(MENAFN- Live Mint) New Delhi: India on Wednesday proposed a multilateral fund for a new international legally binding instrument on plastic pollution.
India's proposal came at the fifth session of the Intergovernmental Negotiating Committee (INC) in Busan, South Korea for implementation of the Montreal Protocol.
According to UNEP, every day, the equivalent of 2,000 garbage trucks full of plastic are dumped into the world's oceans, rivers, and lakes.
Also read | Can the World Unite to End the Plastic Pollution Crisis?
Plastic pollution is a global problem. Every year 19-23 million tonnes of plastic waste leaks into aquatic ecosystems, polluting lakes, rivers and seas.
The United Nations Environment Assembly (UNEA) in 2022 adopted a historic resolution to address global plastic pollution. The resolution mandated the INC to develop an international legally binding instrument on plastic pollution, and set into motion a process for global agreement.
The UNEA resolution wanted the INC negotiations concluded by 2024.
Financial, technical assistance
The Indian proposal on a financial mechanism for the new instrument mandates financial and technical assistance, including the transfer of technologies, to developing countries to help them comply with measures agreed in the instrument, according to an official statement.
The proposal links compliance by developing countries with developed countries meeting the incremental cost of transition of developing countries.
Additionally, the proposed multilateral fund will provide grant-based finance to developing countries. Developed countries will be mandated to replenish the fund on a periodic basis and provide flexibility of accepting private funds based upon agreed modalities.
Also read |
Plastic Pollution Keeps Growing. Here Are Three Ways to Solve It
India's proposal also includes setting up of a subsidiary body, with equal representation of developed and developing countries, to make operational policies, guidelines and administrative arrangements, including the disbursement of resources, for the purpose of achieving the objectives of the multilateral fund.
The list of incremental costs covered by the new dedicated multilateral fund will be decided by the governing body of the instrument. The proposed subsidiary body will also look into issues of technology transfer to developing countries.
Workable model
The Indian proposal on financial mechanism provides a workable model for providing funding for transitioning to environment friendly technologies by developing nations. The model proposed by India has been under operation for some time under the Montreal Protocol on substances that deplete the Ozone layer.
Therefore, it is a practical and workable model which can drive global action on plastic pollution under the new international legally-binding instrument on plastic pollution, according to the statement.
Also read |
'Cleanup is futile': Experts warn as plastic pollution surge rapidly in oceans
Plastic pollution can alter habitats and natural processes, reducing ecosystems' ability to adapt to climate change, directly affecting millions of people's livelihoods, food production capabilities and social well-being.
Four sessions of the INC have been held since 2022 in Uruguay, France, Canada and Kenya. India has been engaging constructively in the negotiations. The fifth session of the INC being held from 25 November to 1 December in Busan, is the last planned session of INC and is expected to conclude negotiations on the international legally binding instrument.
MENAFN27112024007365015876ID1108933787
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.