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UPSC Dictionary

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The RBI was established on April 1, 1935, and was nationalized in 1949. It acts as the banker's bank and lender of last resort.

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Like-Minded Developing Countries

The Like-Minded Developing Countries (LMDC) is an informal alliance and negotiation bloc of developing nations, not a treaty-based body. It was formed in the early 2000s, with its activities gaining prominence in fora like the UN Conference on Sustainable Development and the UNFCCC. The group, which includes members like India, China, Indonesia, Iran, and Egypt, represents over 50% of the world's population.

The LMDC was created to represent developing nations' interests and address the problem of climate change with a focus on equity and climate justice. Its core mechanism is to collectively push for the implementation of the principle of Common but Differentiated Responsibilities (CBDR). The group connects directly to the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.

In negotiations, the LMDC stresses that developed countries must provide Means of Implementation (MOI), including climate finance, technology transfer, and capacity building. Specifically, it emphasizes the mandatory financial support obligation under Article 9.1 of the Paris Agreement. The group has recently been active in negotiations like COP30 in Belém, Brazil, where it urged against altering the Paris Agreement's "architecture". It continues to demand that adaptation be given equal consideration to mitigation and opposes a uniform Net Zero 2050 target. The group's focus has recently shifted to ensuring the implementation of existing commitments, particularly enhanced adaptation finance.

References

  • laex.in
  • cambridge.org
  • wikipedia.org
  • iasbaba.com
  • dhyeyaias.com
  • unfccc.int
  • twn.my
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