Mehdi Sharif, who is director for energy efficiency in IFCO, told Shana that studies are being done before the proposal is submitted to the government and parliament.

“Reducing energy consumption and capping carbon emission are two sides of the coin. When energy consumption declines, carbon emission will also fall,” he said.

Sharif said IFCO is seeking interaction with the Global Environment Facility (GEF) body in a bid to find new financial resources for the development of energy services companies.

He said the planned Carbon Bourse will allocate credit to industries which could reduce their emission of pollutants.

Sharif said the United States, Switzerland, Italy and England have already gained valuable experiences to that effect.  

The GEF unites 183 countries in partnership with international institutions, civil society organizations (CSOs), and the private sector to address global environmental issues while supporting national sustainable development initiatives. Today the GEF is the largest public funder of projects to improve the global environment. An independently operating financial organization, the GEF provides grants for projects related to biodiversity, climate change, international waters, land degradation, the ozone layer, and persistent organic pollutants.