Iraq launches $6 billion renewable energy drive
Shafaq News – Baghdad
Iraq initiated investment opportunities in renewable energy worth around $6 billion aimed at reducing dependence on conventional fuels, the minister of electricity announced on Saturday.
Being one of the world’s largest oil producers, Iraq is accelerating its shift toward clean energy. The government aims to generate 12 gigawatts of clean power by 2030 through large-scale solar and wind projects, alongside partnerships with companies such as TotalEnergies, Masdar, and PowerChina.
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Minister Ziyad Ali Fadel told Shafaq News that the project aims to generate 10,000 megawatts of renewable energy to be added to the national grid, pointing out that this initiative falls within Iraq’s broader plan to modernize its energy infrastructure, and achieve energy security.
He also noted that the Central Bank of Iraq continues to implement its renewable energy program, offering loans of up to 30 million dinars (about $21,000) for residential units at low or no interest, with streamlined procedures through the Ministry of Electricity’s ‘Ur’ electronic portal.
Iraq remains among the Arab states least reliant on sustainable energy, with clean sources accounting for just 1.17% of its electricity by the end of 2024, according to the Energy Research Unit.
