Suftech Innovations, a Pakistani startup, has put on the war paint to launch a groundbreaking assault on climate change by introducing disruptive technology to most efficiently reutilise resources, reduce marine and soil pollution, and plug greenhouse gas emissions to a measure that matters.
Suftech — which leads the transition from a linear plastics economy to a truly circular and sustainable plastics economy — is a climate tech startup with state-of-the-art patent-pending technology that can create pristine polymer from plastic waste. The resultant product is of such a premium quality that it can be used as a replacement for virgin polymer.
This directly takes the firm a step closer to the Net-Zero emissions goal, promotes circularity and sustainability and helps commercial organisations fulfil their commitments related to recycling and reusing plastics responsibly.
It should be noted that the technology is replicable, and scalable and can be relocated to any global destination.
“The reason for doing something related to climate change was very simple, it was something that is very close to our heart,” Ahsan Ejaz, the co-founder and chief executive officer of Suftech Innovations Private Limited, told Geo.tv.
The logo of Suftech Innovations. — Twitter/@suftechi
With the focus on being able to help solve global environment-related issues, the founders of Suftech believe “the Earth is our only home and if actions weren’t taken now, this home will not be liable for our future generations”.
With no investors on board, the founders of the startup kick-started their operations after they were awarded the Green Challenge Fund by Karandaaz Pakistan, the implementation partner of the UK’s Foreign, Commonwealth & Development Office (FCDO) in 2021.
The funding helped them set up their commercial scale plant and they now aim to make Suftech Innovations as a regional company in the next five years with at least two manufacturing facilities located in the MENA region.
Ejaz claims that Suftech has already brought a revolution within Pakistan and they aim to expand to the US and the UK markets in the next ten years.
He elaborated that within a few months, the firm has prevented 30,000+ kilograms of plastic waste from entering the environment and causing soil/marine pollution. “The technology helped reduce greenhouse gas emissions by a whopping 450,000kg and helped save $60,000 of precious foreign exchange by replacing virgin polymer with our product,” he added.
While most of the startups are struggling to continue operations, Suftech hasn’t been affected by the economic crunch that others are facing.
Ejaz believes every crisis is also an opportunity. “Due to the unfortunate economic scenario in Pakistan that has put restrictions on import and made everything imported extremely expensive it has at the same time created opportunities for businesses that rely on local materials,” he said.
“At Suftech we create virgin-like polymer from plastic waste which is readily available in Pakistan therefore we were not impacted by the shortage of raw materials ensuring the availability of our product and cementing our position as a reliable supplier for our customers,” he added.
The co-founder, however, added that the very high cost of electricity and the taxation system in Pakistan for startups needed to be simplified.
“This would allow startups like ours to reach our potential much more quickly and efficiently,” he maintained.
Over the next three years, local and foreign companies involved in Pakistan’s oil and gas exploration and production sector have shown a strong desire to invest more than $5 billion in the nation’s energy sector.
Recent changes to the Petroleum Policy and the implementation of an exclusive tight gas policy, which provide better incentives and a more investor-friendly regulatory framework, are credited with the increase in investor confidence.
These strategic changes are expected to boost domestic energy production, open up new avenues for growth, and draw large amounts of both domestic and foreign investment.
Businesspeople anticipate another reduction in the policy rate when the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) releases the updated rate.
The interest rate for the upcoming two months will be announced by the central bank. It is still unclear if the rate will stay the same or be lowered to reflect stakeholder expectations.
According to experts, the policy rate will be lowered in order to further boost the nation’s economic sector.
Interest rates may be lowered for the seventh time in a row if the inflation rate declines significantly more than anticipated.
In its last six sessions, the MPC had cut the policy rate by 10 percent. In January 2025, it decreased the rate by one percent to 12pc.
12PC POLICY RATE
In January, the State Bank of Pakistan (SBP) announced cut in key policy rate by 100 basis points (bps) to 12 percent from 13pc in line with expectations of the business community.
The policy rate, which had been at 22 percent since June 2024, was slashed by 1,000 basis points to 12 percent.
The SBP governor said the decision was taken with careful consideration. “Although inflation is expected to decline next month (February), core inflation remains a pressing concern,” he stated.
Ahmed highlighted strong remittance inflows and robust export growth as key factors supporting the current account.