India has proposed the establishment of a multilateral fund to support developing countries in combating plastic pollution, modelled after the successful Montreal Protocol fund that addressed ozone depletion.
The proposal was submitted during the final round of negotiations for a legally binding international agreement on plastic pollution in Busan, South Korea.
India’s plan calls for developed nations to provide financial and technical assistance, including access to advanced technologies, to help developing countries comply with the proposed global rules and targets on plastic pollution.
The fund would offer grants— not loans— to make the transition to eco-friendly technologies and practices in developing nations easy. According to the proposal, developed countries would make periodic contributions to the fund, with private sector donations allowed under agreed guidelines.
The developed countries would be required to periodically contribute to the fund and allow private sector donations based on agreed guidelines, according to a statement issued by the Union environment ministry.
The proposal says that compliance by the developing countries should depend on the developed countries covering the extra costs involved in transitioning to environment-friendly alternatives.
India has suggested the formation of a subsidiary body with equal representation from developed and developing countries to oversee the fund’s operations, including creating policies, managing resources, and ensuring fair distribution of funds.
The subsidiary body would also handle technology transfers.
The proposal builds on the momentum created in 2022, when the United Nations Environment Assembly (UNEA) adopted a resolution to address plastic pollution globally.
That resolution led to the creation of the Intergovernmental Negotiating Committee (INC), which has since been tasked with developing a legally binding agreement by 2024.
The INC has held four sessions in Uruguay, France, Canada, and Kenya. The current session in Busan, running from November 25 to December 1, is expected to finalise the agreement.
With inputs from PTI
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India proposes multilateral fund to help developing nations tackle plastic pollution
