logo
Baghdad unveils plan for carbon bond market

Baghdad unveils plan for carbon bond market

Shafaq News21-05-2025

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.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Syria's Labor Ministry: Committed to stabilizing the job market
Syria's Labor Ministry: Committed to stabilizing the job market

Shafaq News

time19 minutes ago

  • Shafaq News

Syria's Labor Ministry: Committed to stabilizing the job market

Shafaq News/ Syria's Ministry of Labor and Social Affairs reaffirmed on Tuesday its commitment to supporting Syrian workers both at home and abroad, with a focus on achieving balance in the country's labor market. Speaking to Shafaq News Agency, Khalil Awad, Director of Labor Regulation at the Ministry, stated that efforts are ongoing to ensure equality between Syrian and non-Syrian workers under Labor Law No. 17 of 2010. 'Articles 2 and 4 of the law stipulate equal rights and obligations for all workers, while also safeguarding local labor from unfair competition,' Awad explained. He added that despite this principle of equality, the law imposes specific requirements on foreign workers. 'Articles 27 to 30 of the same legislation mandate that non-Syrian workers obtain work permits, and Ministerial Decree No. 888 of 2016 outlines the procedures for granting such permits,' he said. According to Awad, these measures are intended to maintain proper regulation and order in the labor market. Regarding Syrians employed abroad, Awad described them as 'an invaluable national asset,' emphasizing their positive contributions to the economies of their host countries. 'We are currently working to create an attractive work environment inside Syria to encourage their return and involvement in the reconstruction process,' he added, revealing that the Ministry is collaborating with the Ministry of Foreign Affairs and Expatriates to compile accurate statistics on Syrians working overseas. Domestically, the Ministry is expanding initiatives to train and employ youth. Awad highlighted the Ministry's oversight of several NGOs that offer specialized vocational training programs in partnership with the Ministries of Industry, Education, and Housing. 'We are in the process of integrating national digital platforms related to vocational training, under labor regulations, to improve accessibility to resources and training opportunities,' Awad said. He concluded that the overarching goal is to ensure effective coordination among relevant institutions and build a comprehensive training environment aligned with market needs.

Iraq confirms halted flights to Syria amid high visa fees
Iraq confirms halted flights to Syria amid high visa fees

Shafaq News

time20 minutes ago

  • Shafaq News

Iraq confirms halted flights to Syria amid high visa fees

Shafaq News/ Iraq's Ministry of Transport confirmed, on Tuesday, that civil aviation flights between Iraq and Syria remain suspended, a situation in place since the fall of the former Syrian regime. Ministry spokesperson Maytham al-Safi told Shafaq News that 'civil flights have been halted for years, and no regular services operate between the two countries. Only Cham Wings Airlines operated for a while, but those flights have also stopped.' The statement comes amid rising concerns over the recently increased visa fees imposed on Iraqi citizens traveling to Syria, which now stand at $250. Omar Abdul-Baqi, deputy director of security at Damascus International Airport, told Shafaq News that the higher fees apply not only to Iraqis but to other nationalities as well, as part of a broader Syrian policy to regulate entry and cover administrative costs.

Iraq tops Turkiye's grain export market
Iraq tops Turkiye's grain export market

Shafaq News

time2 hours ago

  • Shafaq News

Iraq tops Turkiye's grain export market

Shafaq News/ Iraq was the leading importer of Turkish grains, pulses, oilseeds, and related products during the first five months of 2025, according to data from the Turkish Exporters' Assembly released on Tuesday. Ahmet Teriyakioglu, the assembly's head, said the sector's exports reached $5.2B despite a slight 0.4% decline in volume compared to the same period last year. Iraq imported $789.3M worth of these products, maintaining its top position in the sector despite a 13.7% decrease in volume. The US ranked second, with exports climbing 29% to $350.7M.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store