Iraq is allocated a trillion dinars to expand renewable energy projects

The Governor of the Central Bank of Iraq, Ali Al -Alaq, said that the bank has allocated a trillion dinars to transform from the use of traditional sources to renewable energy.

Al -Alaq added, today, Wednesday, that the Central Bank of Iraq launched initiatives to combat environmental pollutants and spread green spaces.

Al -Alaq continued: “Central banks play an increasing role in supporting environmental improvement and developing the green economy within a global trend towards sustainability and facing climate challenges, and this trend has taken in recent years a great expansion to include environmental and climate issues because of its great impact on the macroeconomic and financial stability,” according to the Iraqi News Agency “conscious.”

He said that “Iraqi monetary policy depends on encouraging green financing and providing soft financing conditions for environmentally friendly projects and encouraging banks and financial institutions to disclose their exposure to climate risks and ways to manage them and cooperate with other central banks through networks, such as the network of financial system for exchanging knowledge and unifying efforts and integrating environmental risks to the banking sector and measuring its impact.”

He added: “There is a set of initiatives taken by the Central Bank of Iraq, including an initiative in cooperation with the Higher Entity Committee in the Council of Ministers, with a trillion dinars value to transform from the use of traditional sources to renewable energy sources and reduce carbon emissions to achieve sustainable development.”

He pointed out that “it was one of the loans granted to projects of an environmental and sustainable nature within this initiative projects related to the recycling of waste, the distribution of renewable energy, waste management, the palm planting project, Abu Ghar’s fields in the Badia of Samawah and the Green House project.”