At global meet, India, others discuss progressive taxation, carbon levies to deal with hazardous waste

NEW DELHI: Many countries, including India, at an ongoing global convention in Geneva have discussed the importance of predictable international financing mechanisms and the mobilization of domestic resources through tools such as “progressive taxation and carbon levies” to deal with the often-unseen threats of hazardous chemicals and waste, particularly in nations with constrained fiscal capacity.
The summary of their discussion — ministerial roundtable on ‘means of implementation’ — was presented by environment minister Bhupender Yadav at the Conference of the Parties (COPs) to the Basel, Rotterdam and Stockholm (BRS) Conventions in Geneva on Thursday.

The COPs, being held from April 28 to May 9, is a joint meeting of countries that focus on global efforts to manage hazardous chemicals and waste in an environmentally sound manner.
The roundtable also discussed the need for innovative financing solutions, including “green bonds, debt-for-nature swaps, chemical certificates, and green loans”, as critical tools to attract private investment to deal with the issues of hazardous chemicals and waste.
Yadav at the roundtable highlighted that the effective execution of the BRS Conventions relies significantly on access to finance, technology transfer, capacity-building and technical assistance, and strengthened international cooperation.
He outlined India’s integrated approach to implementing the conventions through national legislation such as the Environment (Protection) Act, the Hazardous and Other Wastes (Management and Transboundary Movement) Rules, and the E-Waste Management Rules, 2016, which are supported by sustained investments in institutional and technical infrastructure.
“The necessity of coherent and transparent regulatory frameworks that incentivize private sector engagement through supportive policies such as bans on single-use plastics and tax incentives for green technologies was suggested,” said a statement released by the environment ministry on Friday.
It said, “Ministers also agreed on the importance of regional cooperation, including the strengthening of regional centres to enable technical exchange, shared infrastructure, and capacity development.”