Iraq's Solar Surge: A Beacon of Renewable Energy in the Middle East, 23 FEB

Iraq's Solar Surge: A Beacon of Renewable Energy in the Middle East

Amidst the vast, sun-drenched landscapes of Iraq, a revolution is quietly unfolding. A nation once synonymous with oil is now pivoting towards the limitless potential of the sun, setting the stage for a transformative journey in renewable energy. As the world watches, Iraq is not just aiming to redefine its energy landscape but is also positioning itself as a beacon of green energy in the Middle East.

Ambitious Targets and Global Partnerships

At the heart of Iraq's solar energy quest is an ambitious goal: to generate 12,000 megawatts from solar power by 2030, significantly altering the country's energy matrix. This bold initiative isn't just about meeting energy demands; it's a statement of intent, showcasing Iraq's commitment to the Paris Agreement and a sustainable future. The Council of Ministers has already allocated approximately 7.5GW of capacity to various companies, marking a significant step towards this goal. However, the journey is laced with challenges, from the need for massive infrastructure investments to navigating the complexities of international energy markets.

Yet, Iraq is not walking this path alone. A landmark partnership with French energy titan TotalEnergies, alongside QatarEnergy and Saudi renewables developer ACWA Power, is poised to catalyze Iraq's solar energy sector. This collaboration aims to develop 1GW of solar photovoltaic (PV) capacity in the Basra region, part of a larger $10 billion agreement that spans new gas generation and seawater treatment facilities. This deal is not just about kilowatts and carbon footprints; it's a testament to the power of global cooperation in the face of climate change.

Challenges and Opportunities

Despite the promising trajectory, Iraq's solar energy journey is not without its hurdles. The country added only 5MW of solar PV capacity in 2022, underscoring the gap between ambition and reality. Financial, regulatory, and technological challenges loom large, threatening to derail progress. Yet, these obstacles also present opportunities for innovation, investment, and international collaboration. Iraq's solar initiative could serve as a blueprint for other oil-rich nations grappling with similar transitions, offering lessons in balancing energy security with environmental stewardship.

The initiative also shines a light on Iraq's broader energy strategy, which includes exploring waste-to-energy technology and green hydrogen projects. This multi-faceted approach not only diversifies Iraq's energy sources but also aligns with global efforts to combat climate change. As Iraq forges ahead, the success of its renewable energy endeavors could inspire a regional shift towards greener, more sustainable energy solutions.

The Road Ahead

As Iraq continues to navigate the complex interplay of geopolitics, economics, and environmentalism, the road ahead is fraught with both promise and peril. Yet, the country's solar energy push is a beacon of hope, signaling a commitment to a greener, more sustainable future. With the right mix of policy, partnership, and perseverance, Iraq could well emerge as a leader in renewable energy in the Middle East, setting a precedent for nations around the world.

The transformation of Iraq's energy landscape is more than just an infrastructure project; it's a narrative of resilience, innovation, and global cooperation. As the world seeks sustainable solutions to pressing environmental challenges, Iraq's solar energy journey offers a glimmer of hope and a path forward. The journey is long, and the challenges are daunting, but the potential rewards for Iraq and the world are immense. The sun, after all, shines not just on the vast deserts of Iraq but on the possibility of a brighter, greener future for all.

https://bnnbreaking.com/breaking-news/energy/iraqs-solar-surge-a-beacon-of-renewable-energy-in-the-middle-east

"RV UPDATE" BY BRUCE, 23 FEB

  Bruce 

 [via WiserNow] 

 Prime minister of Iraq met with our President Trump for a couple of hours in an undisclosed location on Sunday afternoon and they were discussing the fact when Prime Minister, Sudani of Iraq was going to fly back to Iraq that afternoon...he was going to announce to the entire country of Iraq they were indeed a sovereign nation and had a  sovereign currency -  once that occurred...we would have simultaneous announcement here...

not quite sure who was going make it but was to be made to banks and to our redemption centers, and other institutions - with other officials dealing with currency exchanges... once those announcements were made, we felt like we were good to go and get ready to get started...

 ...we haven't started yet. But we know that we've checked with certain banks...like Chase and Wells have the dinar, for example is one of our currencies on the front screens of the banks and ...they're rising in value.

 But there the last time we checked, the bank screens rates were flashing - ...when it's flashing on and off...it means that it's not quite ready...to be exchanged...So we're waiting according to the latest information that we have from redemption centers and banks, that they're waiting for the green light to come in the form of an email from Wells Fargo, corporate New York...When that email comes in to the redemption centers, they will know that it's time to go it's time to start...we're close.

Feb 21st Recorded Program by DAVE SCHMIDT

Iraq's Bold Move: New Oil and Gas Bids Signal Economic Revival, 23 FEB

 Iraq's Bold Move: New Oil and Gas Bids Signal Economic Revival

As the first rays of dawn touch the ancient lands of Mesopotamia, a new chapter is unfolding in Iraq's storied history. This time, it's not about conflict or conquest but about harnessing the wealth beneath its sands and soil. In a strategic push to revive its economy and rebuild from decades of turmoil, Iraq is set to open bids for new oil and gas concession areas in April. This initiative, part of the country's broader ambitions to develop its hydrocarbon resources, signals a hopeful horizon for a nation eager to reclaim its position on the global stage.

A New Era of Hydrocarbon Development

Under the guidance of the Oil Ministry, Iraq is embarking on what is known as the 6th licensing round, complemented by the remaining opportunities from the 5th round announced earlier in 2023. Mohammed Al-Saadi, the assistant director of the Licensing Section, shared that heavyweight contenders like Shell and Italy's ENI have already stepped into the ring, purchasing documents that detail the concession opportunities. With 8 exploratory and 8 producing wells in the 5th round, and an additional 11 oil and 3 gas wells in the 6th, Iraq is laying the groundwork for a significant expansion of its oil and gas production capabilities.

