Iraq Approves Fund Of $680 Million To Invest In Renewable Energy

Iraq approves a fund of $680 million to invest in renewable energy and increase its portfolio of clean energy sources. Iraq imports its electricity and highly relies on its neighbouring countries for its electricity needs.

“In 2021, we launched a renewable energy initiative to support the sector…this initiative involved the allocation of one trillion dinars for solar power projects,” said Central Bank Deputy Governor Ihsan Al-Yasiri. 

These initiatives aim to grow its clean energy sources, support the environment and handle the power issues. All the solar power projects which were awarded to foreign firms generate around 7.5 GW of power.

The Head of the National Investment Commission Suha Al-Najjar said, “We urge local and global companies to take advantage of the Central Bank initiative in the construction of more solar power projects in Iraq.”

Iraq is planning to expand its clean energy sources to 33% by 2030. Iraq has set the target to have 900 MW capacity from solar energy by 2030. The country suffers from power shortages and it relies on Iran to meet its need.