New Delhi, Nov 27 (PTI) India has proposed setting up a dedicated multilateral fund to support developing countries in tackling plastic pollution.

According to the proposal submitted during the final round of negotiations for a legally binding international agreement on plastic pollution in Busan, South Korea, the fund would be modelled on the successful multilateral fund established under the Montreal Protocol, which addressed ozone depletion.

Also Read | Cyclone Fengal: Cyclonic Storm Likely To Form off Tamil Nadu in Next 12 Hours, Heavy Rainfall Across State Forecast.

India's proposal says the developed countries should provide financial and technical support, including access to advanced technologies, to help developing nations meet the rules and targets set by the upcoming global agreement on plastic pollution.

According to the proposal, the fund would provide grants (not loans) to developing countries to make it easier for them to transition to eco-friendly technologies and practices.

Also Read | Madhya Pradesh: 2 Cubs Born to African Cheetah Neerva Found Dead at Kuno National Park; Mutilated Carcasses Recovered.

The developed countries would be required to periodically contribute to the fund and allow private sector donations based on agreed guidelines, according to a statement issued by the Union environment ministry.

The proposal says that compliance by the developing countries should depend on the developed countries covering the extra costs involved in transitioning to environment-friendly alternatives.

India has suggested the formation of a subsidiary body with equal representation from developed and developing countries to oversee the fund's operations, including creating policies, managing resources, and ensuring fair distribution of funds.

The subsidiary body would also handle technology transfers.

In 2022, the United Nations Environment Assembly (UNEA) adopted a historic resolution to tackle plastic pollution on a global scale.

This led to the creation of the Intergovernmental Negotiating Committee (INC) tasked with developing a legally binding international agreement on plastic pollution by 2024.

Since 2022, the INC has held four sessions in Uruguay, France, Canada, and Kenya. The current session in Busan, which runs from November 25 to December 1, is expected to finalise the agreement.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)