To fix the hole...

...India to get $82 million to phase out production of CFCs, an ozone-depleting substance

 
Last Updated: Saturday 04 July 2015

Under the Montreal Protocol of 1987, India will receive US $82 million over the next 10 years to help phase out the production of chlorofluorocarbons ( cfc s), of which India is one of the largest producers.

The amount was sanctioned at the 29th meeting of the Montreal Protocol held in Beijing, China, recently. The beneficiaries will be cfc producers SRF Ltd, Navin Fluorine Industries, Gujarat Fluorochemicals Ltd and Chemplast Ltd. The money is expected to be spent on developing cfc alternatives.

The issue of how much aid India should be given was being debated upon for the last four years. India had requested for $250 million, while the World Bank had estimated the amount required to phase out the substance at $179 million. At the Beijing meet, developed nations were not ready to shell out more than $59 million, even though India brought down its demand to $101 million. Finally, the bargain was struck for $82 million.

However, analysts say even this amount is a gain for India. China produces 50,000 tonnes of CFC has got only $150 million, while India, which produces 23,000 tonnes has been given a grant of $82 million. India will get $12 million now and $22 million over the next two years. From 2002 to 2009, India will get $6 million each year for the phase out.

Union minister for environment and forests T R Balu, environment secretary Vishwanathan Anand and director of the ozone cell Atul Bagai attended the meet.

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