India proposes multilateral fund to assist growing nations deal with plastic air pollution

India has proposed the institution of a multilateral fund to help growing international locations in combating plastic air pollution, modelled after the profitable Montreal Protocol fund that addressed ozone depletion.

The proposal was submitted in the course of the closing spherical of negotiations for a legally binding worldwide settlement on plastic air pollution in Busan, South Korea.

India’s plan requires developed nations to supply monetary and technical help, together with entry to superior applied sciences, to assist growing international locations adjust to the proposed world guidelines and targets on plastic air pollution.

The fund would supply grants— not loans— to make the transition to eco-friendly applied sciences and practices in growing nations straightforward. In accordance with the proposal, developed international locations would make periodic contributions to the fund, with non-public sector donations allowed beneath agreed pointers.

The developed international locations could be required to periodically contribute to the fund and permit non-public sector donations primarily based on agreed pointers, in accordance with a press release issued by the Union setting ministry.

The proposal says that compliance by the growing international locations ought to rely upon the developed international locations overlaying the additional prices concerned in transitioning to environment-friendly options.

India has steered the formation of a subsidiary physique with equal illustration from developed and growing international locations to supervise the fund’s operations, together with creating insurance policies, managing assets, and guaranteeing honest distribution of funds.

The subsidiary physique would additionally deal with know-how transfers.

The proposal builds on the momentum created in 2022, when the United Nations Atmosphere Meeting (UNEA) adopted a decision to handle plastic air pollution globally.

That decision led to the creation of the Intergovernmental Negotiating Committee (INC), which has since been tasked with growing a legally binding settlement by 2024.

The INC has held 4 periods in Uruguay, France, Canada, and Kenya. The present session in Busan, working from November 25 to December 1, is predicted to finalise the settlement.

With inputs from PTI