Iraq will make the transition to a "green economy"

The Central Bank (CB) of Iraq plans to allocate 1 trillion dinars (about 685 million dollars) for the development of clean energy in the country. This was reported on Monday by the Iraqi news agency INA with a reference to Deputy Governor of the Central Bank of the RepublicIhsan Shamran al-Yasiri.

“Since the beginning of last year, the Central Bank in in cooperation with the Ministry of Environment has set a course for investing in green economy and renewable energy in Iraq. Work began on the formation of a special commission on renewable energy, after which the governor of the Central Bank approved an initiative [in this area] in the amount of 1 trillion dinars," INA quotes the words of the governor of the Central Bank.

The agency also quotes the Minister of the Environment of the Republic Jasem al-Fallahi. According to he the headed department "has been working together with the Central Bank for several months on a national initiative to support the solar power industry and transition to green economy.    According to the Minister, this is an important step for Iraq, which is "one of the countries in the world most affected by" climate change.

In June 2021, as reported by the Mawazin News news portal, the Iraqi authorities and the Emirati innovation company Masdar signed an agreement for  power plants with a capacity of 2 thousand MW. Then the Minister of Oil of the Republic Ihsan Abdel Jaber pointed to the progress made in implementing the plans of the Iraqi government to increase and expand the production of clean energy.