Latest news with #IraqEnergy2025
Shafaq News
28-01-2025
- Business
- Shafaq News
Iraq's temperatures soar 5°C during severe climate crisis
Shafaq News/ Iraq has experienced a significant rise in temperatures, increasing by 4-5 degrees Celsius above the global average over the past 50 years, Jassim al-Falahi, Iraqi Undersecretary of the Minister of Environment revealed on Tuesday. Speaking at the Iraq Energy 2025 conference in Baghdad, Al-Falahi stated, 'Iraq's classification as one of the most climate-affected countries was not arbitrary.' He explained this temperature surge is driven by declining water revenues, severe drought caused by upstream countries' policies, and the broader impacts of climate change. 'These factors have significantly increased energy demand and imposed economic challenges on the government, particularly during increasingly extreme summers,' Al-Falahi noted. To address these escalating challenges, Al-Falahi outlined the National Adaptation Plan, which also includes the Kurdistan Region. 'The plan focuses on adapting Iraq's oil and gas industry to climate realities, promoting sustainable infrastructure, and encouraging investment in petrochemical industries,' he said. Al-Falahi emphasized the importance of utilizing associated gas as a sustainable energy source and adopting modern technologies to drive economic growth while minimizing environmental impacts. Notably, the United Nations has ranked Iraq among the five most climate-vulnerable countries globally. A 2022 World Bank report underscored the urgency of Iraq's climate crisis, calling for a 'greener, more environmentally conscious' development model. The report highlighted the need for economic diversification and a reduction in dependence on carbon-intensive industries. To achieve these goals, the World Bank projected that Iraq would require $233 billion in investments by 2040—equivalent to 6% of its annual GDP—to meet critical developmental needs and transition toward greener, inclusive growth.
Shafaq News
28-01-2025
- Business
- Shafaq News
Iraq targets 7 million barrels daily oil output by 2029
Shafaq News/ Iraq's Oil Ministry aims to boost crude production within the next five years, Deputy Oil Minister Ali Maarij said on Tuesday. Speaking at the Iraq Energy 2025 conference in Baghdad, Maarij outlined the ministry's strategic priorities, highlighting the plan to "reach a production capacity of seven million barrels per day (bpd) within five years." He also emphasized efforts to eliminate gas flaring and end the import of petroleum products in the near future. Prime Minister Mohammed Shia al-Sudani inaugurated the conference, hosted by the Iraq Development Platform, with the participation of ministers, officials, and international stakeholders. According to the Iraq Development Platform, IEC is dedicated to driving innovation, attracting investment, and promoting sustainable growth in Iraq's dynamic energy sector. The conference aims to tackle key challenges and identify opportunities across traditional oil and gas industries as well as emerging renewable energy solutions. Through strategic partnerships, insightful discussions, and groundbreaking research, the IEC seeks to build a secure, prosperous, and sustainable energy future for Iraq.
