The first Union for the Mediterranean (UfM) Energy Business Forum, to be held in Cairo on Wednesday 18 October, will seek to enhance Euro-Mediterranean cooperation to attract investment in sustainable energy in a region facing a 98% increase in energy demand by 2040 and challenges such as rising sea temperatures and water shortages.
Over 150 high-ranking government leaders and representatives of private companies, start-ups, international financial institutions and development banks will discuss new business and cooperation opportunities to strengthen the transition to sustainable energy in Mediterranean countries.
Despite a positive sustainable energy and climate protection agenda in the region until 2040 – 60% of electricity capacity installed should be served by zero carbon emission sources and renewable energy production is likely to increase by 365% in the course of the next three years, according to Bloomberg forecasts – investment in the sustainable energy sector in Mediterranean countries, where annual investment of close to €25 billion will be needed over the next 30 years, still has to be encouraged, states the UfM Secretariat in a press release published on Monday.
In May 2015, the 43 UfM countries launched three Euro-Mediterranean platforms to promote and develop gas production in North Africa and the Central Mediterranean, develop the regional electricity market and, above all, to develop and promote renewable energy and energy efficiency.
The UfM approved and supported three specific renewable energy production and energy transition projects and seeks to mobilise €1 billion in the countries of the southern Mediterranean rim. These projects are: - the Tafila wind farm in Jordan, providing 3% of national electricity demand; - the SPREF framework, which seeks to overcome the obstacles to the development of private renewables markets in Morocco, Tunisia, Egypt and Jordan and to help these countries achieve their goals in terms of renewables and reduction of CO2 emissions, with the EBRD providing financing of up to €227.5 million to attract investment of €834 million; - the UfM Energy University by Schneider Electric, which trains energy transition professionals by means of online training modules and a global networking platform.
“Renewable energies and energy efficiency offer a unique opportunity for countries to reduce their vulnerability in terms of energy security and climate change and thus promote sustainable and human development in our societies”, said Jorge Borrego, UfM Deputy Secretary General for Energy and Climate Action.
The UfM is committed to strengthening regional cooperation and dialogue to advance a new energy model in the Mediterranean, in line with the guidelines set by the Paris climate agreement, he stated. (Original version in French by Emmanuel Hagry)