Oil-producing countries, such as Iraq, need the support of the international community to transition their rentier economies away from fossil fuels and to adopt cleaner energy, said the country's deputy prime minister Ali Allawi and Fatih Birol, the executive director of the International Energy Agency.
"An energy transition that fails to engage with fossil fuel-producing countries and their needs could have profound implications for regional and international security and the stability of global energy markets," they said in an opinion column published by The Guardian.
Iraq, Opec's second-largest oil producer, is one of the least diversified exporters in the Middle East. The country, which is estimated to have 8.4 per cent of the world's proven reserves of oil, derives close to 90 per cent of government revenue from the sale of crude. Baghdad suffers from the vagaries of the oil markets, which affect its ability to finance several infrastructure and utility projects in the country.
"If oil revenues start to decline before producer countries have successfully diversified their economies, livelihoods will be lost and poverty rates will increase," Mr Allawi and Mr Birol said.
"In a region with one of the youngest and fastest-growing populations in the world, economic hardship and increasing unemployment risk creating broader unrest and instability."
Iraq has taken tentative steps to restructure its economy away from fossil-fuel dependency as the world prepares to reach net-zero emissions by 2050.
A white paper on economic reform submitted to Parliament by Mustafa Al Kadhimi's government last year recommended phasing out subsidies to critical sectors in Iraq's economy, notably power.
Iraq is diversifying its energy sources and tapping solar energy to plug its power deficit. In June, Abu Dhabi's Masdar signed an agreement with Iraq’s National Investment Commission to develop photovoltaic projects with a minimum capacity of two gigawatts.
Mr Allawi and Mr Birol stressed there was more potential to develop solar projects in Iraq.
"The worst potential solar sites in Iraq get up to 60 per cent more direct energy from the sun than the best sites in Germany," they said.
"And yet the solar plants that Germany has built to date together offer two-and-a-half times the electricity capacity of all Iraq’s operational oil, gas and hydropower plants combined."
Iraq could continue the momentum building across oil-exporting states in the Middle East, such as Saudi Arabia and the UAE, which have begun to diversify their power mix through various renewable rounds.
Iraq is forced to import electricity from neighbouring states as its war-ravaged infrastructure still provides limited power. Baghdad has spent $120 billion over the past seven years to meet its electricity requirements, IEA data shows.
Last year, the Paris-based agency said it was stepping up its support for Iraq as it faced delays in implementing critical projects due to the fall in oil prices from the Covid-19 pandemic.
Multilateral institutions have also urged the country to curb the flaring of gas, which could be processed and used for generating power.
Iraq plans to eliminate gas-flaring by 2022. The World Bank estimates about 16 billion cubic metres of gas from Iraqi fields were flared in 2015, costing the economy billions in lost revenue.
"The decarbonisation strategies of different countries will be shaped by their individual circumstances. In Iraq, oil and gas production accounts for as much as 40 per cent of total greenhouse gas emissions, before any of this is even burned to fuel cars or produce electricity," Mr Allawi and Mr Birol said.
"This makes the country’s recent commitment to curbing gas-flaring – an unnecessary and harmful practice where natural gas from oil wells is burned into the air – all the more important."
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
More coverage from the Future Forum
The specs
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UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More from Neighbourhood Watch:
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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Global state-owned investor ranking by size
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China
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UAE
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Canada
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Ferrari 12Cilindri specs
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Power: 819hp
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Engine: 4.0-litre flat-six
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
The biog
Hobbies: Writing and running
Favourite sport: beach volleyball
Favourite holiday destinations: Turkey and Puerto Rico
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