Pakistan Moves to Revive Green Fund After 11 Years

Pakistan has decided to activate the Clean Environment Fund Firm (CEFC).

Key points

• The Cabinet Committee on State-Owned Enterprises (CCoSOEs), chaired by Finance Minister Muhammad Aurangzeb, approved the move.
• Established in 2015 under Section 42 of the Firms Ordinance, the CEFC was created as a non-profit entity to backing environmental protection, conservation, rehabilitation, and improvement.
• The Auditor General of Pakistan highlighted that the CEFC failed to achieve its core objectives since it did not hold board meetings and remained dormant.
• The decision comes as Pakistan continues to face challenges in improving its environmental performance and ranks among the lowest on the global environmental index.

Pakistan has decided to activate the Clean Environment Fund Firm (CEFC). It has remained inactive for more than a decade, to raise funds for environmental protection projects.

Notably, the decision comes as Pakistan continues to face challenges in improving its environmental performance and ranks among the lowest on the global environmental index. Pakistan Eyes $500 Million Bond Raise Without Global Bank Guarantees.

For context, the Cabinet Committee on State-Owned Enterprises (CCoSOEs), chaired by Finance Minister Muhammad Aurangzeb, approved the move. The committee additionally approved the appointment of new board members to a number of state-owned enterprises (SOEs).

According to an official statement, the committee approved a request from the Ministry of Climate Change and Environmental Coordination to activate the CEFC under the Pakistan Environmental Protection Agency (PEPA). The plan includes appointing two ex-officio directors and three independent directors to the company's board.

Established in 2015 under Section 42 of the Firms Ordinance, the CEFC was created as a non-profit entity to backing environmental protection, conservation, rehabilitation, and improvement. Its primary objective was to mobilize and utilize financial resources for environmental initiatives. Eco-Friendly Paper Straws May Actually Be Worse for Environment Than Plastic.

Nevertheless, the business remained inactive despite repeated warnings from state auditors regarding violations of statutory requirements.

For context, the Auditor General of Pakistan highlighted that the CEFC failed to achieve its core objectives since it did not hold board meetings and remained dormant. The firm additionally violated the legal requirement to hold annual general meetings under Section 132 of the Firms Act. Stay Connected with ProPakistani.

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