Pakistan has decided to activate the Clean Environment Fund Company (CEFC), which has remained inactive for more than a decade, to raise funds for environmental protection projects.
The decision comes as Pakistan continues to face challenges in improving its environmental performance and ranks among the lowest on the global environmental index.
The Cabinet Committee on State-Owned Enterprises (CCoSOEs), chaired by Finance Minister Muhammad Aurangzeb, approved the move. The committee also approved the appointment of new board members to several 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 Companies Ordinance, the CEFC was created as a non-profit entity to support environmental protection, conservation, rehabilitation, and improvement. Its primary objective was to mobilize and utilize financial resources for environmental initiatives.
However, the company remained inactive despite repeated warnings from state auditors about violations of statutory requirements.
The Auditor General of Pakistan highlighted that the CEFC failed to achieve its core objectives because it did not hold board meetings and remained dormant. The company also violated the legal requirement to hold annual general meetings under Section 132 of the Companies Act.
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