Monday, July 20, 2020

What is at stake when an Arctic town hit record high temperature

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Charvi Trivedi

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What is at stake when an Arctic town hit record high temperature

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Global Views 360

Publication Date

July 20, 2020

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Mountain in Altai Republic, Siberia, Russian Federation

Mountain in Altai Republic, Siberia, Russian Federation | Source: Konstantin Dyadyun via Unsplash

The Russian Arctic region of Siberia has front row tickets to an approaching climate change rollercoaster ride as it experiences soaring temperatures.

The mercury climbed to 38⁰C (100.4F) in Verkhoyansk, Siberia in June 2020 creating the new record of highest temperature in the arctic region and beating Fort Yukon, Alaska, which recorded 37.8⁰C in June 1915. The forecast for the coming weeks was also a whopping 10⁰C higher than last year. This region is also known for experiencing the coldest temperatures, reaching as low as minus 60⁰C during winters.

Concerned scientists claim that the Arctic is heating with double the speed of global average. “Such heat-waves aren't necessarily new to Siberia, but that climate change is increasing their severity and length,” says Sergei Semyonov of the Yu. A. Izrael Institute of Global Climate and Ecology in Moscow.

The heat waves are occurring due to a ‘heat dome’ effect in the Arctic region. This phenomenon happens when the Air is pushed and compressed, creating a very high mass of air into one location. This heavy air prevents clouds from forming, keeping the weather sunny, and pushes warm temperatures down to the surface which creates a virtual dome in which heat is trapped for a long duration.

This has led to devastating consequences for the environment of the arctic region. The forest areas of Sakha Republic, Russian Federation are witnessing rampant Wildfires. In Siberia, a major diesel oil spill incident happened due to the melting of Permafrost and caused contamination in the Ambarnaya River.

Permafrost serves as a foundation for almost the entire Northern Hemisphere’s landmass and is also responsible for trapping twice the amount of carbon found in the atmosphere. This is a cause of concern, not only for the Arctic, but for the entire globe as it would amount to release of more carbon dioxide in the atmosphere.

Global warming is further fuelling the increase in temperatures of the frigid regions. May 2020 was reportedly the warmest month, according to the climate report of Copernicus Climate Change Service. As a result, snow in these areas melted earlier than it was supposed to. In 2012 as well, around 97% of the ice sheets in Greenland turned to slush due to extensive warming and in 2016, the warm climate in Norway resulted in rainfall instead of snowfall.

From these observations, it would be fitting to state that our planet is undergoing ‘Polar Amplification’, meaning, quicker warming of the poles. Snow cover helps in reflecting the sunlight back in the atmosphere. However, with the gradual warming of Earth, the amount of snow is declining and more heat is being captured instead of being reflected. Melting of snow and icy bodies contributes to sea level rise, increasing the probability of floods in low lying coastal areas.

These events are indicative of the degrading health of our planet which to a large extent are caused by our reckless actions. If we persist with business as usual, the survival of the human race may be as endangered as that of the Siberian tigers.

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February 4, 2021 4:48 PM

Kenyans turning to mobile loans in times of COVID-19

The economic impact of COVID-19 is felt on the personal finance of people across the world who are looking for ways to tide over the situation. In Kenya, people are lapping the short-term credit in the form of digital loans by mobile money operators. The number of people taking digital loans has doubled during the COVId-19 induced lockdown period.

Boston Consulting Group's Consumer Sentiments Survey conducted in April and May 2020 reported that "In May, 29 percent responded that they had taken out a short-term loan, compared to 16 percent in April. Mobile money operators were the most common sources of this credit”

Kenya is a pioneer in using mobile money transfer services as the key tool for providing financial inclusion to its citizens. A simple money transfer service, M-PESA launched in 2007 has transformed the financial service industry in Kenya. Today mobile money operators are providing multiple services like digital loans, marketplace for small businesses and farmers.

Digital loans are easy to process and disbursed but there are concerns of shaming the defaulters and compromising the data security of clients. The Digital Lenders Association of Kenya (DLAK) which is a body representing the digital lenders of Kenya has distanced from two of their members, Okash and Opesa over unethical practices. These mobile apps have shared the details of defaulting customers with the moneylenders and asking them to recover the money.

DLAK also stated that Opesa and Okash are known for attacking a client's data privacy which is against the Kenyan data protection laws and has additionally spoiled the reputation of digital leaders in Kenya.

In April 2020, Central Bank of Kenya barred unregulated digital mobile lenders from forwarding the names of loan defaulters to credit reference bureaus. A huge number of Kenyans have been recorded on Credit Reference Bureaus by digital money lenders for loans as little as $5.

Central Bank of Kenya governor Patrick Njoroge told during a press conference in May 2020 that the central bank in consultation with the mobile money operators and digital lenders is presently working to develop a model where the borrowers are protected from mistreatment of online moneylenders.

The borrowers are looking up to the regulatory authorities and the industry bodies to come up with a mechanism which will protect their interest in times of such a health and economic emergency.

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