Iraq needs some USD 233 bn additional investment by 2040 to put it “on a green growth path,” the World Bank said in a report(pdf). The country must diversify its oil-reliant economy in the face of climate change-driven challenges including water shortages, pollution and desertification, the institution said. Although Iraq is financially capable of addressing these challenges, resources must be made available to implement new policies that can tackle the issues efficiently, World Bank regional vice president for MENA Ferid BelHajj was quoted as saying by Arab News.

ALSO- Jordan’s new water treatment plant is now operational: The Hashemite kingdom brought online a solar-powered water treatment plant that will help secure 11% of national water needs by 2025, Arab News reports. The new Amman facility is funded by the Newton-Khalidi Fund and was established through a collaboration by Jordanian engineering students, Jordan’s Industrial Research and Development Fund and the British Royal Academy of Engineering.

Jordan has been battling water woes: The kingdom — represented by the Jordan ValleyAuthority — signed an agreement with USAID earlier this month to combat water scarcity through a USD 10.45 mn upgrade of the King Abdullah Canal, Al Monitor reported. Improving infrastructure-related issues will help reduce Jordan’s water loss — a critical threat in the world’s second most water-deficient country. Jordan also inked an agreement with Israel in November to swap solar for water, agreeing to export 600 MW of solar power in exchange for 200 mn cubic meters of desalinated water.

US industrial software provider Aspen Technology is partnering with Saudi Aramco to identify the “most promising” prospects for carbon capture and utilization (CCU) that can help businesses to adopt carbon management strategies and boost sustainability, Trade Arabia reports. The partnership will see technology developed by Aramco — in partnership with the Korea Advanced Institute of Science & Technology — being licensed to AspenTech, according to Trade Arabia. An “optimization algorithm” will be used to model different scenarios, ultimately allowing companies to find the sweet spot between mitigating CO2 emissions and ensuring gains.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Oman’s Sultan Qaboos University signed an agreement with Smartway Investment SPC to research and advance green hydrogen production. (Statement)
  • Dubai South and Evocargo signed an agreement to begin trials on electric autonomous cargo vehicles in Evocargo’s logistics district. (WAM)
  • The UAE-headquartered Gulf Petrochemicals and Chemicals Association (GPCA) signed an MoU with the Singapore-based Alliance to End Plastic Waste to promote sustainable waste management in the GCC. (Statement)
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