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<\/p>\nOn 9 June, the European Union launched the Trans-Mediterranean Cooperation on Renewable Energy and Clean Technology (T-MED), a flagship initiative under the Pact for the Mediterranean. T-MED aims to accelerate the development of renewable energy, hydrogen, clean technology manufacturing and modern electricity grids across the Mediterranean region, with a view to fostering a more integrated, sustainable and interconnected Mediterranean energy market.<\/p>\n
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Presented during European Sustainable Energy Week by the Commissioner for the Mediterranean, Dubravka \u0160uica<\/strong>, and the Commissioner for Energy and Housing, Dan J\u00f8rgensen<\/strong>, the T-MED initiative aims to mobilise up to \u20ac25 billion in investment<\/strong>by 2035<\/strong>. The European Commission has made more than \u20ac5 billion in guarantee capacity<\/strong> available under the European Fund for Sustainable Development Plus. This guarantee capacity will help unlock public and private investment in the sectors covered by the T-MED initiative.<\/p>\n The main objective of T-MED is to strengthen energy cooperation across the Mediterranean. By 2035, the initiative is expected to contribute to the development of 15 gigawatts of new renewable energy capacity, drive regulatory reforms in partner countries and help create more than 100,000 jobs in the clean energy sectors.<\/strong><\/p>\n T-MED will promote cross-border cooperation and strategic partnerships in the energy sector by bringing together governments, financial institutions, private sector actors and local stakeholders. By supporting the diversification of energy systems and supply chains, the initiative will improve energy security, strengthen competitiveness, support decarbonisation and contribute to the long-term prosperity and stability of the region, for both the EU and its Southern Mediterranean partners.<\/p>\n Five pillars to boost investment, cooperation, capacity and trade in renewable energy and clean technologies<\/strong><\/p>\n T-MED will be implemented through five coordinated actions:<\/p>\n 1.Mobilising investment:<\/strong>T-MED will bring together the Commission, European and international financial institutions and the private sector to reduce investment risks, attract funding and support renewable energy and clean technology projects across the region.<\/p>\n