Islamabad: The Economic Coordination Committee of the Cabinet has approved Pakistan's Green Taxonomy to facilitate access to financing for green projects in the country. This decision marks a significant step toward promoting sustainable development and environmental conservation initiatives in Pakistan.

According to Radio Pakistan, the ECC, chaired by Finance Minister Muhammad Aurangzeb, convened in Islamabad on Friday and made several important decisions. One of the key approvals was a government guarantee of one billion rupees for the issuance of the Pakistan Skill Impact Bond, aimed at supporting skills development through outcomes-based financing. This initiative is expected to enhance the skill set of the workforce and improve employment opportunities.

The ECC also sanctioned a markup subsidy and risk-sharing scheme to make affordable housing finance more accessible. This decision is part of the government's efforts to expand access to low-cost housing, thereby addressing the housing needs of the population.

Additionally, the ECC approved a proposal from the Ministry of Information Technology and Telecommunication to revise charges for Radio-Based Services. This move is anticipated to streamline the telecommunications sector and improve service delivery.

A notable development was the formal recognition of ship breaking and recycling as an official industry. This recognition is likely to enhance regulatory oversight and promote sustainable practices within the industry.

The committee was also briefed on the current status of availability and pricing trends in the vegetable ghee and oil market. The ECC expressed concern over the limited pass-through of declining international prices to domestic consumers. It stressed the importance of vigilant monitoring to prevent price distortions and potential cartelization, urging active coordination with the Competition Commission of Pakistan, National Price Monitoring Committee, and provincial governments through the Ministry of Industries and Production.