The Montreal Protocol on Substances that Deplete the Ozone Layer (“Montreal Protocol”) is often cited as the most successful international environmental agreement—having successfully forced the phase-out of more than ninety-eight percent of ozone-depleting substances (“ODS”), placing the ozone layer on the road to recovery by the end of the twenty-first century.
The history of the Montreal Protocol is one of a dynamic treaty that responds quickly to changes in ozone and climate science, technology, and the needs of Parties and industries dependent on ODS and their substitutes - HFCs. The governance framework and institutions that have contributed to the Montreal Protocol’s success in reducing the production and consumption of ODS are the same features that make it the best framework to implement an HFC phase-down.
The Montreal Protocol makes decisions based upon sound scientific and economic information from the Technology and Economic Assessment Panel (“TEAP”), Technical Options Committees (“TOCs”), and Scientific Assessment Panel (“SAP”), established to provide the Parties with real-time information.
Financing of transitions is conducted under the ambit of the Multilateral Fund for the Implementation of the Montreal Protocol (“MLF”), the dominant financial mechanism of the treaty. The MLF has played a pivotal role in providing financing, facilitating the transfer of technology, enhancing capacity building and development capabilities, and promoting the overall success of the Montreal Protocol.