India Leads the Charge with Multilateral Fund Proposal to Combat Plastic Pollution

India has proposed setting up a multilateral fund to aid developing countries in battling plastic pollution, modeled after the Montreal Protocol fund. The proposal includes financial and technical support from developed nations, with grants for eco-friendly technology transitions, and a balanced governance body overseeing operations.

India is spearheading an initiative to establish a multilateral fund dedicated to assisting developing nations in their fight against plastic pollution. The proposal was unveiled during the decisive negotiations held in Busan, South Korea, aimed at creating a binding international agreement on the issue.

Drawing inspiration from the successful Montreal Protocol fund that tackled ozone depletion, India's proposal outlines the financial and technological assistance that developed countries are encouraged to provide. This assistance is crucial for enabling developing nations to adhere to forthcoming global standards on plastic pollution.

The proposed fund intends to offer grants to facilitate the adoption of eco-friendly technologies in developing countries, with contributions coming from developed nations and the private sector. A governing subsidiary body with equal representation from both developed and developing countries will manage operations, aiming for fair distribution of resources while ensuring smooth technology transfers.

(With inputs from agencies.)