NEWS – India Proposes Multilateral Fund to Tackle Plastic Pollution

HIGHLIGHTS

• India has proposed the creation of a “multilateral fund” to address global plastic pollution.
• Aim: To assist low- and middle-income nations in phasing out polluting plastics by providing financial and technological support.
• Presented at the fifth session of the Intergovernmental Negotiation Committee in Busan, South Korea.
  • The UN Environment Assembly made a groundbreaking decision in March 2022 to create a globally binding agreement to combat plastic pollution, including in marine environments. This historic resolution, 5/14, paved the way for the Intergovernmental Negotiating Committee (INC) to develop this crucial instrument.

Core Features of the Proposal

1. a) Financial Mechanism

• The fund would support compliance with measures agreed upon under a global treaty on plastic pollution.
• Includes grants for financial and technical assistance, such as technology transfers.

1. b) Inspiration from Montreal Protocol Fund

• Modeled after the multilateral fund under the Montreal Protocol.
  • The Montreal Protocol fund has helped developing nations phase out ozone-depleting substances over the past three decades.
• The approach links compliance with financial support.

1. c) Funding Responsibilities

• Developed nations would be responsible for replenishing the fund periodically.
• Allows the inclusion of private funds under agreed-upon guidelines for flexibility.

Institutional Structure

• Subsidiary Body for Oversight
• Proposal to establish a governing body with equal representation from developed and developing nations.
• Tasks: Oversee policies, guidelines, and administrative arrangements for fund disbursement.
• Grant-Based Financing – Grants would ensure resource accessibility for developing countries to meet treaty goals.

India’s Stance on Global Responsibility

• Advocates for a shared but differentiated responsibility framework.
• Suggests a direct link between compliance and financial support to ensure an equitable transition for developing nations.

Global Context of the Proposal

• Aligns with international efforts to create a legally binding treaty against plastic pollution.
• Highlights India’s leadership in advocating for fairness and equity in tackling environmental challenges.

Expected Outcomes

• Encourages cooperation between developed and developing nations in the fight against plastic pollution.
• Promotes technology transfer and financial inclusion to address the global plastic crisis effectively.