Iraq approves Paris climate accord in step toward curtailing oil dependence
Iraq faces significant hurdles in transitioning to an economy without oil dependence, and future trends can be expected to exacerbate those challenges.
With a stroke of his pen last Wednesday, Iraq’s President Barham Salih approved the parliament’s September vote to accede to the Paris Agreement, an international treaty to combat global warming.
As one of the last of the 197 signatory countries to ratify the deal, the move signifies Baghdad’s intent to transition from heavy dependence on oil to more renewable energy sources. Iraq’s oil production has nearly doubled over the past decade and accounts for 99% of exports and more than 90% of central government revenue.
“Iraq is heading into a new era, planning on a paradigm shift toward more economic diversity,” said Salih at last month’s United Nations Climate Ambition Summit.
But Iraq faces significant hurdles to transitioning to an economy without oil dependence, and future trends of a booming population, fading oil prices and growing water scarcity will exacerbate those challenges.
