Launching the first project financed by carbon bonds in Iraq

Weather of Arabia - The associated gas investment in the East Baghdad field is scheduled to be the first project financed by carbon bonds in Iraq, within the framework of Baghdad’s efforts to reduce emissions and stop burning gas in oil operations, and in this context, the Deputy Prime Minister for Energy Affairs and Minister of Oil Hayyan launched Abdul Ghani - according to a statement seen by the Specialized Energy Platform - the first project financed by carbon bonds, with a capacity of 12 million cubic feet per day in a field east of Baghdad.

This came during a specialized technical workshop entitled “Carbon Bonds” organized by the Training and Development Department at the Ministry of Oil, which aims to review the Ministry’s vision regarding the carbon reduction file and its promising plans in this context.

Carbon bonds in Iraq

The Minister of Oil said that the launch of the first direct call for a carbon reduction project by investing in associated gas in a field east of Baghdad represents the beginning of a package of projects planned by the ministry and financed by carbon bonds.

Abdul-Ghani pointed out that the launch of the first project financed by carbon bonds in Iraq, with a capacity of 12 million cubic feet per day in a field east of Baghdad, is a step towards implementing the country’s commitments to reducing emissions and preserving the environment. Oil Minister Hayan Abdul-Ghani pointed out that the ministry is working to enhance its balance of bonds. Carbon in Iraq through optimal investment of associated gas and reducing the rate of gas burning in all oil fields.

For his part, the Advisor to the Ministry of Oil for Energy Affairs, Abdul Baqi Khalaf, explained that the Ministry has formed an integrated work team concerned with the carbon reduction file, represented by a central committee and subcommittees distributed among the Ministry’s companies. He explained that the mechanisms and steps for working with carbon bonds in Iraq have been put in place, and the Council of Ministers has authorized the Minister of Oil to set Appropriate mechanisms for this, including procedures and steps for working on carbon reduction projects, in addition to commercial and contractual mechanisms with specialized companies.

East Baghdad field

The Director General of the Central Oil Company, Qadduri Abdul Salim, said that his company is proud to be the first national company to adopt carbon bonds in the East Baghdad field, and this represents a step towards increasing the optimal investment area for gas in the oil fields in the central region, which aims to enhance the balance of carbon bonds in Iraq. Advisor to the Minister of Environment, Nazir Abboud Faza, reviewed the efforts of the Ministry of Oil and Environment in reducing carbon, and Iraq’s climate position at the COP28 climate summit.

Advisor to the Minister of Electricity, Abdul Hamza Hadi, explained the measures adopted by his ministry in cooperation with the relevant ministries to make Iraq’s efforts to reduce carbon and achieve sustainable development successful by adopting renewable energy.

Director General of the Training and Development Department, Hisham Elias, gave a presentation on the Ministry of Oil’s efforts to preserve the environment and climate, reduce harmful emissions, and convert them into useful energy.

For his part, the head of the climate damage assessment team, Muhammad Jabbar Ajrash, presented a study addressing the Ministry’s position within the negotiating delegation at the Conference of the Parties. In this context, the Director of the Economic Studies Department, Salim Farhoud Hussein, presented the Ministry’s achievements in the field of reducing carbon emissions and using renewable energy, As well as future vision and capacity building in energy transformation projects and reducing carbon emissions.

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Sources:

attaqa