Global Giants and Local Growth

The allure of Iraq's hydrocarbon potential has not only drawn in major global firms but also promises to catalyze local economic development. The engagements with international giants such as Lukoil, as discussed by the Iraqi Prime Minister with a Russian delegation, underscore the global interest in Iraq's energy sector. Furthermore, the transition of the West Qurna 1 oilfield's operations from ExxonMobil to PetroChina, aiming to boost production significantly by the end of 2024, illustrates the dynamic shifts occurring within Iraq's oil landscape.

Yet, the narrative extends beyond oil and gas. Companies like Crescent Petroleum have embarked on ambitious projects to meet Iraq's soaring energy needs, addressing both oil and gas development and the critical electricity deficit. With plans to inject substantial investment into the early phases of new fields in Diyala and Basra, the initiative demonstrates a comprehensive approach to Iraq's energy challenges, leveraging the second highest proven oil reserves in the region for sustainable economic growth.

Charting a Course for Recovery

As Iraq positions itself at the crossroads of recovery and development, the unfolding story of its hydrocarbon sector is more than an economic venture; it's a beacon of hope for a nation striving to turn the page on years of conflict. The upcoming bidding rounds represent not just an opportunity for global energy firms but a pivotal moment for Iraq to harness its natural wealth for the prosperity of its people. With a careful balance of international collaboration and domestic advancement, Iraq is steering towards a future where its natural resources are the bedrock of its revival.

At the heart of this endeavor is a commitment to not only boost production but to ensure that the benefits of such development are felt across Iraqi society. In a landscape marked by historical upheavals, the quest for energy independence and economic stability is a testament to Iraq's resilience and determination to forge a path of sustainable growth. As the country embarks on this ambitious journey, the global community watches, hopeful for a future where Iraq can fully realize its potential, both below ground and above.

https://bnnbreaking.com/finance-nav/iraqs-bold-move-new-oil-and-gas-bids-signal-economic-revival

"QFS CONVERSATIONS" BY GOLDILOCKS, 22 FEB

GOLDILOCKS 

The latest FOMC meeting notes recently told us that quantitative tightening or the holding on to higher interest rates for longer will be used until the midpoint of the year. 

It is one of the ways the Fed lowers their balance sheet and creates liquidity for the markets. So far, we are being told that their intentions to begin the process of lowering interest rates will begin sometime in May or June. 

June is the most likely scenario as MICA stablecoin and crypto regulations in Europe will be completed by that time. The lowering of interest rates will create a bull market, and the markets are expected to do very well with this pivot. 

It will give more purchasing power to the dollar, more purchasing power to our tokenized assets, and more purchasing power to Gold. We will be inside a new digital economy by that point. Many of the global assets will be digitized by that time and expected to be at 90% by the end of the year. The growth of the new economy is expected to commence the second half of this year allowing our money across the world to begin noticing more liquidity inside the Forex markets. 

© Goldilocks 

https://www.investopedia.com/next-fed-meeting-7551561#:~:text=Key%20Takeaways,prior%20September%20and%20November%20meetings.

https://wolfstreet.com/2024/02/22/the-fed-wants-to-drive-qt-as-far-as-possible-without-blowing-stuff-up-and-its-working-on-a-plan-fomc-minutes/

Quand Me rock Is One, the importantin Iraq BY NADER FROM MID EAST

Iraq's Leap into Digital Transformation: A Collaboration with Visa Paves the Way, 22 FEB

 Iraq's Leap into Digital Transformation: A Collaboration with Visa Paves the Way

In a bold stride toward modernization, Iraq's Prime Minister, Mohammed Shia Al-Sudani, has pledged to prioritize economic and banking reforms, spotlighting a recent collaboration with Visa that aims to revolutionize the nation's payment landscape. Amidst a backdrop of ongoing economic challenges, this partnership could herald a new era of prosperity and financial inclusion for the Iraqi people.

Seizing the Digital Future

During a notable meeting with Visa's regional president for the CEMEA region, Andrew Torre, Al-Sudani expressed his government's dedication to enhancing electronic payment technology and digital transformation within Iraq. The Prime Minister took pride in the government's recent nod to the electronic payment system, a move that is set to redefine the Iraqi economy. Visa's role in this transformation has been pivotal, not just in expanding electronic payment technology but also in empowering Iraqi workers through comprehensive training in the electronic payment ecosystem.

Visa's Commitment to Iraq's Economic Reform

On his part, Torre conveyed Visa's enthusiasm for bolstering Iraq's economic reform efforts. Visa's commitment to introducing advanced payment solutions and technologies, sharing expertise, and generating employment opportunities for Iraqis is unwavering. One of the most ambitious goals is the establishment of 500,000 acceptance points for electronic payments across the country, a leap that could significantly enhance the ease of doing business and consumer convenience in Iraq. The collaboration with the Central Bank of Iraq and the broader banking sector is seen as a cornerstone of this initiative.

Challenges and Opportunities Ahead

Despite the clear benefits of moving towards a digital economy, the transition poses challenges, especially for a segment of the Iraqi workforce. The phasing out of cash transactions threatens the livelihood of workers like Ali, who relies on tips for a significant portion of his income. Experts, however, argue that the benefits of electronic payments, including reduced corruption and enhanced efficiency, far outweigh these concerns. The shift to electronic payments is not just about convenience but also about creating a more transparent and accountable financial system in Iraq.

The collaboration between Iraq and Visa marks a significant milestone in the country's journey towards economic modernization and digital inclusion. While challenges remain, the potential for positive change is immense, promising a future where financial empowerment and innovation pave the way for prosperity.