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Neno's Place Established in 2006 as a Community of Reality


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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Economist warns: The G7 agreement threatens Iraq's economy

    Rocky
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    Economist warns: The G7 agreement threatens Iraq's economy Empty Economist warns: The G7 agreement threatens Iraq's economy

    Post by Rocky Thu 17 Jun 2021, 7:07 am

    Economist warns: The G7 agreement threatens Iraq's economy

    •  Time: 06/17/2021 13:50:06
       
    •  Reading: 1,937 times

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    {Economic: Al Furat News} An economist warned against the agreement of the major industrial countries at the last seven countries summit on the future of the oil industry in Iraq and its imports, which constitute more than 90% of the rentier state budget.
    The useful summary.. In important news, you can find it in the Euphrates News channel on the telegram.. [You must be registered and logged in to see this link.]
    Saleh Al-Hashemi told {Euphrates News}, "Currently, we are in a predicament, and not only in the past years, as a result of environmental conditions and changes that have affected the human reality and human resources, which are considered an economic basis in general, locally and internationally."
    He added, "At the last G7 summit, there was agreement on clean energy, so among the agreements is that in 2030, no company or car factory will produce fossil fuels. Therefore, the International Fund and the World Bank urged all countries to move towards clean energy."
    And he indicated that "Iraq suffers from problems, the first is that the dilapidated financial and political administrative system, which is engulfed by corruption, has caused the inability so far to start this project, and there is a plan developed to establish a 700 megawatt solar-powered electric power plant in Al-Muthanna Governorate, but it is still For this moment ink on paper, there is also a proposal by the Iraqi Investment Authority to establish 350 megawatts of electric power plants in Anbar province that operate on wind energy."
    Al-Hashemi continued, "Iraq has put these plans on the grounds that in the year 2025 it will produce more than 1,000 megawatts of clean energy, but until this moment because of the routine corruption and the Iraqi financial, administrative and political system and because of the economic chaos that exists in Iraq, these projects have not started."
    He stressed, "Iraq is still dependent on fossil fuels, which has greatly affected the environment, although Iraq possesses the ingredients in terms of the vast areas that clean energy needs, as there are large desert areas in Iraq, and it can be used to produce more than 10 thousand megawatts within five years, but corruption What is in Iraq has led to the disruption of these projects.”
    He pointed out that "Iraq suffers from a shortage of electrical energy, and it was possible to develop a plan to fill the shortage of electrical energy through clean energy. The Ministry of Electricity has drawn up a plan, but it has not been implemented or initiated, and the funds have not been allocated to it so far."
    The Group of Seven major countries announced on May 22 their agreement to halt international financing for coal projects by the end of this year, and they all reaffirmed their commitment to reducing greenhouse gas emissions and reducing the rise in temperature by 1.5 degrees Celsius, while pledging to phase out the use of fossil fuels in various sectors by 2030, in an effort to combat the effects of climate change.
    The Group of Seven major industrial countries includes the United States, Britain, Canada, France, Germany, Italy and Japan, in addition to the European Union.
    "We stress the need to halt all international investment in coal, and commit to taking concrete steps towards the absolute end of new direct government subsidies for coal power generation by the end of 2021," the Group of Seven major economies said after a virtual meeting.
    The group stated that the ways to end the new direct government support include official development assistance, export financing, investments, and others, noting that the abolition of subsidies for coal aims to expand later to include all types of fossil fuels, in an effort to meet the globally agreed climate change goals.
    Halting fossil fuel funding is a major step towards limiting global warming to 1.5 degrees Celsius above pre-industrial levels, a level that scientists say will enable the world to avoid the most devastating effects of climate change.
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