World Bank: Iraq Must Pursue Greener Growth Model

A boy walks on a boat lying on the dried-up bed of a section of Iraq's receding southern marshes of Chibayish in Dhi Qar province, on June 28, 2022. ASAAD NIAZI / AFP
A boy walks on a boat lying on the dried-up bed of a section of Iraq's receding southern marshes of Chibayish in Dhi Qar province, on June 28, 2022. ASAAD NIAZI / AFP
TT
20

World Bank: Iraq Must Pursue Greener Growth Model

A boy walks on a boat lying on the dried-up bed of a section of Iraq's receding southern marshes of Chibayish in Dhi Qar province, on June 28, 2022. ASAAD NIAZI / AFP
A boy walks on a boat lying on the dried-up bed of a section of Iraq's receding southern marshes of Chibayish in Dhi Qar province, on June 28, 2022. ASAAD NIAZI / AFP

Iraq, a top oil exporter battered by climate change impact, must diversify its economy and pursue a “greener growth model,” the World Bank said Tuesday.

In a new report presented to authorities in Baghdad, the Washington-based institution said $233 billion must be invested by 2040 to allow Iraq to embark “on a green growth path,” equivalent to 6% of the country’s annual GDP.

The United Nations ranks Iraq as one of the world’s five countries most exposed to impacts of climate change.

Decades of wars and instability have affected its infrastructure and economy, which remain heavily dependent on oil, and accounts for 90 percent of government revenue.

The World Bank stated that the Country Climate and Development Report (CCDR) provides an analytical basis to address the country’s most urgent impacts of climate change all at once.

It also reviews the cost of the country's low-carbon transition and discusses opportunities and reforms aimed at adopting a greener growth model.

World Bank regional vice president for the Middle East and North Africa Ferid Belhaj told AFP that Iraq is facing three major challenges, namely water shortages, desertification and air pollution.

However, he affirmed that the country has enough financial resources to manage these challenges.

“The question is how to ensure that these financial resources are made available for new policies to tackle environmental challenges, and how to do it in an efficient way,” he said.

“Iraq faces the challenge of moving away from total oil dependence towards a more diversified, private sector-led economy that creates jobs and builds human capital while building resilience to climate change,” Belhaj noted.

The report presents a set of reforms and recommendations that Iraq can undertake in the medium term (within five to 10 years) and others in the long term, which could not be implemented until after 2030.

These include eliminating the wasteful practice of gas flaring, where natural gas in wells is burned off before oil is extracted.

It also recommended that Iraq upgrade dams and irrigation systems and “decarbonize industry, agriculture and the waste sectors.”

As for the medium and long term, it called on Iraq to reduce the dependence of the industrial, agricultural and waste sectors on carbon, improve water distribution and wastewater reuse, as well as increase reliance on smart agriculture to address impacts of climate change.



Abu Dhabi's Long-haul Carrier Etihad Airways Sees Record $476 ml Profit in 2024

An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
TT
20

Abu Dhabi's Long-haul Carrier Etihad Airways Sees Record $476 ml Profit in 2024

An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo

Long-haul carrier Etihad Airways announced Wednesday it made a record $476 million profit in 2024, part of a financial rebound for the Abu Dhabi-based airline.

The airline had revenues of nearly $6.9 billion in 2024, compared to $5.5 billion in 2023. Its profit in 2023 was just $143 million.

Etihad attributed its higher profit to increased passenger numbers, a recovery in its cargo operations and cutting its costs. It flew 18.5 million passengers in 2024, up 32%. Its cargo revenues for the year were $1.1 billion, up 24%, The AP reported.

“These results are testament to the dedication of our people who have worked together for a purpose: delivering our strategy," CEO Antonoaldo Neves said in a statement. “Looking ahead, I am confident we will continue to be a financially strong airline delivering extraordinary customer experiences, fulfilling our shareholders' mandate and contributing to the long-term prosperity and success of the UAE.”

Etihad’s network now flies to 80 locations with a fleet of 97 aircraft.