Iraq Elections Reshape Political Alliances

Officials work at a polling station during the 2021 parliamentary election in Baghdad. (Reuters)
Officials work at a polling station during the 2021 parliamentary election in Baghdad. (Reuters)
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Iraq Elections Reshape Political Alliances

Officials work at a polling station during the 2021 parliamentary election in Baghdad. (Reuters)
Officials work at a polling station during the 2021 parliamentary election in Baghdad. (Reuters)

A senior Iraqi politician described the initial results of the early parliamentary elections as a “political earthquake”.

Speaking to Asharq Al-Awsat on condition of anonymity, he hailed the efforts exerted by Prime Minister Mustafa al-Kadhimi to hold the polls, which he said were the “best” in that no major violations to speak of were committed.

He also praised him for fulfilling his pledge to the people to hold the elections in spite of criticism and skepticism.

Moreover, he said Kadhimi and President Barham Salih have formed a successful duo on various levels, including in tackling foreign affairs and preparing to hold the elections in a way that appears to have been the most effective in the post-Saddam period that started after his 2003 overthrow.

On the results of the polls, the official said they were not as surprising as the supporters of influential cleric Moqtada al-Sadr are claiming.

The surprise lies elsewhere because it means the reshaping of political alliances, he added.

Partial results have shown that Sadr has retained the most seats in parliament, leading in several of Iraq’s 18 provinces. He appeared to have increased his movement’s seats in the 329-member parliament from 54 in 2018 to more than 70.

An alliance of Iraqi candidates representing Shiite militias supported by neighboring Iran has emerged as the biggest loser.

On the dismal low turnout of only 41%, the senior official said it was expected and it dealt a blow to the ruling elite, expect the Sadrists.

“The low turnout was expected, especially after senior political leaders, even some founders of this ruling system, have acknowledged its failure” in the post-Saddam period, he remarked.

“The result was that the people have punished the ruling class in spite of their calls for a heavy turnout,” he noted.

The official said Sadr has obtained 80 seats in parliament, forming the largest Shiite bloc. Former parliament Speaker Mohammed al-Halbousi won the largest number of Sunni seats and the Kurdistan Democratic Party, headed by Masoud Barzani, won the largest number of Kurdish seats.

Should these blocs unite, they will form the majority and control the appointment of a new prime minister and in turn lead to control over the naming of the president and parliament speaker, he continued.

At the moment, disputes are ongoing between the main Kurdish parties over the naming of a new president, who is usually a Kurdish figure.

If the Sadrists and the Kurdistan Democratic Party form an alliance, then they may both back each other’s candidates for the posts of president and prime minister, said the senior official. The same applies should Halbousi’s Progress Party, which defeated the rival Sunni Hazm alliance headed by Khamis Khanjar, form an alliance with the Sadrists. Halbousi will back Sadr’s candidate for prime minister on condition that the speaker retain his post as head of parliament.

On the losing end of the elections, the Fatah alliance, State of Law Coalition and the Patriotic Union of Kurdistan will try to forge an alliance to counterbalance the dominant bloc.

However, major disputes between them and the Iraqi forces’ general resistance to an idea of an opposition may thwart such efforts and perhaps lead to more tensions in the future, said the official.



COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
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COP29 - How Does $300 Billion Stack up?

A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)
A demonstrator sitting on the ground holds a poster during a climate protest in Lisbon, to coincide with the closing of the COP29 Climate Summit Saturday, Nov. 23, 2024. (AP)

Countries agreed at the UN's COP29 climate conference to spend $300 billion on annual climate finance. Here are some ways of understanding what that sum is worth:

MILITARY MIGHT

In 2023, governments around the globe spent $6.7 billion a day on military expenditure, according to the Stockholm International Peace Research Institute.

That means the $300 billion annual climate finance target equates to 45 days of global military spending.

BURNING OIL

$300 billion is currently the price tag for all the crude oil used by the world in a little over 40 days, according to Reuters calculations based on global crude oil demand of approximately 100 million barrels/day and end-November Brent crude oil prices.

ELON MUSK

According to Forbes, Elon Musk's net worth stood at $321.7 billion in late November. The world's richest man and owner of social media platform X has co-founded more than half a dozen companies, including electric car maker Tesla and rocket producer SpaceX.

STORM DAMAGE

Hurricane Katrina, one of the most devastating and deadliest cyclones in US history, caused $200 billion in damage alone in 2005.

This year's climate-fueled Hurricane Helene could end up costing up to $250 billion in economic losses and damages in the US, according to estimates by AccuWeather. While preliminary estimates by Morningstar DBRS suggest Hurricane Milton, also supercharged by ocean heat, could cost both the insured and uninsured nearly $100 billion.

BEAUTY BUYS

The global luxury goods market is valued at 363 billion euros ($378 billion) in 2024, according to Bain & Company.

COPPER PLATED

The GDP of Chile - the world's largest copper producing country - stood at $335.5 billion in 2023, according to World Bank data.

GREECE'S BAIL OUT

Euro zone countries and the International Monetary Fund spent some 260 billion euros ($271 billion) between 2010 and 2018 on bailing out Greece - the biggest sovereign bailout in economic history.

BRITISH BONDS

Britain's new government needs to borrow more to fund budget plans. Gilt issuance is expected to rise to 296.9 billion pounds ($372.05 billion) for the current financial year.

TECH TALLY

A 10% share of tech giant Microsoft is worth just over $300 billion, according to LSEG data. Meanwhile the market cap for US oil major Chevron stood at $292 billion.

CRYPTO

The annual climate finance target amounts to 75% of the total value of the global market for crypto currency Ether, the world's second-largest cryptocurrency.

Alternatively, 3 million Bitcoin would cover the annual climate finance target as the world's largest cryptocurrency closes in on the $100,000 mark following a rally fueled by Donald Trump winning the Nov. 5 US presidential election.