ENGRO partners with IFC

KARACHI: International Finance Corporation (IFC) and Engro Corporation on Monday signed a partnership agreement to step up the fight against climate change in the country.

The partnership aims to reduce plastic waste, promote recycling, and boost energy efficiency while prioritizing climate change objectives. Pakistan is the second-largest domestic market for plastics in South Asia after India, and among the top 10 countries most impacted by climate change. The country produces about 30 million tons of solid waste annually, of which 9 percent is plastic waste. Its Indus river is a major carrier of plastic waste into oceans.

“Climate change is already impacting Pakistan and it’s crucial for 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 would not only cut greenhouse gas emissions and protect the environment, but also help companies save money and become more competitive internationally, she added.

Ghias Khan, president and CEO at Engro Corporation, said, “We believe that operating businesses sustainably at a globally competitive level need not be a zero-sum game.” Therefore, he added, Engro is actively partnering with global leaders such as IFC for a circular plastics economy, resource efficiency, and carbon footprint reduction to build a more sustainable future for forthcoming generations. ­