By John Lee.
Iraq's Oil Minister, Hayan Abdul Ghani, has announced the launch of the country's first project funded by carbon bonds.
The announcement was made during a workshop titled "Carbon Bonds," organized by the Ministry of Oil's Training and Development Department to discuss the ministry's vision and plans for carbon reduction.
According to a statement from the Ministry of Oil, the project marks the beginning of a series of initiatives aimed at reducing emissions and protecting the environment, aligning with Iraq's commitments. The ministry plans to finance these projects through carbon bonds.
A comprehensive working team has been established to manage carbon reduction efforts, including a central committee and subcommittees distributed across the ministry's companies. The government has empowered the Oil Minister to devise suitable mechanisms for these projects, including commercial and contractual arrangements with specialized companies.
Iraq's Midland Oil Company (MOC) becomes the first national company to adopt carbon bonds in the East Baghdad oil field. This initiative seeks to expand optimal gas investments in the central region and enhance Iraq's carbon bonds portfolio.
During the workshop, officials from the Ministry of Environment and the Ministry of Electricity highlighted their efforts in carbon reduction and sustainable development, emphasizing the adoption of renewable energy sources.
The Ministry of Oil's Training and Development Department provided insights into their environmental protection and emission reduction initiatives, showcasing the government's commitment in this area.
The workshop also covered Iraq's position in the climate negotiation delegation at COP28, and the ministry's achievements in carbon reduction, renewable energy, and future visions for capacity building in energy and carbon reduction projects.
The event was attended by various government officials and representatives from related ministries and companies.
(Source: Ministry of Oil)
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