Iraq offers incentives for solar energy
Iraq has introduced a low-interest loan program to support the installation of solar panels, part of a wider national effort to cut emissions and reduce the burden on its overstretched electricity grid.
Launched in partnership with Region Trade Bank (RTB) and backed by financing from the Central Bank of Iraq, the scheme is open to both residential and commercial users. Loans range from 7 million to 30 million Iraqi dinars ($4,800–$20,700), with repayment periods of up to seven years and an optional six-month grace period.
'This initiative opens a practical path for Iraqis to adopt clean energy solutions and take part in building a more resilient and sustainable economy,' said Ahmed Nowzad, RT Bank CEO, cautioning that applications can be submitted through the government's official portal.
While Iraq remains one of the world's largest oil producers, it continues to face persistent electricity shortages—particularly during the summer, when temperatures often surpass 50°C and power demand surges. Iraqi authorities have recently identified solar power as a practical tool to diversify energy sources and reduce dependence on fossil fuels.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Rudaw Net
25 minutes ago
- Rudaw Net
Masoud Barzani, outgoing German envoy call for stronger ties, renewed partnership with Baghdad
Also in Kurdistan Banned chemicals threaten Kurdistan Region's fishery amid limited oversight Sulaimani industrial complex blaze burns several warehouses Four youths drown in Duhok Man claims detention at Iraqi checkpoint for possessing Kurdish books A+ A- ERBIL, Kurdistan Region - Kurdistan Democratic Party (KDP) leader Masoud Barzani on Monday called for renewed partnership and balance with Baghdad during a farewell meeting with outgoing German Ambassador to Iraq Christiane Hohmann, who reaffirmed Berlin and the EU's support for the Kurdistan Region's constitutional status. Barzani 'thanked Germany and the European Union for supporting the constitutional status of the Kurdistan Region,' his office said in a statement. On relations with Baghdad, he stressed that returning to the principles of consensus, balance and partnership remains the best solution. 'We have not demanded anything more than the constitutional framework, but we are not satisfied with less than what the constitution has granted to the people and the Kurdistan Region,' he added. Tensions between Erbil and Baghdad have escalated since late May, when Iraq's federal finance ministry froze budget transfers, accusing the Kurdistan Regional Government (KRG) of exceeding its 12.67 percent share of federal funds and failing to deliver oil to the State Oil Marketing Organization (SOMO). The suspension has impacted salaries for more than 1.2 million public sector employees in the Region. Barzani and Hohmann also discussed the delayed formation of the new KRG cabinet. Despite parliamentary elections last October, the legislature has convened only once since, as the KDP and Patriotic Union of Kurdistan (PUK) remain deadlocked over key posts. Barzani voiced hope that a new cabinet could be formed before Iraq's general elections in November, a view echoed last month by senior PUK member Saadi Ahmed Pira in an interview with Rudaw's Zana Kayani. Hohmann, for her part, praised Barzani's leadership and reiterated Germany's and Europe's commitment to supporting the Kurdistan Region's constitutional rights. She noted that the large number of consulates in Erbil reflects international recognition of the Region's status, which should be protected and upheld. She also highlighted the Kurdistan Region's progress in economic infrastructure, peace and stability, expressing hope that similar development could reach other parts of Iraq. Barzani likewise said the Region's advances in services - particularly in water and electricity - could serve as a model for improving living conditions across the country. The Kurdistan Region's electricity ministry announced last week that over 2,500 generators have been decommissioned as part of efforts to expand 24-hour power supply to nearly three million residents. Meanwhile, Erbil is preparing to launch a major wastewater recycling project aimed at protecting groundwater and boosting agriculture once tendering is complete. Germany continues to maintain military bases in both Baghdad and Erbil, supporting Iraqi and Kurdish forces as part of the US-led Global Coalition to Defeat ISIS, which was established in 2014 after the extremist group captured swathes of territory in Iraq and Syria.
Shafaq News
29 minutes ago
- Shafaq News
Independent Chinese oil firms gain ground in Iraq
Shafaq News – Baghdad Independent Chinese oil companies are expanding their footprint in Iraq, OPEC's second-largest producer, entering a market once dominated by major global energy firms. Industry executives told Reuters that these smaller Chinese companies, many led by former state oil experts, aim to double their production in Iraq to 500K barrels per day (bpd) by 2030. They are leveraging more profitable contractual terms, lower development costs, and faster growth opportunities. These companies made significant gains in 2024, securing half of Iraq's oil exploration licenses amid Baghdad's push to accelerate projects and raise national production capacity to over 6M bpd by 2029. Among the key players are Geo-Jade Petroleum, United Energy Group, Zhongman Petroleum and Gas, and Anton Oilfield Services. The Iraqi Ministry of Oil has emphasized its commitment to attracting international companies but has shown increasing openness toward the expansion of independent Chinese firms, citing their flexibility, speed of execution, competitive financing, and access to low-cost Chinese resources. Baghdad's shift last year from "fixed-fee" contracts to "profit-sharing" agreements has also encouraged the entry of these companies, which are more willing to take risks than global giants such as Shell and ExxonMobil, both of which have scaled back their presence in Iraq. Ali Abdul-Amir of Basra Oil Company said independent Chinese firms offer key advantages, including rapid financing and cost reduction. 'They accept lower profit margins in exchange for long-term contracts, making them well-suited to Iraq's expansion plans in the oil sector,' he added.
Iraq Business
16 hours ago
- Iraq Business
Chevron, SLB Deals Signal US Return to Iraqi Oilfields
By Simon Watkins for Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Chevron, SLB Deals Signal US Return to Iraqi Oilfields There are two distinct superpower strategies at play to capture the very heartland of the Middle East - Iraq. On the one hand, China and Russia want to end the semi-independent status of Kurdistan in the north, have it rolled into the rest of Iraq as a regular province, and then expel all Western firms from the then-unified country. On the other hand, the US and its allies want to bolster the independence of the Kurdistan region to act as leverage to extend their influence in the rest of Iraq to the south. Click here to read the full report.
