The Central Bank launches an initiative to support renewable energy projects

Central Bank of Iraq buildingbanks

Economy News – Baghdad

The Central Bank of Iraq announced, on Thursday, the launch of an initiative to use renewable energy sources to reduce carbon emissions.

The Central Bank said in a statement, received by Al-Iqtisad News, that “in cooperation with the Supreme Committee for Lending in the Council of Ministers, he launched an initiative to switch to the use of renewable energy sources to reduce carbon emissions and improve the environment, with the participation of environmental experts and energy generated from renewable sources, in order to set the executive framework for financing such as These development projects, whether at the level of individuals or investors in the field of clean energy.” 

The Central Bank of Iraq, in cooperation with the concerned authorities, will support “the preparation of controls that oblige the owners of residential investment projects to rely on renewable sources in securing part of the electric energy as a condition for its inclusion in the Central Bank’s initiative to finance housing projects.”

The Bank and the Higher Committee for Lending expressed their “aspiration that 2022 will be a national year for renewable energy in Iraq.”

The bank decided, according to the statement, “to start installing electricity generation systems from solar energy on a number of its buildings in Baghdad and its branches in Basra, Mosul and Erbil to secure part of its electricity needs.”

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