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The Central Bank announces the establishment of the Green Bank for Sustainable Development
Economical 12/11/2023
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Baghdad: Hussein Thaghb Al-Tamimi
The Central Bank announced the establishment of the Green Bank for Sustainable Development, which is the first in the Middle East, while its most important targeted projects will be the Capital of the Sun to provide electrical energy.
This bank is concerned with providing sustainable green banking services, and works to provide 100,000 job opportunities for young people and supports the advancement of the productive sectors and the housing sector. The bank announcement ceremony was attended by the Minister of Environment, the Chairman of the National Investment Commission, members of the Parliamentary Health and Environment Committee, the Deputy Minister of Transport, the Deputy Mayor of Baghdad, and the President of the European University for Political and Economic Studies, as well as representatives of the United Nations and representatives of the Regional Center for Renewable Energy and Energy Efficiency.
The Governor of the Central Bank, Ali Al-Alaq, said during the ceremonies attended by “Al-Sabah”: Based on our commitments to financial, environmental and economic sustainability, the Central Bank worked to license the first green bank in Iraq and the region, which will be a start for providing green banking services, pointing out that the greatest incentive to adopt this important step is Which goes in parallel with global developments, is the great experience of the Chairman of the founding body of this bank and his mastery of all aspects related to this subject and communication with international organizations. He pointed out that climate changes have major impacts on prices, work, and various aspects of life, and therefore we did not find difficulty in this understanding in order to seek to mitigate the effects. He pointed out that the Central Bank had previously launched the One Trillion Dinar Initiative to finance alternatives to renewable energy, and we have adopted this concept and it is now being studied. Central.
The Deputy Minister of Environment, Dr. Jassim Al-Falahi pointed out that the announcement of the establishment of the Green Bank for Sustainable Development represents a historical moment as it is the beginning of the establishment of a new economy that expands throughout the world due to the urgent need for its existence linked to the presence of man on earth, which is facing climate challenges that have a clear impact. He pointed out that a sustainable green economy is a guarantee for future generations, and every Iraqi has the right to be proud of the country's direction towards this economy, which serves society now and secures the future of future generations.
In turn, the Chairman of the Board of Directors of the founders of the Green Bank for Sustainable Development, Muhammad Shaker, said: The Central Bank of Iraq granted the license to establish the bank after it sensed Iraq’s need for the new services it provides that are in harmony with the climate changes that the world is witnessing, as it works to secure the requirements of life with environmentally friendly products that do not It does not leave any harmful carbon emissions, and it is the first bank specialized in these trends in the Middle East. He pointed out that Iraq's presence in a unique geographical location in the world between hot and cold regions distinguishes it from other countries in the world and gives it special importance, at a time when the country is suffering from a shortage in energy production, and here we must have a mixture of energy produced from fossil fuels with renewable energy.
He stressed that the bank’s work plan, which was reviewed by the Central Bank, the Ministry of Environment, concerned authorities and international organizations, is working to enhance advanced programs to keep pace with global developments. The general administration and branches of the bank will also adopt sustainable renewable energy, adopting solar panels for the first time in the Middle East, and in an acceptable and productive manner. At the same time, to prove that we are starting from our locations and expanding gradually.
Shaker stated that one of the most important targeted projects is (Iraq, the capital of the sun), as a national joint stock company concerned with this matter is launching, aiming to produce 100 megawatts, financed in a new way, with the aim of achieving the largest number of solar stations. He stated that the projects that will be worked on are to create sustainable cities, as there are developers who have pioneering experiences in this field, and it aims to achieve a qualitative shift in the housing sector.
He explained that the bank’s goal is to create 100,000 job opportunities in this sector within 5 years, and this is done according to special studies that were carefully prepared, pointing out that it works projects for youth in a different way from the traditional one, as we provide equipment and job opportunities and provide care for them and the right start, stressing that these are non-profit projects. The bank's profitability is part of the bank's social responsibility towards the local community.
He pointed out that the bank has a plan to localize the industry, as it aims to establish a city specialized in renewable industries, in addition to supporting artificial intelligence and knowledge economy companies. These requirements are easier and their results are greater, and it aims to invest in the human wealth available in the country.
Shaker continued that vertical agriculture represents one of the most important targeted projects, as the world is witnessing an increase in population and a decline in fertile lands in some of its regions. This type of agriculture addresses water scarcity and the decline in the area of arable land. It also does not require large amounts of water and is highly productive.
Shaker said that the issuance of green bonds in 2021 was 859 billion, and we did not benefit from them at all, indicating that the opportunities are available and promising and we must
improve their use.
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