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- TUE, 12-13-2022, PM 1:07
- TAYSEER AL-ASADI
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Iraq will need $233 billion in investments to respond to its most urgent development needs by the year 2040, as it embarks on a greener and more inclusive growth path, equivalent to 6% of its annual GDP, according to a new report issued by the World Bank today, Tuesday, on the subject. Iraq.
Iraq faces an urgent climate challenge, and to meet it, it must move towards a "greener and more environmentally friendly" development model, especially by diversifying its economy and reducing its dependence on carbon, according to the World Bank report.
Iraq is among the five countries most vulnerable to the consequences of climate change, according to the United Nations. Decades of conflict have also affected the country's infrastructure and economy, which is highly dependent on oil, which accounts for 90% of revenues.
On Monday, the World Bank presented the report to the Iraqi authorities during a meeting in Baghdad, and it provides "an analytical basis for addressing the country's most urgent development needs, while simultaneously facing climate challenges," according to a statement issued by the organization today, Tuesday.
In addition, the report "examines the cost of the country's transition to a low-carbon economy, and discusses opportunities and reforms to pursue a greener growth model."
"Iraq faces three basic challenges: the water challenge, the desertification challenge, and the air pollution challenge," said Farid Belhadj, World Bank deputy director for the Middle East and North Africa, in an interview with France Press on the sidelines of the meeting held in Baghdad and attended by officials from the Iraqi government.
"We are trying to propose to the authorities reforms and policies," Belhadj added, adding that Iraq "has enough resources to be able to manage these challenges," but "the issue is about how to ensure that these financial resources are put in place to serve new policies to manage climate challenges."
The report presents a set of recommendations and reforms that Iraq can undertake in the medium term (within five to ten years) and others in the long term, which will not take effect until after 2030.
Among the "emergency" measures that Iraq must take, is to put an end to the electricity shortage, especially by ending the "flaring of gas" associated with oil production and its use in electricity production, as well as by "modernizing the irrigation system" and "rehabilitating dams," according to the report. .
As for the medium and long term, “the dependence of the industrial, agricultural and waste sectors on carbon must be reduced,” as well as “improving water distribution and wastewater reuse,” as well as “increasing reliance on smart agriculture” in the face of climate change.
According to Belhaj, “Iraq faces the challenge of moving away from total dependence on oil and shifting towards a more diversified economy led by the private sector and with the ability to create jobs and build human capital, along with building resilience to climate change.”
AFP
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