Central Bank of Iraq backs renewable energy initiative

Baghdad (IraqiNews.com) – The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, held a dialogue with the Ministry of Environment, Ministry of Electricity, and local Iraqi banks. The discussion was focused on an initiative to invest in electricity generation systems from renewable energy.

This initiative was launched under the backings of the Central Bank of Iraq to lessen the burdens of electricity shortage throughout Iraq, reduce carbon emissions in the air and maintain a clean environment in the oil-dependent nation.

At a separate event in a recent Ministerial Forum on the Future Energy Outlook in Iraq, Finance Minister Ali Allawi warned the nation on Iraq’s financial reliance from the oil industry. Allawi advocated for Iraq to be prepared since global reliance and demand for oil will diminish and transition more into renewal energy.