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Pakistani startup declares war on climate change

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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
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.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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