Central Bank Of Iraq Launches Renewable Energy Financing Initiative

Representational image. Credit: Canva

The Central Bank of Iraq has launched an initiative to finance projects involving renewable energy. The initiative aims to reduce climate change and support sustainable solutions.


The Central Bank of Iraq is committed to supporting the Iraqi Government’s program for finding sustainable solutions to reduce desertification and climate change. The bank has also urged the banking and financial sector to support projects that promote environmentally friendly products. The Central Bank of Iraq also called on the financial sector to increase inclusion through the financing of green economies.

In 2021, in collaboration with the Higher Committee for Lending of the Council of Ministers the Central Bank of Iraq launched the Renewable Energy Transformation Initiative. This initiative is aimed at reducing carbon dioxide emissions in Iraq and improving the environment. This initiative also established a framework for funding development projects in the clean energy sector at the individual and investor levels.


The Central Bank also decided to install solar power systems on its Baghdad buildings and branches in Mosul, Basra, and Erbil to meet a portion of its energy needs.

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Iraq has made unrelenting efforts to increase the country’s reliance on solar energy and renewable energy in general. Iraq has a deficit of 13,000 megawatts of electricity. The Ministry of Electricity is working to address this problem in many ways. One of the most notable was to implement complex stations which will generate 4,000 megawatts of clean renewable energy. The Ministry of Electricity has invested with Saudi Arabia, which will provide 1,000 megawatts in addition to 250 megawatts produced by Power Jaipna.

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