ISLAMABAD:CoRe (Collect and Recycle) the first multi-stakeholder packaging alliance in Pakistan on Tuesday stressed to include green financing, a five-year tax holiday for recycling projects and incentives for the stakeholders in the forthcoming budget in order to combat plastic pollution.
According to the press release, CEO of CoRe Sheikh Waqar Ahmad said, “The first step to address the issue of packaging waste and ensure a waste-free future is a public investment in the formal collection and recycling infrastructure. The government has an important role in providing appropriate policy framework and enabling environment to promote sustainable and innovative practices to fuel new investment in the sector.”
It noted some recommendations including the availability of Green Financing by State Bank to promote waste collection & recycling, a five-year tax holiday for recycling projects for multiple cities of Pakistan, exemption of sales tax, custom duty & zero tariff regime for import of equipment for recycling projects, incentivization of the plastic to fuel industry/infrastructure and abolishing duty for reverse vending machines for collection of plastic packaging waste.
Stressing the need for investing in recycling, Managing Director, Green Earth Recycling & Member, CoRe Babar Aziz Bhatti said, “Investing in collection and recycling infrastructure is not only beneficial to the environment but also to the economy. Materials recovered from the recycling process have the potential of saving billions of dollars in foreign exchange reserves for the country.”
Reiterating the need for budgetary concessions, CEO WWF-Pakistan & Board Director, CoRe Hammad Naqi said, “The plastic crisis extends beyond all borders, impacting the health of our oceans and wildlife, and the livelihoods of people from major cities to small coastal communities. The scope and scale of this global issue must be met with equally ambitious solutions and necessary budget allocation for creating a circular economy”.