Key facts
- The EU is launching the T-MED initiative to harness renewable energy from North Africa and the Middle East.
- The European Commission has committed €5 billion in EU funding.
- The goal is to mobilize up to €25 billion in total investment by 2035.
- The plan aims to develop at least 15 gigawatts of new renewable energy capacity by 2035.
- The initiative seeks to reduce Europe's dependence on imported fossil fuels.
The European Union is launching a significant initiative, T-MED, to harness renewable energy potential from North Africa and the Middle East to power its own energy transition. The European Commission has pledged €5 billion in EU funding, aiming to attract private co-investment to mobilize up to €25 billion by 2035. This strategy seeks to replace imported fossil fuels with clean electricity generated from solar panels in the Sahara Desert and wind turbines along the Mediterranean coast, transmitted via undersea high-voltage lines.
This move is driven by the need to enhance energy security, particularly in light of recent global energy market volatility exacerbated by conflicts. EU energy chief Dan Jørgensen highlighted the substantial cost of fossil fuel imports and the strategic advantage of relying on electrified, clean energy systems with increased connectivity. The region holds an estimated 2,300 gigawatts of renewable energy potential, significantly more than the EU's current capacity, with production costs estimated to be 30-40% lower.
Officials acknowledge the substantial investment required, estimated at over €100 billion by the end of the decade, with the €25 billion target serving as a starting point. A new T-MED investment platform is set to launch in September to facilitate this by connecting governments, development banks, and private investors. The EU also plans to work with partner countries to streamline permitting, improve grid access, and strengthen regulatory frameworks to attract investment. This initiative echoes past attempts, such as the failed Desertec project, underscoring the challenges of political uncertainty, financing, and infrastructure costs in such large-scale cross-border energy projects.