Iraq’s carbon market draws global firms for green projects

Shafaq News/ Iraq’s newly established Carbon Economy Company has received a wave of project proposals from both local and international firms to reduce carbon emissions and improve the country’s environmental conditions.

Nadhir Fazaa, Advisor to the Ministry of Environment, revealed on Thursday that the company—formed by a 2024 Cabinet decision—has officially begun operations following the launch of Iraq’s first international conference on carbon economics in Baghdad.

“We’ve received numerous proposals from companies in the US, UK, Norway, China, India, and others,” Fazaa told Shafaq News. “Work is ongoing to finalize agreements and sign partnership contracts focused on environmental improvement and carbon reduction.”

He explained that the Environment Ministry will oversee the registration of these projects and issue carbon credit certificates as part of Iraq’s emerging carbon market framework.

The announcement comes a day after Mohammed Sahib al-Darraji, Advisor to the Prime Minister, proposed establishing a regional carbon credit exchange led by Iraq—an initiative he said could generate up to $100 billion in revenue over the next decade.