Parliamentary committee criticizes low interest in renewable energy projects in Iraq

Shafaq News/ The deputy head of the parliamentary electricity and energy committee, Hassan Al-Asadi, expressed on Monday, his disappointment with the low participation in renewable energy production projects, stating that only a quarter of the funds assigned to support these projects have been used.

Al-Asadi stated to Shafaq News Agency, "the committee organized a session about the Central Bank of Iraq’s initiative to support the renewable energy projects, which is a topic of high importance to the parliament."

He added, "Iraq has not fulfilled his obligations to enhance the environmental and renewable energy situation."

He also clarified, "the session outcomes were unsatisfactory, as merely 250 million dinars out of one trillion dinars allocated to support these projects have been disbursed, and the number of applicants for the initiative was less than ten people."

He indicated that "there will be another meeting with the officials in the next few days to examine the causes of the initiative's failure and how to remedy it, as these initiatives greatly benefit the renewable energy in Iraq."

Notably, the Central Bank of Iraq's initiative to support the renewable energy projects is a financing scheme that was launched in 2022 with a capital of one trillion dinars (nearly 685 million USD). The initiative aims to encourage individuals, small businesses, municipalities, and investors to adopt solar power and other clean energy sources, in order to improve the environmental and renewable energy situation in Iraq. The initiative is part of the Central Bank's efforts to support the economic development and diversification of Iraq, as well as to reduce its dependence on oil and gas revenues.