India has circulated a proposed financial arrangement to implement a global legally binding instrument on phasing out plastic pollution, currently under negotiation in Busan in South Korea, where the fifth session is being held of the Intergovernmental Negotiating Committee to develop a legally binding international instrument on plastic pollution, including in the marine environment (INC-5) is being held.

India’s proposal suggests that parties to the agreement establish a mechanism to provide financial and technical assistance, including transfer of technology to developing countries from developed countries. This is about achieving a “just transition” towards sustainable production and consumption of plastics.

The mechanism must enable their compliance with the control measures specified in the treaty. Compliance by developing countries with control measures will be linked to the assumption of the additional cost as assessed by the Subsidiary Body under the treaty, a proposal seen by HT States.

The proposed mechanism will include a new dedicated multilateral fund. This may also include other means of multilateral, regional and bilateral cooperation.

Countries are expected to agree on a legally binding international instrument on plastic pollution, including in seas and oceans, by the end of this week.

INC President Luis Vayas circulated an unofficial document in late October of this year that captures common ground among INC members that they are likely to agree on.

This informal document includes a preamble that lists the reasons for phasing out plastics. It also lists exemptions that may be permitted. And it addresses plastic product design, sourcing (this is the management of the supply of primary polymers to achieve sustainable production and consumption levels), emissions, plastic waste management, just transition, funding to support the transition, as well as implementation and monitoring.

President Luis Vayas clarified Monday that the non-paper is entirely bracketed (meaning every aspect is up for discussion) and was proposed as a “starting point for negotiations.”

“This session is a critical opportunity to address one of the world’s most pressing environmental issues. Plastic waste accounts for around 80% of all marine pollution, with an estimated 8 to 10 million tonnes entering the oceans each year. Plastic production increased from 2.3 million tonnes in 1950 to 448 million tonnes in 2015. The economic and environmental costs are considerable. Microplastics impact human organs and are associated with serious health risks, including cancer,” Vayas said at a press conference on Monday.

The world produces twice as much plastic waste as it did twenty years ago, most of which ends up in landfills, is incinerated or escapes into the environment, and only 9% is successfully recycled, according to a study by 2022 of the Organization for Economic Cooperation and Development. (OECD). Nearly half of all plastic waste is generated in OECD countries, according to the Outlook. Plastic waste generated annually per person ranges from 221 kg in the United States and 114 kg in European OECD countries to 69 kg on average in Japan and Korea. Most plastic pollution comes from inadequate collection and disposal of larger plastic debris called macroplastics, but leaks of microplastics (synthetic polymers less than 5mm in diameter) from items such as pellets Industrial plastics, synthetic textiles, road markings and tire wear are also a serious problem. concern.

More than 99% of plastic is made from fossil fuels. If the plastic life cycle were a country, it would be the fifth largest emitter of greenhouse gases in the world. If plastic production continues as planned, by 2050 the accumulation of greenhouse gas emissions from plastic could use 10 to 13 percent of our entire remaining carbon budget, according to Break Free From Plastic .