacts of weather-related loss events (storms, floods, heatwaves etc.).
About India: Just few points mentioned in report about India.
India suffered from one of the longest ever recorded heatwaves in 2018, with hundreds of deaths138, when temperatures climbed to up to 48°C.
India, which suffered water shortages, crop failures and worst flooding, holds the 5th position. It has fallen from its 14th rank of countries hit most by climate change-induced weather phenomena in 2017.
India has also recorded the highest number of fatalities due to climate change and the second-highest monetary losses from its impact in 2018.
Current Affair 11:
World Malaria Report 2019
The World Health Organisation (WHO) has released the World Malaria Report, 2019.
We will discuss few important things related to report.
- Important points mentioned in this report.
- Steps taken at Global Level.
- Steps taken by the Indian government
Important points mentioned in this report
- In 2018, an estimated 228 million cases of malaria occurred worldwide compared with 251 million cases in 2010.
- Most malaria cases in 2018 were in the World Health Organization (WHO) African Region (213 million or 93%), followed by the WHO South-East Asia Region with 3.4% of the cases and the WHO Eastern Mediterranean Region with 2.1%.
- Nineteen countries in sub-Saharan Africa and India carried almost 85% of the global malaria burden.
- Plasmodium falciparum is the most prevalent malaria parasite in the WHO African Region, accounting for 99.7% of estimated malaria cases in 2018.
- Globally, 53% of the P. vivax burden is in the WHO South-East Asia Region, with the majority being in India (47%).
- The burden in 2018 was similar to that of 2017 in all other countries, apart from in Uganda and India, where there were reported reductions of 1.5 and 2.6 million malaria cases, respectively, in 2018 compared with 2017.
- Except for India, direct domestic investment remains very low relative to international funding in the High Burden to High Impact (HBHI) countries.
- Almost 85% of all malaria cases globally were in 19 countries: India and 18 African countries.
- Of these 19 countries, India reported the largest absolute reductions in cases, with 2.6 million fewer cases in 2018 than in 2017, followed by Uganda (1.5 million fewer cases) and Zimbabwe (0.6 million fewer cases).
Total international and domestic direct funding for malaria in the 11 HBHI countries, 2010–2018
In 2018, an estimated 228 million cases of malaria occurred worldwide compared with 251 million cases in 2010.
Steps taken at the global level
- WHO’s Global Technical Strategy for Malaria, 2016-2030.
- WHO has also released a new country-driven approach–“High burden to high impact” to enhance response to malaria in countries where malaria cases increased in 2018 as compared to 2017.
Steps taken by Indian Government:
- The Strategic Plan gives year wise elimination targets in various parts of the country depending upon the endemicity of malaria in the next 5 years.
- It is based on the National Framework for Malaria Elimination 2016 which is in line with WHO’s Global Technical Strategy for Malaria, 2016-2030.
- Indian Council of Medical Research (ICMR) has established ‘Malaria Elimination Research Alliance-India (MERA-India) which is a conglomeration of partners working on malaria control.
Current Affair 12:
Guruvayur Kesavan comes alive on a field in Kerala
A 3D replica of the legendary elephant, Guruvayur Kesavan, is taking shape on a farmland in Kerala’s Wayanad district. Guruvayur Kesavan is perhaps the most famous and celebrated temple elephant in Kerala, India.
A progressive farmer in Kerala is using Tanbo Art (a 3D art form) to depict the celebrated Guruvayur temple elephant that died in 1976. Tanbo Art is a rice paddy art developed by the farmers in Japan about three decades ago to beautify their paddy fields
Current Affair 13:
Purchasing Managers Index
Now, frequently PMI data are quoted about the condition of Indian economy. PMI stands for ‘Purchasing Managers’ index’ and is considered as an indicator of the economic health and investor sentiments about the manufacturing sector (there is services PMI as well).
PMI and is considered as an indicator of the economic health, business momentum in the industrial sector of an economy and investor sentiments about the manufacturing sector.
