India’s attempt to thwart developed nations from unloading their electronic and plastic waste into developing countries met with defeat at the concluding session of the Basel Convention held in Geneva. The 14th edition of the Basel Convention, an important assembly dedicated to impositions on hazardous waste movement, winded up in Geneva on May 10, 2019. The convention was a two-week negotiation attended by representatives from 187 countries.
Outcome of Basel Convention
A cardinal consequence of this assembly was the amendment to the Convention that incorporated plastic waste into a binding judicial framework. The main objective of incorporating plastic waste under legal legislation is to augment transparency and regulation in the global trade of plastic waste. Moreover, it also aims to ensure a safer management of plastic waste for human health and the environment. However, this addition to the convention does not hinder nations from exporting different types of plastic waste.
Pollution from Plastic Waste
There is a unanimous global consensus regarding pollution from plastic waste, which has emerged as a significant environmental concern. In today’s scenario, our oceans contain approximately 100 million tonnes of plastic, out of which 80-90 % originates from land-based sources. It must be noted that current Indian legislation prohibits the import of electronic and plastic waste into the country.
Quick Facts
| Fact | Description |
|---|---|
| Basel Convention | Adopted on 22 March 1989 and came into force in 1992 to control the trans-boundary movements of hazardous wastes and their disposal. |
| Main Objective | Aims to reduce hazardous waste movement between nations with special focus on preventing transfer from developed to developing countries. |
| Cooperation | Facilitates exchange of information on issues pertinent to the implementation of the Convention. |
| Plastic Waste | Included in a legally-binding framework under the Basel Convention for better regulation and transparency. |
Basel Convention Vs Basel Banking Norms
The Basel Convention, also known as the “Basel Convention on the Control of Trans-boundary Movements of Hazardous Wastes and their Disposal”, was adopted by the Conference of Plenipotentiaries in Basel, Switzerland. It is an international treaty that has been in operation since 1992, targeting the reduction of hazardous waste movement between nations, with exceptional attention on halting transfer from developed to less developed countries. The Convention endorses cooperation between parties, allowing the exchange of information on matters pertinent to the implementation of the treaty.
In contrast, the Basel guidelines are broad supervisory banking standards formulated by a group of central banks, identified as the Basel Committee on Banking Supervision (BCBS). The Secretariat of this committee resides at the Bank for International Settlements (BIS) in Basel, Switzerland. BIS promotes cooperation among central banks towards a common goal of financial stability and uniform banking regulations. In India, banks are required to implement the Basel III norms (the third in the series of Basel Accords), as per the guidelines periodically issued by the Reserve Bank of India (RBI).
