Montreal Protocol

The fund would be modelled on the successful multilateral fund established under the Montreal Protocol, which addressed ozone depletion

India has successfully phased out ozone depleting and climate warming chemical HCFC 141b and is ahead of schedule in eliminating another such gas, HCFCs, in new equipment manufacturing, according to a government report launched here on Sunday during the global climate talks. The report, jointly brought out by the Environment ministry and UNDP, during a side-event of the annual climate talks COP28, said that surpassing the 35 per cent phase-out target for HCFCs, India has achieved an impressive 44 per cent reduction, showcasing its commitment to collaboration and innovation to meet climate targets. India's proactive measures, outlined in the HCFC Phase-out Management Plan (HPMP) Stage-II, have set a remarkable example for global climate action, the report said. The report said India has successfully phased out ozone depleting and climate warming chemical 1,1-Dichloro-1-fluoroethane (HCFC-141b) and is ahead of schedule in eliminating another such gas Hydrochlorofluorocarbons in new ..

How will RS Sodhi's departure affect Amul? Why is the Oyo IPO getting delayed? Can new launches at Auto Expo 2023 put auto stocks in top gear? What is the Montreal Protocol? All answers here

Montreal deal also aims to provide critical financing to developing world; draft calls for raising $200 billion by 2030 for biodiversity, with a plan that could provide another $500 billion

India has done well to ratify the Montreal accord amendment

Developed countries including the US, Australia and Canada are not in favour of Indian proposal

India's participation is critical to climate protection since HFCs are "currently the fastest growing climate pollutants"

India was speaking on behalf of all the developing country

Joint statement with US narrows India's options