UNFCCC supports Pakistani firm to earn carbon credits

LAHORE – The United Nations Framework Convention on Climate Change (UNFCCC) will support the private sector waste management company, Waste Busters, which has recently concluded the financial of a 10 million euros project to divert over 300,000 metric tonnes municipal solid waste from landfills and convert it into energy.
It was disclosed in a seminar on “Pakistan’s vulnerability to climate change and response measures”, which was chaired by the UNFCCC Executive Secretary Christiana Figueres. She visited Pakistan this week to ascertain the role of Pakistan stakeholders in the projects related with climate change in the context of Conference of Parties, COP 16/CMP 6, held in December 2010 in Cancun, Mexico to which Pakistan is a signatory.
Speaking on the seminar Ms Figueres appreciated the role of the private sector waste management company and said that the company had proven to be the market leader in Pakistan for the carbon credits scheme. She said it had paved the way for many other private sector entrepreneurs to follow the suit in this sector. She indicated that the company was expecting to earn over $1 million per annum from the Certified Emission Reductions (CERs) generated in these projects over a span of 15 years.
The project is being financed by an international consortium led by a noted Saudi conglomerate, Xenel Industries, Baladarrie Group and Invisor Securities. The consortium plans to establish waste to energy plants in all major cities of Pakistan for long term concession agreements with the cities of Lahore, Rawalpindi and Peshawer already under way.