Ship-Breaking and Recycling to Get Status of Industry in Pakistan

A meeting of the Economic Coordination Committee (ECC) of the Cabinet Friday approved the formal declaration of ship breaking and recycling as a recognized industry, as recommended by the Ministry of Maritime Affairs. However, the Committee instructed the Ministry to coordinate with the Power Division and share relevant data on power consumption patterns in the sector, to enable accurate assessment of the implications of applying industrial power tariffs in place of the existing commercial rates. In a major step towards environmental sustainability, the ECC also approved Pakistan’s Green Taxonomy, as proposed by the Ministry of Climate Change and Environmental Coordination. The Chair appreciated the initiative, noting that it was long overdue and would play a vital role in facilitating access to financing for green projects in the country.