The Central Bank of Iraq (CBI) has introduced a significant initiative to promote clean energy solutions. This initiative aligns with global sustainability goals and the environmental strategies of central banks worldwide. As part of its commitment, the CBI will support the transition to renewable energy for local brick factories. The goal is to help these factories reduce their environmental footprint and improve air quality.
In this initiative, the CBI will offer low-interest loans to local brick factories. These loans will help the factories switch from using high-pollution black oil to cleaner liquefied petroleum gas (LPG). This move is expected to drastically reduce the pollution caused by traditional energy sources used in the brick-making process. The new loans will have a ceiling of 500 million dinars per factory, which will be accessible through licensed Iraqi banks.
Additionally, the CBI has committed to contributing 1 billion dinars to the Environmental Protection and Improvement Fund. This fund aims to combat air pollution and address climate-related challenges across the country. By supporting this fund, the CBI hopes to create a more sustainable environment while encouraging the industrial sector to adopt green practices.
These efforts are part of a broader green economic development strategy that the government is pursuing. The strategy focuses on transitioning Iraq’s industrial sector toward more sustainable practices. With this new initiative, the CBI is taking a vital step in reducing the environmental impact of one of the country’s major industries.
Moreover, the CBI’s decision reflects the growing global trend of central banks supporting clean energy. It also signals Iraq’s commitment to sustainability and combating climate change. As a result, Iraq’s industrial sector is expected to become more eco-friendly, helping to reduce the overall environmental impact of the nation’s industries.
In conclusion, the CBI’s clean energy initiative for brick factories marks an important step toward a greener future. By offering low-interest loans and contributing to the Environmental Protection Fund, the CBI is driving Iraq’s transition toward a cleaner, more sustainable industrial landscape. This initiative is not only beneficial for the environment but also paves the way for a sustainable economy in Iraq.