Iraq sets out blueprint for sovereign wealth fund for clean energy

Now that Iraq has finished decades' worth of reparations payments to Kuwait, the Cabinet is proposing to continue diverting a portion of oil sales for a new purpose — domestic clean energy investments.
Iraqi Oil Minister Ihsan Ismaael speaks alongside senior ministry contracting officials during the bidding for the Mansuriya gas field on April 20, 2021. Sinopec won the bidding round. (Source: Oil Ministry media office)

BAGHDAD - Iraq is considering setting up a sovereign wealth fund into which it would deposit 1 percent of oil export revenues each month to finance renewable energy projects and build up a cash reserve for future generations.

A document prepared by the Ministerial Council of Energy, obtained by Iraq Oil Report, sets out the objectives of the proposed fund, as well as its structure and governance. It also includes models of the types of project finance it could provide to solar energy projects once established, either through direct loans or in partnerships with investors.

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