The United Nations Framework Convention on Climate Change (UNFCCC) will support Pakistan's private sector in the field of waste-to-energy, a UN official said on Monday.
UNFCCC Executive Secretary Christiana Figueres said to cooperate with Pakistan while presiding over a seminar entitled " Pakistan's vulnerability to climate change and response measures."
She appreciated the role of Waste Busters which has recently concluded its financial close of a 10 million Euro project to divert more than 300,000 metric tons of municipal solid waste from landfills and convert it into energy.
The UNFCCC would support the project with confirmation of Certified Emission Reductions earned in the very first clean development mechanism project in waste-to-energy in the country, being financed by an international consortium led by Saudi conglomerate, Xenel Industries, Baladarrie Group and Invisor Securities, a press release by UN said.
The consortium planed to establish waste-to-energy plants in all major cities of Pakistan.
She also said Waste Busters has proven to be the market leader in Pakistan for the carbon credits scheme and paved the way for many other private sector entrepreneurs to follow suit in the sector.
It was also expected to earn more than 1 million U.S. dollars annually from CERS generated in the projects over a span of 15 years.
Experts will visit Pakistan soon to ascertain the role of country's stakeholders in the projects related with climate change.