
Iraq to produce 12GW of Solar Power by 2030
The Iraqi Oil Ministry's Undersecretary for Distribution Affairs, Ali Maarij, has said that Iraq aims to incorporate 12 Gigawatts (GW) of solar power into its energy mix by 2030, alongside intensified efforts to capture natural gas and reduce flaring.
He made the comments at a ceremony to launch a major new report from the International Renewable Energy Agency (IRENA) on the status and outlook of Iraq's energy transition.
Maarij described the report as the result of close cooperation between the Iraqi government-represented by the Ministries of Oil and Electricity-and IRENA. He noted that it offers a comprehensive assessment of Iraq's current energy landscape, highlighting both the challenges and opportunities along the path to cleaner energy.
For more details on the report click here.
(Source: Ministry of Oil)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Shafaq News
3 hours ago
- Shafaq News
Sales slump across Iraq: Deeper slowdown imminent
Shafaq News – Baghdad Sales across Iraqi markets have fallen by more than half, the Baghdad Chamber of Commerce reported, attributing the decline to weakening construction, investment, and consumer spending. Chamber spokesperson Rashid al-Saadi revealed to Shafaq News that real estate activity has nearly ground to a halt, pulling down sectors such as transportation, building materials, and daily labor—essential pillars of local commerce. Currency exchange offices have also seen a drop in transactions, a trend linked to the dinar's appreciation against the US dollar. He credited the currency's strength to joint measures by the Central Bank of Iraq and international partners, including the US Federal Reserve. Yet the shrinking gap between official and parallel exchange rates has curbed travel and reduced market liquidity, further slowing activity. Economist Ahmed Abedrabbo described the current phase as one of clear economic contraction, driven by eroding purchasing power, limited public expenditure, and lingering inflationary pressures. Although inflation was measured at just 2.2% in the first quarter of 2025, demand remains weak—particularly in non-essential sectors. 'Without swift policy action, this stagnation risks sliding into a deeper recession,' Abedrabbo told Shafaq News, urging structural reforms, targeted incentives, and better fiscal coordination to revive growth. Researcher Ahmed Eid pointed to long-standing systemic flaws—including delayed budgets, inefficient planning, and persistent political interference—as key factors fueling the crisis. 'Corruption and weak institutions have bled public funds and stalled investment,' he said. Eid also warned that Iraq's heavy dependence on consumption, in the absence of strong domestic production, leaves the economy highly vulnerable to external shocks. Offering a monetary perspective, economist Safwan Qusay acknowledged ongoing pressures but emphasized that Iraq still holds over $97B in reserves, enabling the Central Bank to stabilize the exchange rate and support trade. "State-backed housing projects have sustained demand for construction materials and created job opportunities, while Central Bank initiatives continue to assist small businesses and local industry," he added. Despite global inflationary trends, Qusay argued that Iraq's ration card system, food subsidies, and a stable dinar have helped shield domestic prices from broader economic turbulence. "Still, long-term resilience hinges on boosting non-oil revenues, cutting gas flaring, and accelerating investment in power and industry to secure economic self-reliance."


Iraqi News
3 hours ago
- Iraqi News
Iraq urges international community to achieve ceasefire in Gaza
Baghdad ( – The Iraqi Foreign Minister, Fuad Hussein, urged the international community on Monday to support peace efforts and take immediate action to achieve a ceasefire in the Gaza Strip. Hussein's remarks took place during his participation in the United Nations High-Level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution, held in New York. Saudi Arabia and France are co-chairing the summit, which is taking place from July 28 to 30, 2025. The conference aims to promote a two-state solution and to foster global efforts to end the war in Gaza. Additionally, it seeks to establish a fair and lasting resolution to the Israeli-Palestinian conflict. Hussein highlighted the importance of lifting the siege on the Gaza Strip and ensuring the safety of civilians, asserting that the situation facing Palestinians represents a profound moral challenge for the international community. Iraq firmly condemns Israel's crimes and continued attacks against the Palestinian people, which amount to genocide, and holds Israel completely accountable for these serious violations of international humanitarian law, according to Hussein. The Iraqi foreign minister also stated that Baghdad continues to support measures aimed at recognizing the Palestinian state and opposes attempts to forcefully relocate Gazans.


Iraq Business
7 hours ago
- Iraq Business
Iraqi Drilling Company to Spend $172m on New Equipment
By John Lee. The Iraqi Drilling Company (IDC) is set to expand its operations following a high-level meeting chaired by Bassem Mohammed Khudair, Deputy Minister of Oil for Upstream Affairs, at the company's headquarters. The session was held in line with directives from Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani. Attendees included Basim Abdul Karim Nasser, Director General of Basra Oil Company (BCO), IDC Director General Hassan Mohammed Hassan, and senior company officials. The Ministry reiterated its commitment to enhancing IDC's technical and operational capacity to increase revenue and its role in strategic projects. Deputy Minister Khudair confirmed that the Cabinet has approved a budget allocation of 250 billion Iraqi dinars (~$172 million) for the procurement of new drilling and workover rigs. He expressed gratitude to Prime Minister Mohammed Shia Al-Sudani and Minister Hayan Abdul Ghani for securing the approval and supporting IDC across all fronts. The Ministry plans to provide IDC with more drilling and workover projects and enable the company to enter partnerships with upstream operators to secure direct production shares-diversifying revenue streams. Khudair also emphasised the importance of adhering to occupational health, safety, and environmental (HSE) standards, intensifying training programmes, and upholding rigorous safety protocols. IDC's Director General outlined the company's technical and operational capabilities, noting that most operational challenges are being resolved. He praised the performance of national staff for their efficiency and dedication. Basra Oil Company's Director General also commended IDC's expertise, highlighting the spirit of national collaboration between oil sector companies and their role in delivering strategic projects that bolster Iraq's economy and production capacity. (Source: Ministry of Oil)