Engro Foundation, the social investment arm of Engro Corporation, has signed a Letter of Understanding with the Ministry of Climate Change and the World Wildlife Fund (WWF) to develop a forest restoration and carbon offset program, in line with the Group’s sustainability agenda.
The partners will work alongside government stakeholders and respective provincial forest departments to offset a portion of Engro’s greenhouse gas emissions. The forest restoration and carbon offset program will be implemented over a 10-year period with an estimated cost of approximately PKR 600 million, with the goal of planting and protecting 50,000 acres of forest area across Pakistan. As a global partner, WWF will provide technical expertise for the implementation of the program.
Speaking on the occasion, Ghias Khan – President & CEO of Engro Corporation and Trustee of Engro Foundation, said that, “Pakistan is the fifth most vulnerable country to climate change and we must take immediate actions to address the adverse effects of global warming. The Government’s initiatives to prioritize the sustainability agenda are commendable and Engro stands committed to playing its part to reduce greenhouse emissions and protect forest areas. As we manage the transition to sustainability at Engro, we are working aggressively towards developing our net-zero ambitions and promoting renewable energy across all business verticals.”
Acknowledging the contribution of Engro towards this model public-private partnership, Hammad Naqi Khan – Director General/ CEO of WWF Pakistan, shared that, “Climate change is real and it is contributing to extreme weather events – droughts, floods and heatwaves. With Pakistan facing one of the highest deforestation rates in Asia, it is heartening to see corporate organizations making committed efforts for a sustainable future. Through large-scale forest rehabilitation and plantation, we are not only increasing tree cover but are equipping frontline communities to become more resilient.”
Backed by the narrative of solving some of Pakistan’s most pressing issues, Engro continues on its path to becoming a sustainable organization, while fostering ideas that help in delivering on the organization’s purpose. Recently, Engro became the first company from Pakistan to sign a commitment, sponsored by World Economic Forum’s (WEF) International Business Council, to adopt and implement stakeholder capitalism metrics. Further, Engro Polymer & Chemicals – a subsidiary of Engro Corporation – is also implementing a comprehensive circular economy program and has become the first affiliate member from Pakistan to join the WEF Global Plastic Action Partnership (GPAP).
Engro Corporation also recently marked its first-ever Sustainability Week to lead a dialogue on the climate emergency, building a more sustainable future and promoting diversity and inclusion, for a more prosperous Pakistan.