Page 75 - Policy Economic Report - September 2026

POLICY AND ECONOMIC
OIL & GAS MARKET

India’s proactive industrial transformation and pioneering strides towards a cooler, more sustainable
planet was also screened.

India has been a Party to the Vienna Convention for the Protection of the Ozone Layer and the
Montreal Protocol on Substances that Deplete the Ozone Layer and all its amendments since 1992.
The country has met all its commitments under the Montreal Protocol schedule for different ozone-
depleting substances. Chlorofluorocarbons (CFCs), Carbon tetrachloride (CTC) and Halons have
already been phased out for controlled applications, while India is currently phasing out
Hydrochlorofluorocarbons (HCFCs) as per the accelerated phase-out schedule of the Montreal
Protocol. India has already met the 2015, 2020 and 2025 phase-out targets for HCFCs.

India ratified the Kigali Amendment to the Montreal Protocol in September 2021. The Kigali
Amendment came into force for India on 26 December 2021. As per the agreed phase-down schedule,
India will complete the phase-down of HFC production and consumption in four steps from 2032
onwards, with reductions of 10 per cent in 2032, 20 per cent in 2037, 30 per cent in 2042 and 85 per
cent in 2047, against the baseline.

17. World Circular Economy Forum 2026 Concludes in Gandhinagar with a call to Accelerate Inclusive
and Scalable Circular Economy Solutions; Columbia University, USA to host WCEF 2027

The World Circular Economy Forum 2026 (WCEF2026) concluded at Gandhinagar, Gujarat, after two
days of intense discussions spanning the full spectrum of Circular Economy. The Forum brought
together around 2,700 Delegates and 260 Speakers from over 60 countries, including governments,
international organizations, industry, start-ups, academia and civil society.

The closing session was graced by Shri Pravinbhai Mali, Minister of State for Forest and Environment,
Climate Change, Transport, Government of Gujarat and Ms. Sari Multala, Cabinet Minister of Climate
and the Environment, Finland. Other dignitaries attending the occasion included President (SITRA),
Mr. Atte Jääskeläinen, besides senior officers of the Governments of India and the State of Gujarat.
The programme also featured the WCEF2026 highlight film and launch of the Ecomark logo.

In his special address, Shri Pravinbhai Mali congratulated the participants for holding wide ranging
meaningful deliberations during the last two days of the Forum. He stated that the true impact of the
event lies in the collaborations on the ground for Circular Solutions and stressed on the need to move
forward together from commitment to action. The Minister highlighted that the circular economy is
not merely an environmental agenda but an economic opportunity, a societal responsibility, a daily
lifestyle, and a pathway to secure a sustainable future for generations to come.

Ms. Sari Multala in her remarks congratulated India on successfully hosting WCEF 2026 and stated
that India has not only hosted the forum but has inspired it. Circular economy is not an environmental
issue but an economic and developmental opportunity, which is no longer a future possibility but one
that is already prevalent globally. She noted that the importance of inclusion and peoples’ dimension

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