Iraq Intensifies Oil Production Plans Amid Sustainability Challenges

Iraq plans to boost oil production to 6 million bpd by 2029, despite falling prices. A new website connects landowners with businesses to offset carbon emissions. The EU has delayed its 2040 climate goals amid political opposition, while British startup Longbow competes with Tesla with its lightweight EV Roadster.

Iraq has announced its intention to increase oil production to 6 million barrels per day (bpd) by 2029. This move arises despite the country’s context of decreasing oil prices and a global shift towards sustainable energy. By heavily investing in oil and infrastructure projects such as the Grand Faw Port, Iraq aims to solidify its position as a significant player in the global oil market, contrasting sharply with neighboring countries’ focus on sustainability.

In a step towards carbon offsetting, a new website named LINC: Cornwall’s Natural Capital Exchange has been launched. This platform connects landowners with businesses seeking to offset their carbon emissions. It offers an innovative solution for smaller firms to adhere to stringent sustainability regulations, facilitating the funding of nature recovery through private investments in local ecosystem restoration.

The recent developments highlight Iraq’s commitment to boosting oil production as a competitive strategy amid shifting global energy trends. Furthermore, the launch of a platform linking landowners with businesses for carbon offsetting signifies a positive step towards enhanced sustainability practices. Meanwhile, the EU’s delay in proposing new climate targets underscores the complexities faced by governments in balancing political realities with environmental commitments.

Original Source: impakter.com