The Montreal Protocol aimed to phase out ozone depleting substances to protect the ozone layer. It was agreed in 1987 and entered into force in 1989. It has undergone several revisions to strengthen commitments. Key ozone depleting substances like CFCs and HCFCs are being phased out according to set timelines. As a result of compliance, the ozone layer is projected to recover by 2050-2070, demonstrating the Protocol's effectiveness through international cooperation.