IFC helps Engro in reducing plastic waste

IFC helps Engro in reducing plastic waste

KARACHI: International Finance Corporation, a member of World Bank Group, has signed an agreement to assist Engro Corporation in reducing plastic waste, promoting recycling, and boosting the company’s energy efficiency.

The project is part of IFC’s Pakistan Resource Efficiency Program, which aims to improve efficiency, cost-competitiveness, reliability, and productivity in the manufacturing sector, particularly in energy-intensive industries.

READ MORE: Engro Corp approves $31.4m for petrochemical project study

IFC’s climate advisory project will help Engro Corporation assess the opportunities for moving toward 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.

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.

READ MORE: Engro Corp posts 23% revenue growth in nine months

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.

Ghias Khan, President, and CEO of Engro Corporation, 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 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.”

READ MORE: World Bank’s IFC signs financing agreement to build six power projects in Pakistan

“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 will not only cut greenhouse gas emissions and protect the environment but will help 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 fertilizer 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.

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