India has proposed the establishment of a dedicated multilateral fund to assist developing countries in addressing plastic pollution. The proposal was submitted during the final round of negotiations for a legally binding international agreement on plastic pollution, held in Busan, South Korea, from November 25 to December 1, 2024.

Inspired by the Montreal Protocol India's fund concept is modeled on the successful Multilateral Fund under the Montreal Protocol, which provided financial and technical support to combat ozone layer depletion. This proposed fund would operate on a grant-based system, offering financial aid without loans to enable developing countries to transition to eco-friendly technologies and practices.

The proposal highlights that compliance by developing nations should be contingent upon financial and technical assistance from developed countries, including access to advanced technologies.

Key Features of the Proposal Financial Support: Developed countries would make periodic contributions to the fund, supplemented by private sector donations under agreed guidelines. Subsidiary Body: A governance body with equal representation from developed and developing nations would oversee the fund’s operations, including resource allocation, policy creation, and ensuring equitable distribution. Technology Transfers: The subsidiary body would facilitate the transfer of advanced technologies to developing nations, further easing their transition. According to India’s Union Environment Ministry, this fund would ensure that the additional costs of switching to environmentally friendly alternatives are borne by developed nations.

Global Context The proposal comes against the backdrop of the United Nations Environment Assembly's (UNEA) historic 2022 resolution to address plastic pollution on a global scale. This resolution led to the formation of the Intergovernmental Negotiating Committee (INC), tasked with creating a legally binding international agreement by 2024.

Since 2022, the INC has conducted four negotiation sessions across Uruguay, France, Canada, and Kenya. The ongoing Busan session is expected to finalize the terms of the agreement.

A Step Toward Equitable Solutions India’s suggestion to align global efforts with differentiated responsibilities reflects a push for equity in combating plastic pollution. By proposing a grant-based system and emphasizing the need for developed nations to shoulder the financial burden, the plan seeks to ensure fair participation and compliance from developing countries.

As the INC nears its 2024 deadline, India’s fund proposal has the potential to become a cornerstone in the global fight against plastic pollution.