Karachi, Pakistan, December 6, 2021—To step up the fight against climate change in Pakistan, IFC is partnering with Engro Corporation to help reduce plastic waste, promote recycling, and boost the company's energy efficiency.
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.
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.
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."
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.
"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, liquified petroleum gas storage and handling, liquefied natural gas regasification, telecom towers and logistics.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
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