Question

UPSC Prelims 2024 Question:

Consider the following statements

Statement-I: The European Parliament approved the Net-Zero Industry Act recently.

Statement-II: The European Union intends to achieve carbon neutrality by 2040 and therefore aims to develop all of its own clean technology by that time.

Which one of the following is correct in respect of the above statements?

1. Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
2. Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I
3. Statement-I is correct but Statement-II is incorrect
4. Statement-I is incorrect but Statement-II is correct

Answer (Detailed Solution Below)

Option 3: Statement-I is correct but Statement-II is incorrect

Detailed Solution

Explanation:

The European Parliament has approved the Net-Zero Industry Act to enhance net-zero technology production within the European Union. The Act targets Europe to produce 40% of its net-zero technology needs by 2030 and capture 15% of the global market for these technologies. So, statement 1 is correct.

The European Union intends to achieve carbon neutrality by 2050 and therefore aims to develop all of its own clean technology by that time. So, statement 2 is not correct.

Therefore, option (3) is the correct answer.

Subject: Economics| Miscellaneous(eco)

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