CBI RELEASES NEW STATEMENT ON THE FIRST INTERNATIONAL CONFERENCE ON CARBON ECONOMICS

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His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in the First International Conference on Carbon Economics in Iraq, as a key partner and supporter of combating climate change and reducing carbon emissions. In his speech on the sidelines of the conference, His Excellency said: "This is a favorable opportunity to contribute to preserving an environment exhausted by wars and various pollutions." He mentioned a group of initiatives taken by the Central Bank of Iraq as part of a series of innovative solutions and measures that contribute to mitigating immediate environmental challenges. Among these solutions, the Central Bank, in cooperation with the Higher Committee for Lending in the Council of Ministers, presented an initiative of (1) trillion dinars to shift from the use of traditional sources to renewable energy sources, reduce carbon emissions, and expand green spaces to achieve sustainable development. He added that the Central Bank of Iraq, in cooperation with the World Bank, worked to develop a green financing model and implement it within the financial sustainability roadmap approved by the Central Bank of Iraq for the period (2023-2029).

One of its outcomes was the development of a sustainable financing roadmap for managing environmental, social, and governance (ESG) risks. Revealing the commencement of granting specialized banking licenses to support climate and environmental conservation through financing green projects, namely Riyada Bank and the Green Bank, and work is underway to integrate these banks soon within the Iraqi banking ecosystem. He explained that the Central Bank of Iraq has presented important projects, including the rehabilitation of brick factories to convert from polluting fuel (black oil) to cleaner fuel (liquid gas) to reduce carbon emissions, as part of the trillion-dinar initiative, with an amount of 500 million dinars for each factory. He announced the Central Bank of Iraq's financing of waste recycling projects within the controls of the renewable energy initiative to contribute to reducing soil pollution, especially in sanitary landfill areas, which is an environmental hazard in the future, affecting the type and quality of soil in housing, agricultural, and other projects. His Excellency concluded: His endeavor to cooperate and provide initiatives in this field stems from his belief in the bank's ability to create a better environment, increase the well-being of society, and overcome the environmental challenges surrounding Iraq. Central Bank of Iraq Media Office May 21, 2025

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