ISLAMABAD: Pakistan's plastic consumption is rising at an annual rate of 15 percent, and ends in landfills, unmanaged dumps or strewn about land and water bodies across the country, a statement from the Prime Minister's special advisor on climate change, Malik Amin Aslam, said on Sunday.
The defacto minister was directly addressing big producers of plastic products at a national dialogue on plastic waste management in Islamabad and said the country's total annual plastic waste in 2050 would surge to 6.12 million tons from its current level of 3.9 million tons every year if not managed.
Every year, 2.6 million tons of plastic waste is left unmanaged to stockpile in dumpsites, clogging drains and degrading fertile lands, he said.
Last year, the Global Climate Risk Index 2020, issued by think tank Germanwatch, ranked Pakistan fifth on a list of countries most affected by climate change and pollution over the last two decades-- even though the South Asian nation contributes only a fraction of global greenhouse gas emissions.
In 2019, Hunza was the first district in Pakistan to ban plastic shopping bags, followed by in August the same year by Islamabad where the local government banned the manufacture, sale and distribution of plastic carrier bags as part of Prime Minister Imran Khan’s “Clean, Green Pakistan” campaign.
But a United Nations report in March last year said the government's ban on single use plastic bags did not address the root of the problem.
"It has become clear that despite recognition of the problem, there is a dire need for increased levels of dedication, innovation and investment," the UNDP said in its report.
"A blanket ban of single use plastics by the government will not alone solve the problem."
The PM’s aide also said it was estimated around 1.3 million tons annually of the plastic could be recycled in currently present facilities.
Plastic use in Pakistan rising by 15 percent every year — climate minister
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Plastic use in Pakistan rising by 15 percent every year — climate minister
- Said Pakistan's total annual plastic waste in 2050 looked set to surge to 6.12 million tons from current levels of 3.9 million tons
- Said 1.3 million tons annually of the plastic could be recycled in currently present facilities
Pakistan regulator amends law to facilitate capital raising by listed companies
- The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue
- Previously, listed companies were prohibited from announcing a rights issue if the company, officials or shareholders had any overdue amounts
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Companies (Further Issue of Shares) Regulations 2020 to facilitate capital raising by listed companies while maintaining adequate disclosure requirements for investors, it announced on Monday,
The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue. Previously, listed companies were prohibited from announcing a rights issue if the company, its sponsors, promoters, substantial shareholders, or directors had any overdue amounts or defaults appearing in their Credit Information Bureau (CIB) report.
This restriction constrained financially stressed yet viable companies from raising capital, even in circumstances where existing shareholders were willing to support revival, restructuring, or continuation of operations, according to the SECP.
“Under the amended framework, the requirement for a clean CIB report will not apply if the relevant persons provide a No Objection Certificate (NOC) regarding the proposed rights issue from the concerned financial institution(s),” the regulator said.
The notification of the amendments follows a consultative process in which the SECP sought feedback from market stakeholders, including listed companies, issue consultants, professional bodies, industry associations, law firms, and capital market institutions.
The amendments are expected to enhance market confidence, improve access to capital for listed companies, and strengthen transparency within the rights issue framework, according to the SECP.
“To ensure transparency and protect investors’ interests, companies in such cases must make comprehensive disclosures in the rights offer document,” the regulator said.
“These disclosures must include details of any defaults or overdue amounts, ongoing recovery proceedings, and the status of any debt restructuring.”
The revised regulations strike an “appropriate balance” between facilitating corporate rehabilitation and enabling investors to make informed investment decisions, the SECP added.
