A huge economic loss for Iraq if it does not accelerate its efforts with renewable energy

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[size=52]A huge economic loss for Iraq if it does not accelerate its efforts with renewable energy[/size]

[size=45]A report issued by the Global Energy Monitor stated that Iraq will suffer a major economic loss if it does not accelerate its efforts to create renewable energy.[/size]
[size=45]According to the report, “Some indicators indicate that the Middle East and North Africa region is making gains from efforts to transition to renewable energy. This transition may be near. Since May 2022, these countries have added 9.6 gigawatts, or an increase of 57%, to their huge operational capabilities in the field of solar energy and solar energy.” Wind and with 9 GW of renewable capacity under construction and scheduled to be ready by the end of 2024, the growth rate continues to rise.”[/size]
[size=45]He pointed out that “six countries, namely Iraq, Kuwait, Libya, Oman, Qatar, and Saudi Arabia, earn more than a quarter of their gross domestic product from extracting oil and gas,” indicating that “if the world moves away from fossil fuels, these countries may face a huge economic loss, and it is no wonder that many “None of these countries have embraced renewable energy at the same level as the less oil-rich countries in the region, such as Morocco and Egypt.”[/size]
[size=45]However, the report indicated that “the region needs 20 times this capacity to replace the current gas-based power generation.”[/size]
[size=45]Iraq was able to add 3 gigawatts of solar energy between 2022 and 2023, but it did not have operational capacity in either year, and at the same time it is considered insufficient for the transition towards clean energy.”[/size]
[size=45]The report explained, “With the escalation of the effects of climate change, shifting the electricity sector away from oil and gas will increase the ability to adapt and economic stability. This shift requires great efforts to achieve an important goal, but if the countries of the Middle East and North Africa can continue to achieve growth... “In terms of solar and wind energy projects and their follow-up, it is certainly achievable.”[/size]
[size=45]The report considered “the UAE, Oman, and Morocco to be potential renewable energy leaders in the Middle East and North Africa region through a range of metrics, including the number of widely used solar and wind energy projects that have been commissioned, and the capabilities of potential projects whether announced at a pre-existing stage.” “Construction or under construction, in addition to setting ambitious targets for renewable energy.”[/size]
[size=45]Along with Egypt and Jordan, these countries have shown the ability to pursue plans to build renewable energy infrastructure, as the region is expected to enjoy extensive use of solar and wind energy in the future.[/size]
[size=45]Every 1 gigawatt equals 1000 megawatts[/size]
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