Shafaq News – Baghdad

Iraq initiated investment opportunities in renewable energy worth
around $6 billion aimed at reducing dependence on conventional fuels, the minister
of electricity announced on Saturday.

Being one of the world’s largest oil producers, Iraq is
accelerating its shift toward clean energy. The government aims to generate 12 gigawatts
of clean power by 2030 through large-scale solar and wind projects, alongside
partnerships with companies such as TotalEnergies, Masdar, and PowerChina.

Read more: Billions lost, power gone: Iraq’s energy crisis explodes

Minister Ziyad Ali Fadel told Shafaq News that the project
aims to generate 10,000 megawatts of renewable energy to be added to the
national grid, pointing out that this initiative falls within Iraq’s broader
plan to modernize its energy infrastructure, and achieve energy security.

He also noted that the Central Bank of Iraq continues to
implement its renewable energy program, offering loans of up to 30 million
dinars (about $21,000) for residential units at low or no interest, with
streamlined procedures through the Ministry of Electricity’s ‘Ur’ electronic
portal.

Iraq remains among the Arab states least reliant on sustainable energy, with clean sources accounting for just 1.17% of its
electricity by the end of 2024, according to the Energy Research Unit.