Fund flow problem

 
Published: Saturday 04 July 2015

Developing countries will receive us $573 million from 2003 to 2005 to stick to their timetable of phasing out consumption and production of ozone depleting substances (ods).

The funding package, agreed upon under the Montreal Protocol at a November meeting in Rome, however, falls short of developing countries' expectations. The Group of 77 and China -- the developing countries' bloc -- had asked for us $924.6 million for the purpose.

The funding is crucial since developing countries have to make their first substantial cuts in the use of some important ods in around two years. Consumption and production of chlorofluorocarbons (used mainly in refrigerators and air-conditioners) and halons (used as fire-extinguishers) have to be cut by 50 per cent by January 1, 2005. Carbon tetrachloride, used as a solvent, will be reduced by 85 per cent by the same deadline. Smaller cuts are required in the case of methyl chloroform and methyl bromide.

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