Thursday, May 22, 2025
By the end of the year, Iraq will launch its first 250-megawatt solar power plant
By the end of the year, Iraq will launch its first 250-megawatt solar power plant
5/21/2025
Minister Hayan Abdul-Ghani stated on Wednesday that the first solar-powered electricity generation plant in Iraq will be inaugurated by the end of 2025, stressing the ministry's commitment to implementing projects to stop the burning of associated gas and the resulting thermal emissions.
This came in a speech he delivered during the first international conference on carbon economics in Iraq, which was attended by a Shafaq News Agency correspondent in the capital, Baghdad.
In his speech, the minister said, "Iraq has realized the magnitude of the global climate challenge and the rapid economic and technological changes that are imposing themselves on the energy landscape."
He added, "Carbon emission reduction can be transformed into a real opportunity to attract financing and investment, and develop technology through carbon market mechanisms and carbon bonds." He added, "We have already taken steps in this direction, including paving the way for associated gas movement projects, achieving routine flaring by 2029, and preparing projects for carbon emission opportunities, through openness to international markets and bilateral cooperation with international partners."
Abdul Ghani also indicated that "the first solar-powered electricity generation station, with a capacity of 250 megawatts, will be inaugurated by the end of this year."
He continued, "We view carbon as an economic opportunity that can be transformed from an environmental tax into a financial economy through carbon investment, which will contribute to financing strategic projects without burdening the state's general budget."
The Oil Minister considered that "this conference represents an important link in the chain of national efforts aimed at building a low-carbon economy, enhancing Iraq's readiness to lead the way in climate leadership mechanisms in line with our commitments to the Paris Climate Agreement, and setting our ambitions to diversify sources of income."
He explained, "Under this agreement, Iraq was committed to reducing emissions by 2% by 2023, but we, the Ministry of Oil, were able to achieve more than this percentage with the first project implemented in Basra Governorate through the implementation of the first phase."
Abdul Ghani continued, "There are projects signed by the Ministry of Oil with several companies aimed at stopping gas flaring. Through these projects being implemented, greenhouse gas emissions will be reduced by more than 23%. This is almost ten times what Iraq committed to at the Paris Conference." LINK
CBI RELEASES NEW STATEMENT ON THE FIRST INTERNATIONAL CONFERENCE ON CARBON ECONOMICS
CBI RELEASES NEW STATEMENT ON THE FIRST INTERNATIONAL CONFERENCE ON CARBON ECONOMICS
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in the First International Conference on Carbon Economics in Iraq, as a key partner and supporter of combating climate change and reducing carbon emissions.
In his speech on the sidelines of the conference, His Excellency said: "This is a favorable opportunity to contribute to preserving an environment exhausted by wars and various pollutions."
He mentioned a group of initiatives taken by the Central Bank of Iraq as part of a series of innovative solutions and measures that contribute to mitigating immediate environmental challenges.
Among these solutions, the Central Bank, in cooperation with the Higher Committee for Lending in the Council of Ministers, presented an initiative of (1) trillion dinars to shift from the use of traditional sources to renewable energy sources, reduce carbon emissions, and expand green spaces to achieve sustainable development.
He added that the Central Bank of Iraq, in cooperation with the World Bank, worked to develop a green financing model and implement it within the financial sustainability roadmap approved by the Central Bank of Iraq for the period (2023-2029).
One of its outcomes was the development of a sustainable financing roadmap for managing environmental, social, and governance (ESG) risks.
Revealing the commencement of granting specialized banking licenses to support climate and environmental conservation through financing green projects, namely Riyada Bank and the Green Bank, and work is underway to integrate these banks soon within the Iraqi banking ecosystem.
He explained that the Central Bank of Iraq has presented important projects, including the rehabilitation of brick factories to convert from polluting fuel (black oil) to cleaner fuel (liquid gas) to reduce carbon emissions, as part of the trillion-dinar initiative, with an amount of 500 million dinars for each factory.
He announced the Central Bank of Iraq's financing of waste recycling projects within the controls of the renewable energy initiative to contribute to reducing soil pollution, especially in sanitary landfill areas, which is an environmental hazard in the future, affecting the type and quality of soil in housing, agricultural, and other projects.
His Excellency concluded: His endeavor to cooperate and provide initiatives in this field stems from his belief in the bank's ability to create a better environment, increase the well-being of society, and overcome the environmental challenges surrounding Iraq.
Central Bank of Iraq
Media Office
May 21, 2025
Well-known companies show strong interest in Iraq
Well-known companies show strong interest in Iraq
5/20/2025 - BAGHDAD
The National Investment Commission confirmed on Tuesday that "there is strong interest from well-known companies in Iraq."
"Iraq witnessed a significant influx of foreign investments over the past two years, exceeding $64 billion," said the head of the National Investment Commission, Haider Makiya, to the Iraqi News Agency - INA.
This figure reflects the success of the investment planning that was completed in 2023. "We began to reap its fruits in 2024 and 2025," he noted.
He highlighted that "most of these investments belong to well-known companies operating directly within Iraq."
"The Prime Minister indicated in the Parliament the size of these investments, which exceed $60 to $63 billion," he pointed out. LINK
MAJEED ⭕️ Today, the Iraq Liberation Act was officially passed by the US Congress
MAJEED
Today, the Iraq Liberation Act was officially passed by the US Congress
. Congratulations to the free Iraqi people.
Thanks to everyone who contributed to making this law happen.
Congratulations to the Iraqi people
The procedures will not take more than a month, God willing.
Subscribe to:
Comments (Atom)