India to hasten phaseout of ozone depleting substances.
India, the world's second largest CFC producer, will phase out production of ozone depleting substances through a multimillion dollar grant project implemented through the World Bank.
Ozone depleting substances such as chloroflurocarbons (CFCs) will be phased out with the aid of an $82 million grant given by the Multilateral Fund for Implementation of the Montreal Protocol, a World Bank release said. The India CFC Production Sector Gradual Phase-Out Project, targeting India's four CFC producers, will be implemented through the World Bank, a trustee of the Ozone Trust Fund.
Keeping with the Montreal Protocol, the aim is to halt CFC production in India within the next 10 years, the release said.
The project, along with similar ones undertaken by the World Bank in China and Russia, will help phase out more than 80% of the remaining global CFC production.
The project, apart from providing financial compensation to CFC producing units will also include a technical assistance program to be implemented by India's Ministry of Environment and Forests.
Though India is next to China in CFC production, its per-capita consumption is one of the lowest in the world.
Globally, CFC consumption has dropped by 90% since 1986, mainly in industrialized countries. Consumption in developing countries has peaked and begun to drop, heading for a complete phaseout by 2010 as mandated by Montreal Protocol.
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|Publication:||Asian Economic News|
|Date:||Jun 26, 2000|
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