Baghdad unveils plan for carbon bond market
Shafaq News/ On Wednesday, Iraq proposed the establishment of a regional carbon bond exchange platform, which could generate up to billions in revenue over the next decade.
Speaking at Iraq's first Conference on Carbon Economics, Mohamed Sahib Al-Darraji, the Advisor to the Prime Minister for Technical Affairs, called for the creation of a regional carbon trading platform named Tabadul (Exchange), to be led by Iraq.
'There are more than 70 sources capable of generating carbon credits in Iraq,' he noted, estimating that the country could earn approximately $100B in the coming ten years by attracting international and domestic companies to operate in this field.
This estimate is supported by expert companies and highlighted strong interest from global firms during a recent visit to the UK, he explained, urging the Iraq Development Fund to play a central role in investing carbon revenues.
Al-Darraji also emphasized that Iraq has the legal framework to partner with the private sector under Article 15 of Public Companies Law No. 21 of 1997, facilitating joint ventures in carbon bond development.
'Carbon investment is part of a broader strategy to finance Iraq's industrial sector through modern technical methods that reduce emissions and support sustainable development.'
Earlier today, Oil Minister Hayan Abdul-Ghani announced that Iraq will inaugurate its first solar-powered electricity plant by the end of 2025. Moreover, the Central Bank of Iraq unveiled a series of green finance measures, including a one trillion-dinar (about $767,2) initiative to fund renewable energy projects.
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