Pakistan generates over 3.3 million tons of plastic waste annually, most of which ends up in landfills, dumped illegally, or litter the countryside and waterways. This problem is expected to worsen significantly, reaching a staggering 12 million tons annually by 2040 if left unchecked.
Urban areas are the primary source of this plastic waste, which poses a major threat to the environment and human health as the country lacks adequate waste collection and disposal infrastructure.
The United Nations observes International Zero Waste Day on March 30th to raise awareness about the importance of shifting towards sustainable consumption and production patterns. It emphasises waste reduction, reuse, and recycling – key components of a circular economy.
Climate change and urban waste management are pressing issues, which pose a serious threat to Pakistan’s economy and well-being. Recognising this urgency, Karandaaz is taking action. Through the GreenFin Innovations Programme, it is fostering innovative climate solutions and scaling existing technologies to combat climate change challenges.
The programme seeks to develop a green impact investment model that provides growth capital to early-stage green techs or innovative solutions for climate change adaptation and mitigation. By demonstrating the feasibility and impact of green technologies, Karandaaz aims to unlock capital that accelerates the transition towards a climate-resilient economy and a sustainable greener future.
Karandaaz’s impactful initiatives demonstrate a strong alignment with the UN’s Zero Waste Day goals. Through the GreenFin Innovations Programme, Karandaaz actively promotes a circular economy and fosters innovation in waste management and recycling solutions.
In the landscape of environmental sustainability and innovation, Karandaaz’s Green Challenge Fund stands as a beacon of hope, nurturing transformative solutions to combat the pressing issue of plastic waste management. Over the past two years, prior to the formal establishment of the GreenFin Innovations Programme, Karandaaz has been instrumental in providing vital funding to four pioneering green technology startups and SMEs, particularly in the realm of plastic waste management.
Among these remarkable ventures is Suftech Innovations, a company at the forefront of converting discarded plastics into high-quality recycled granules, effectively replacing virgin polymer materials. Through innovative chemical treatments, Suftech breathes new life into various plastic waste streams, transforming them into transparent sheets with qualities rivalling those of virgin polymers. With an impressive annual capacity to recycle 864 metric tonnes of plastic waste, Suftech serves as a shining example of the transformative impact of Karandaaz’s support in driving sustainable change.
Concept Loop, another beneficiary of Karandaaz’s investment, epitomises innovation in plastic waste recycling by crafting lifestyle products and construction materials from recycled plastics. Notably, Concept Loop develops concrete pavers utilising plastic waste, offering practical solutions for infrastructure development such as parking lots, footpaths, and building construction. With the capacity to recycle approximately 1,404 tonnes of plastic waste annually and produce 1.4 million square feet of concrete products, Concept Loop underscores the tangible results of Karandaaz’s commitment to fostering sustainable practices.
Davaam Life, supported by Karandaaz, has taken a unique approach to tackling the issue of single-use plastic by manufacturing dispensing machines for domestic use products. By promoting the reuse of plastic through convenient dispensing mechanisms, Davaam Life not only reduces carbon emissions but also alleviates the costs associated with plastic packaging and transportation. With 32 dispensing machines already installed, Davaam Life exemplifies the integration of sustainable solutions into everyday life.
Lastly, Ouroboros, a recycling company backed by Karandaaz, specialises in the recycling of post-consumer PET and the recovery of polypropylene (PP) and polyethylene (PE), supplying high-quality rPET flakes to the fibre industry. Through its innovative processes, Ouroboros contributes significantly to closing the loop in plastic recycling, furthering the cause of sustainability in Pakistan’s business landscape.
In supporting these initiatives, Karandaaz not only addresses the urgent waste crisis but also fosters a culture of sustainability and innovation. By investing in pioneering green technologies and fostering collaboration between stakeholders, Karandaaz paves the way for a more sustainable future, one where environmental stewardship and economic prosperity go hand in hand.
(The writer works as Specialist Green Innovation at Karandaaz Pakistan)
Copyright Business Recorder, 2024
The writer works as Specialist Green Innovation at Karandaaz Pakistan
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