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At the 5th session of the Intergovernmental Negotiating Committee (INC) in Busan, South Korea, India put forward a proposal for a dedicated Multilateral Fund to help combat the growing crisis of plastic pollution. The fund, modeled on the successful financial mechanism of the Montreal Protocol, is designed to provide financial and technical support to developing countries, enabling them to implement measures to reduce plastic pollution as part of a new international legally binding instrument.

The proposal was presented as a critical step in ensuring that countries most vulnerable to plastic pollution have the resources and technology they need to take meaningful action. This fund, according to India’s delegation, would be replenished by developed nations and would prioritize grant-based financial assistance for developing countries.

Dedicated Fund to Support Developing Nations

India’s proposal calls for the creation of a multilateral fund specifically aimed at helping developing nations transition to environmentally friendly technologies and practices. Much like the Montreal Protocol, which was established to protect the ozone layer, this fund would provide grants to countries struggling to meet the financial demands of addressing plastic waste. The Indian delegation emphasized that compliance by developing nations would depend on the ability of developed countries to cover the incremental costs of these transitions.

“The financial and technical assistance model we propose is practical and proven,” said India’s lead negotiator at the session. "This model has already shown success in addressing environmental issues under the Montreal Protocol, and it can work for plastic pollution as well."

The proposal also includes provisions for the flexibility to accept private sector contributions, provided these funds are managed according to agreed-upon international standards. The aim is to make sure that funding is sustainable and sufficient to meet the global challenge of plastic pollution.

Joint Ownership and Collaborative Oversight

A key element of the Indian proposal is the establishment of a subsidiary body with equal representation from both developed and developing nations. This body would be responsible for overseeing the operational policies, guidelines, and disbursement of resources from the fund. By involving both sides equally in decision-making, the proposal aims to create a sense of joint ownership in the effort to tackle plastic pollution.

The subsidiary body would also be tasked with addressing the important issue of technology transfer — helping developing countries access cutting-edge, environmentally friendly technologies to reduce plastic waste. As part of the process, the governing body of the new instrument would decide which incremental costs the fund should cover, ensuring that resources are allocated effectively and transparently.

A Global Effort to Solve Plastic Pollution

The proposal comes amid growing global concern over plastic pollution, which has reached critical levels, with millions of tons of plastic waste entering the oceans each year. India has been actively involved in the negotiations for a global plastic pollution treaty since 2022, when the United Nations Environment Assembly (UNEA) adopted a historic resolution to address plastic pollution.

The resolution mandated the creation of an international legally binding instrument, and the Intergovernmental Negotiating Committee (INC) has been meeting since 2022 to develop the framework for this agreement. With the final session of the INC set for December 2024, India’s proposal offers a practical model that could ensure a fair and collaborative approach to addressing plastic waste globally.

India's leadership in proposing the Multilateral Fund highlights the country’s commitment to not only tackling domestic environmental challenges but also to playing a key role in the global fight against plastic pollution.

As the negotiations move toward their final stages, the proposed fund could be a critical component in ensuring that all countries, regardless of their economic status, can contribute to a solution to one of the planet's most pressing environmental problems.