Latest news with #GeneralCompanyforCarbonEconomics
Iraq Business
6 days ago
- Business
- Iraq Business
UK/UAE Firm signs MoU with Iraq's Carbon Agency
By John Lee. BB Energy has signed a Memorandum of Understanding (MoU) with Iraq's General Company for Carbon Economics (GCCE) during the country's inaugural Conference on Carbon Economics. The agreement outlines plans for collaboration between BB Energy's Renewable Energy Division and GCCE to implement projects aimed at offsetting carbon emissions and supporting environmental restoration in Iraq. The partnership seeks to advance Iraq's energy transition and enhance its natural environment through initiatives that generate environmental credits. GCCE is tasked with overseeing national environmental initiatives aligned with Iraq's sustainability objectives, while BB Energy brings decades of experience in managing environmental credit-generating projects across the region. Senior BB Energy executives, including Ziad Monla, Bashir Bassatne, Philip Hardwick, and Adrian de Mahieu, attended the signing. The company also expressed gratitude to Prime Minister Mohammed Shia Al-Sudani for his support and the organisers for hosting Iraq's first-ever carbon economics conference. (Source: BB Energy)
Iraq Business
23-05-2025
- Business
- Iraq Business
Nobel Energy and Iraq Sign MoU on Climate Cooperation
By John Lee. UK-based Nobel Energy has signed a Memorandum of Understanding (MoU) with Iraq's General Company for Carbon Economics, affiliated with Iraq's Ministry of Environment, to enhance cooperation on climate action, environmental initiatives, and sustainable development. The agreement was formalised during the First International Conference on Carbon Economics in Baghdad, marking a strategic collaboration aimed at reducing greenhouse gas emissions, supporting Iraq's green economy, and contributing to national climate objectives. Samir Mollayev, Deputy CEO of Nobel Energy, stated: "Nobel Energy is proud to be part of this important partnership with the Iraqi Ministry of Environment and the General Company for Carbon Economics. This MoU represents a significant opportunity to advance Iraq's green economy goals and contribute to global climate action efforts." The MoU outlines plans for the Iraqi side to facilitate necessary procedures and prioritise environmental projects, while Nobel Energy will provide technical expertise and proposals aligned with Iraq's environmental regulations. Both parties will collaborate over the coming year to implement initiatives, with an option to extend the partnership. (Source: Nobel Energy)
Iraqi News
23-05-2025
- Business
- Iraqi News
Iraq and UK's Nobel Energy partner on climate action
Baghdad ( – The General Company for Carbon Economics, a division of Iraq's Ministry of Environment, has signed a Memorandum of Understanding (MoU) with UK-based Nobel Energy, marking an important milestone towards environmental sustainability. The agreement, formalized during the First International Conference on Carbon Economics held in Baghdad, sets the stage for joint efforts in green initiatives, climate action, and sustainable development across Iraq. Launched in 2023, the General Company for Carbon Economics was established as part of Iraq's national response to rising carbon emissions, tasked with advancing carbon reduction strategies and promoting a low-carbon economy. The MoU outlines a collaborative framework aimed at reducing greenhouse gas emissions, promoting the green economy, and supporting Iraq's national climate goals. Under the agreement, the Iraqi side will identify priority environmental projects and streamline related processes, while Nobel Energy will provide project proposals and technical support in line with Iraq's environmental regulations. This partnership marks a strategic alignment in advancing Iraq's climate resilience and sustainability objectives.
Iraq Business
21-05-2025
- Business
- Iraq Business
Iraq Launches First Carbon Economics Conference
By John Lee. Iraq has launched its first International Conference on Carbon Economics in Baghdad on Tuesday, themed "Carbon for Development." The event, organised by the Ministry of Environment in partnership with the General Company for Carbon Economics, brought together high-level participants from the Ministry of Oil, the Central Bank of Iraq (CBI), and international climate and energy stakeholders. Oil Minister Hayan Abdul Ghani, speaking on behalf of the Prime Minister, affirmed that the oil sector is pursuing a deliberate strategy to reduce emissions and balance energy sustainability with green economic principles. He underscored the importance of flaring reduction and clean fuel development as priorities for the coming phase. Environment Minister Dr. Nizar Helo Al-Askari said the conference represents a strategic shift in Iraq's environmental policy and reflects the government's commitment to a low-carbon economy. He highlighted the role of the General Company for Carbon Economics as the government's official executive arm to lead this transformation. Central Bank Governor Dr. Ali Mohsen Al-Alaq reiterated the bank's support for green finance, affirming that carbon bonds are a key element of sustainable financing. He announced upcoming financial tools tailored to environmental and climate projects. Dr. Mohammed Sahib Al-Darraji, head of the Diwani Order Committee on Carbon Markets, said the carbon company was established in response to government directives to activate environmental markets. A national roadmap has been developed with input from international partners. Technical advisor Dr. Nadhir Aboud, General Manager of the General Company for Carbon Economics, said the conference marked a turning point for Iraq's carbon market, unveiling a legislative and institutional roadmap. He also stressed the role of digital and technical infrastructure in enabling Iraq's participation in global voluntary carbon markets. Several cooperation agreements were signed during the event with local and international companies, including the UK's Olivine Group via the Environmental Defense organisation, Canada's Carbon i, UK-based BB Energy, RED, and Audubon, to strengthen technical and financial frameworks for carbon markets. Specialised sessions addressed environmental policy, regulatory frameworks, inter-sectoral collaboration, and case studies from power, oil, transport, and waste sectors. (Source: Ministry of Environment)
Iraqi News
21-05-2025
- Business
- Iraqi News
Minister of Environment: Carbon Projects Will Provide Additional Revenue for Iraq and Attract International Investments
Minister of Environment, Nizar Helo Al-Askary, affirmed today, Wednesday, that carbon-related projects will generate additional income for Iraq and attract major international investments. He also noted that the government has made environmental issues a national priority. During the opening of the First International Conference on Carbon Economics, attended by an Iraqi News Agency (INA) reporter, the minister stated 'Iraq is facing major environmental challenges, including rising temperatures, low rainfall, water scarcity, and decreasing water levels in rivers and water bodies. These conditions have led to a noticeable decline in biodiversity and an increase in desertification, causing the displacement of rural and village populations, which could pose future social, political, environmental, and economic challenges for host areas.' Minister Al-Askary explained that these factors prompted the Iraqi government to prioritize environmental concerns, adding 'One of the key achievements of Prime Minister Mohammed Shia Al-Sudani's government is the establishment of the General Company for Carbon Economics under the Ministry of Environment.' He clarified that 'this company does not only issue carbon bonds but also works on implementing environmental improvement projects to preserve Iraq's ecosystem.' He emphasized that Iraq is undergoing a renaissance across various sectors—urban, political, economic, and social—and that the outlines of an environmental renaissance are beginning to emerge. This comes in line with the Prime Minister's directives to increase and diversify public revenues across all ministries. 'With the concerted efforts of all parties, the Ministry succeeded in founding the General Company for Carbon Economics and is now working with national and international partners to attract global companies to invest in Iraq, which will contribute to generating additional income for the country,' he said. The minister further noted that the ministry achieved a major milestone by securing the interest of international companies, including Olivine Global, which has pledged a first-phase investment worth £2 billion. The First International Conference on Carbon Economics officially began today, Wednesday, and will continue from May 21 to 22 in Baghdad. The event is organized under the supervision of the Ministry of Environment, in cooperation with the Ministry of Oil and the Central Bank of Iraq, and under the patronage of Prime Minister Mohammed Shia Al-Sudani.
