India Proposes Global Funding Mechanism for Plastic Phase-Out Amid Intensifying Negotiations

India's proposal emphasizes the establishment of a funding mechanism where developed nations would provide financial and technical assistance, along with technology transfers, to developing countries. This initiative seeks to ensure a "just transition" towards sustainable production and consumption of plastics, considering the economic vulnerabilities of many developing nations.

India's engagement in these negotiations is particularly complex as the country strives to balance economic growth with sustainability. With an estimated 1.65 million people employed in the plastics industry, stronger regulations could jeopardize jobs and economic stability. Officials have raised concerns that rapid shifts towards sustainability may contradict domestic economic priorities.

The negotiations are further complicated by fossil-fuel-rich nations that resist capping plastic production, focusing instead on waste management solutions. This dynamic raises fears that without addressing production levels, significant reductions in plastic pollution may remain unattainable. As India navigates this dual challenge, the urgency increases in light of potential geopolitical changes, especially with COP29 approaching in Azerbaijan.

Alarming statistics highlight the need for effective policy action: plastic waste accounts for about 80% of all marine pollution, with millions of metric tons entering oceans annually. A 2022 OECD report shows that only approximately 9% of plastic waste is recycled effectively, while the remainder ends up in landfills or leaks into the environment.

Amid these discussions, countries like Peru and Rwanda advocate for aggressive production cuts, proposing a "40 by 40" initiative aimed at reducing global plastic production by 40% by 2040. However, resistance from petroleum nations complicates these talks, as they prioritize maintaining production levels tied to fossil fuel usage.

India's stance, articulated in its submissions to the INC, emphasizes the principle of Common but Differentiated Responsibility (CBDR) and argues against binding targets for plastic polymer production. This reflects India's broader economic interests, highlighting the risks of a hasty transition away from plastic industries.

Even as India initiates domestic efforts to tackle plastic waste—such as banning certain single-use plastics and implementing an Extended Producer Responsibility (EPR) regime—implementation challenges persist, with critics pointing to significant loopholes and inadequate infrastructure for waste collection and recycling.

Looking ahead, the outcomes of COP29 and the ongoing INC-5 negotiations will be crucial in shaping global policies on plastic production and waste management. These discussions represent a critical juncture in addressing both the environmental impacts of plastic and the economic ramifications for developing nations reliant on plastic production. India's funding proposal could play a significant role in fostering international cooperation toward sustainable practices while protecting the economic interests of its workforce.

As countries converge in Busan to finalize the treaty, the world watches closely, aware that the stakes are high for both nations and ecosystems in the fight against plastic pollution.

Reference

1.CARBONCOPY(November 15, 2024) |INDIA’S DILEMMA: GLOBAL PLASTIC TREATY SUMMIT WILL PUSH TO WRAP UP USE, BUT AT WHAT COST? 

Hindustan Times(Nov 27, 2024) |India suggests funding proposal for plastic phase-out