The International Finance Corporation (IFC) is partnering with Engro Corporation to help reduce plastic waste, promote recycling and boost the company’s energy efficiency, a statement said on Monday.
The project is part of the IFC’s Pakistan Resource Efficiency Programme, which aims at improving the efficiency, cost-competitiveness, reliability, and productivity in the manufacturing sector, particularly in energy-intensive industries.
The IFC’s climate advisory project will help Engro Corporation assess the opportunities for moving towards a circular plastics economy, as it develops a $1.8 billion petrochemical project to produce polypropylene.
The circular system would see polypropylene products collected and reused or recycled and converted into viable products. The IFC’s team will also assist Engro Corporation in driving sustainability by reducing its carbon and water footprints and adapting to climate-related risks through targeted interventions.
Pakistan is the second-largest domestic market for plastics in South Asia after India, and among the top 10 countries most impacted by the climate change.
The country produces around 30 million tonnes of solid waste annually, of which 9 per cent is plastic waste. Its River Indus is a major carrier of plastic waste into oceans.
Engro Corporation president and chief executive officer Ghias Khan said: “At Engro, we believe that operating businesses sustainably at a globally competitive level need not be a zero-sum game. Therefore, we are actively partnering with the global leaders such as IFC for a circular plastics economy, resource efficiency and carbon footprint reduction, to build a more sustainable future for our coming generations.”
“[The] climate change is already impacting Pakistan and it is crucial for [the] companies to do everything they can to be efficient in their resource usage,” said Hela Cheikhrouhou, IFC’s regional vice president for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan.
“Reusing plastics will not only cut greenhouse gas emissions and protect the environment, but will help the companies save money and become more competitive internationally.”
Engro Corporation has been a strategic IFC client for nearly three decades. IFC has supported Engro’s growth from an ammonia-based fertiliser producer to a conglomerate with interests mainly in polyvinyl chloride production, dairy, power generation, liquefied petroleum gas storage and handling, liquefied natural gas regasification, telecom towers and logistics.
