India has proposed the creation of a dedicated multilateral fund to help developing countries combat plastic pollution. This proposal was presented during the final round of negotiations for a legally binding global agreement on plastic pollution, currently being held in Busan, South Korea.

The proposed fund is inspired by the successful model of the Montreal Protocol’s multilateral fund, which helped address ozone layer depletion. India emphasized that developed nations should provide financial and technical assistance, including access to advanced technologies, to enable developing countries to meet the requirements and targets set by the upcoming global agreement.

The fund would offer grants, not loans, making it easier for developing countries to adopt eco-friendly technologies and sustainable practices. According to a statement from the Union Environment Ministry, developed nations would be expected to contribute regularly to the fund. Additionally, private-sector donations could be accepted under agreed guidelines.

India’s proposal stressed that the compliance of developing countries with the new rules should depend on developed nations covering the additional costs of transitioning to environmentally friendly alternatives.

To ensure fair and effective management, India has suggested the formation of a subsidiary body with equal representation from developed and developing countries. This body would oversee the fund’s operations, manage resources, and ensure equitable distribution of grants. It would also handle the transfer of technologies to developing nations.

The global fight against plastic pollution gained momentum in 2022 when the United Nations Environment Assembly (UNEA) adopted a landmark resolution to address the issue. This resolution led to the formation of the Intergovernmental Negotiating Committee (INC), tasked with drafting a legally binding international agreement by 2024.

Since its formation, the INC has held sessions in Uruguay, France, Canada, and Kenya. The ongoing session in Busan, which runs from November 25 to December 1, is expected to finalize the agreement.

India’s proposal reflects its commitment to ensuring that global action against plastic pollution is inclusive and supportive of developing countries. By addressing financial and technological gaps, the proposed fund aims to empower these nations to adopt sustainable solutions and contribute effectively to the global effort.

(This story has been slightly reworked from an auto-generated PTI feed.)