Current Affair 1:

News:

The Indian delegation presented a proposal at the 5th session of the Intergovernmental Negotiating Committee, in Busan (Republic of Korea), to set up a dedicated multilateral fund modelled on the Multilateral Fund set up for implementation of the Montreal Protocol.

The proposed new dedicated multilateral fund will provide grant-based finance to Developing countries, and the Developed countries will be mandated to replenish the fund on a periodic basis.

Such an arrangement brings in joint ownership.

Background:

The fifth session of the United Nations Environment Assembly (UNEA) in 2022 adopted a historic resolution to address plastic pollution at the global level.

The resolution mandated the Intergovernmental Negotiating Committee (INC) to develop an International legally binding Instrument on Plastic Pollution, and set into motion, a process to have a global agreement. The UNEA resolution took an ambition to conclude the negotiations of the INC by 2024. Four sessions of the Intergovernmental Negotiating Committee 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 25th November to 1st December, 2024 in Busan, is the last planned session of INC and is expected to conclude negotiations on the international legally binding instrument.

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