Iraqi PM advocates energy diversification and global cooperation at Russian Energy Week Forum
Shafaq News/ On Wednesday, Iraqi Prime Minister Muhammad Shia Al-Sudani participated in the sixth session of the Russian Energy Week (REW) Forum, hosted in Moscow, Russia.
Al-Sudani's presence was part of an official invitation extended by Russian President Vladimir Putin to expand cooperation and partnerships in the energy sector, as stated in an official release from the Iraqi government.
During his speech at the forum, Prime Minister Al-Sudani emphasized Iraq's commitment to confronting challenges in electricity, oil, petrochemical, and gas industries. He stressed the significance of international collaboration in tackling the growing energy demand.
Al-Sudani highlighted Iraq's aspiration to diversify energy sources, moving beyond oil dependency and aligning with global energy transformation initiatives, including carbon reduction projects and energy efficiency initiatives.
He also underscored Iraq's commitment to reducing carbon emissions by 2045, emphasizing the initiation of carbon reduction projects funded through carbon bonds, particularly in gas projects in the East Baghdad field.
The Iraqi PM emphasized that the focus should be on combating the climate impact of fossil fuels, allowing oil to remain competitive while improving energy efficiency and adhering to environmental considerations.
The Prime Minister shared Iraq's achievements in renewable energy, mentioning the addition of solar generating capacities totaling three thousand megawatts. He revealed Iraq's goal to cover one-third of its local electricity needs through renewable sources by 2030.
Addressing past shortcomings, Al-Sudani acknowledged Iraq's historical neglect of gas investment, leading to its wasteful burning, environmental pollution, and missed opportunities. He emphasized Iraq's commitment to transforming this pattern through the fifth and sixth licensing rounds, inviting global partners to cooperate and create mutually beneficial partnerships.
Furthermore, Al-Sudani discussed the Development Road Project, emphasizing its positive economic goals and potential to foster regional and global cooperation. He called for joint coordination, preventing harmful competition, and achieving balance in the energy market.
The Prime Minister stressed the importance of coordination mechanisms like OPEC+ to maintain market stability, supporting producers, consumers, and investors' interests.
Al-Sudani concluded by urging specialized international companies to invest in Iraq's promising opportunities. He emphasized the government's commitment to creating an improved work environment for local and foreign private sectors, emphasizing the need for coordinated efforts, budget allocation, and substantial joint investments in modern technologies and necessary infrastructure for developing extraction and refining technologies.