For India, the PMI Data is published by Japanese firm Nikkei but compiled and constructed by Markit Economics.
The variables used to construct India’s PMI are: Output, New Orders, Employment, Input Costs, Output Prices, Backlogs of Work, Export Orders, Quantity of Purchases, Suppliers, Delivery Times, Stocks of Purchases and Stocks of Finished Goods. Similar variables (but less in number) are used for the construction of services PMI.
In PMI data, a reading above 50 points indicates economic expansion, while a reading below 50 points shows the contraction of economic activities.
Recently, the services Purchasing Managers’ Index rose to 52.7 in November. In October, the measure was 49.2. For manufacturing, it surged to 51.2 in November from 50.6 in October. So, its good news for economy.
How PMI is different from IIP?
The popular index that measures growth in the industrial sector as far as India is concerned is the CSO prepared Index of Industrial Production. IIP shows the change in production volume in major industrial subsectors like manufacturing, mining and electricity. Similarly, the IIP also gives use based (capital goods, consumer goods etc.) trends in industrial production. It covers broader industrial sector compared to PMI.
But compared volume-based production indicator like the IIP, the PMI senses dynamic trends because of the variable it uses for the construction of the index.
For example, new orders under PMI show growth oriented positive trends and not just volume of past production that can be traced in an ordinary Index of Industrial Production. Inventory level shows recessionary or boom trends. Employment scenario is also sentimental indicator. Hence, the PMI is more dynamic compared to a standard industrial production index.
Current Affair 14:
Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-AASHA)
Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-AASHA), is aimed towards ensuring remunerative prices to farmers for their produce, the government has taken an unprecedented step.
The scheme is expected to complement the increase in MSP which will be translated to farmer's income by way of robust procurement mechanism in coordination with the states.
The three components outlined under the scheme is thus aimed towards enhancing agricultural productivity, reducing cost of cultivation which will enable boosting and securing farmer’s income in the long run.
- Price Support Scheme (PSS)
- Price Deficiency Payment Scheme (PDPS)
- Pilot of Private Procurement & Stockist Scheme (PPPS)
Price Support Scheme
- Physical procurement: Government agencies to physically procure from the farmers at MSP.
- Nodal agencies: NAFED (National Agricultural Cooperative Marketing Federation of India Ltd) and FCI.
- Cost of procurement and losses if any to be borne by Central government.
- Select Crops include Pulses, oilseeds and Copra.
Price Deficiency Payment Scheme
- No physical procurement of crops from the farmers.
- In case of price dip of select crops, difference amount (MSP-Selling Price) to be paid by the government.
- Select crops: All Oilseeds.
- Eligibility: Pre-registered farmers selling their produce at a lower price than MSP in the notified market yard.
Pilot of Private Procurement & Stockist Scheme
- Private procurement: Private agency selected by the state government to procure select crops at MSP.
- Service charge: Private agent will be compensated in the form of a service charge by the government.
- Service charge should be maximum 15% of the MSP.
- Select Crops: All Oilseeds.
Current Affair 15:
Large Igneous Provinces (LIPs),
UPSC can ask like, Large igneous Provinces (LIPs) was in news. It is related to? So learn in brief. No need to go in detail.
Greenhouse gas emissions released directly from the movement of volcanic rocks are capable of creating massive global warming effects, according to latest journal.
Large Igneous Provinces (LIPs) are extremely large accumulations of igneous rocks which occur when magma travels through the crust towards the surface.
Scientists created a model of changes in carbon emissions during the Paleocene-Eocene Thermal Maximum (PETM) - a short interval of maximum temperature lasting around 100,000 years some 55 million years ago.
As part of the study, the researchers calculated the greenhouse gas fluxes associated with the North Atlantic Igneous Province (NAIP) - one of Earth's largest LIPs that spans Britain, Ireland, Norway and Greenland.
The simulations by the researchers predicted that the volcanic rocks part of the NAIP could have initiated PETM climate change. According to the researchers, the PETM is the largest natural climate change event of this era.
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