European Commission - Speech [Check Against Delivery] Speech by Commissioner Šuica at the EU's Sustainable Energy Week - launch of the Trans-Mediterranean Renewable Energy and Clean Tech Cooperation Initiative (T-MED) Brussels, 9 June 2026 Dear colleagues, Ladies and gentlemen, Good afternoon. Today, we are launching the Trans-Mediterranean Renewable Energy and Clean Tech Cooperation Initiative – T-MED. This is a cru...
European Commission - Speech [Check Against Delivery] Speech by Commissioner Šuica at the EU's Sustainable Energy Week - launch of the Trans-Mediterranean Renewable Energy and Clean Tech Cooperation Initiative (T-MED) Brussels, 9 June 2026 Dear colleagues, Ladies and gentlemen, Good afternoon. Today, we are launching the Trans-Mediterranean Renewable Energy and Clean Tech Cooperation Initiative – T-MED. This is a crucial flagship of the Pact for the Mediterranean, which we launched last November in Barcelona. Bringing together investment and opportunity for the benefit of the whole region. Generating the energy that people and companies need, on all shores of the Mediterranean. --- This initiative comes at a critical moment. The energy crisis caused by the closing of the Strait of Hormuz shows once again that Europe and the world are vulnerable to energy shocks. The cost of fossil fuel dependence is simply too high. To achieve a competitive economy, an economy that empowers people to innovate, to create new businesses – we need more diversified sources of energy. We need energy that is consistently affordable, reliable, and sustainable. --- The good news is: if ever we wanted the perfect place to develop renewable energy, the Mediterranean basin is it. Our partners in the southern Mediterranean hold unmatched renewable potential. In fact, renewable energy is 30% to 40% cheaper to produce in North Africa, compared to Europe. At the same time, there is a big gap between resource potential and actual investment flows. Let me give you an example: Africa represents around 40% of global solar energy potential. Yet it attracted less than 2% of global renewable investment in 2024. This presents the region with a serious challenge. It is not easy to build something this big when capital flows do not reach you. But it also presents us with an opportunity. We can unlock this massive potential, powering up our whole region. And we can turn this potential into bankable investments, for the benefit of communities all around the Mediterranean. Following the principles of the Pact for the Mediterranean: Joint ownership. Co-creation. And shared responsibility. This is an opportunity we simply cannot miss. An opportunity to protect what matters – in particular our energy independence and our competitiveness. But also, an opportunity to do good and to add value. We know the benefits of clean energy are huge – stronger growth, more jobs, less pollution, better health. Even those countries in the southern Mediterranean that export fossil fuels know that, if they enhance their domestic production of cheap renewables, they are better insulated from shocks and better positioned for growth. We want this investment to happen – and they want this investment to happen. The economics are there for all to see. The numbers add up. Our interests are aligned. And I am proud to present to you today the result of our work together. T-MED. --- So, how will T-MED work, concretely? At its core, T-MED addresses the crucial challenge I just mentioned – the climate finance investment gap in our region. And it does so through the T-MED Investment Platform – which will be operational this September. This Platform brings together EU financial institutions, private investors, project promoters, and our partner countries. It connects projects with the capital to finance them – and with the legislators in a position to support the conditions for these projects to flourish. These connections are at the core of robust, transparent public-private partnerships, creating the predictable conditions investors need in order to thrive. At the same time, we know one of the biggest obstacles to accelerate investment is risk. For that, we have an ambitious financial envelope – over 5 billion euro in guarantee capacity – still under the current long-term budget of the EU. We can spur private investment by de-risking it. Unlocking up to 25 billion euro in investments, from renewables to upgrading grids, interconnections, and clean-tech. --- Already last April, I launched a Call for Expressions of Interest addressed to private investors. Our goal is to gather a strong network of financing partners ready to reap the rewards of this massive opportunity in the Southern Mediterranean. Today, we are tackling the other side of this equation. We are launching a dedicated Call for project promoters to identify bankable projects. We are looking for projects that address regulatory bottlenecks. Projects that support the development of industrial partnerships. Projects that address gaps in the energy system, reinforcing the infrastructure we need to finally generate and distribute all this energy. --- To support these projects, we will also work with our partners. We know investors need clarity on the regulatory environment that they invest in. They need transparent permits. They need grid access. And strong institutions with whom they can have a consistent and fruitful dialogue. That is why our investment Platform will include the T-MED Regulatory Accelerator. The Accelerator will support reform roadmaps, technical assistance, and regulatory dialogues to make clean energy projects faster, cheaper, and more attractive to finance. --- Dear friends, These projects will have a huge impact in the region. We are talking about high quality jobs – and people learning crucial skills to do them. We are talking about sharing expertise and transferring knowledge across the Mediterranean. And of course, there will be plenty of opportunities for young people. To make sure companies have access to the skills they need, as part of the Platform, we will work towards a T-MED Skills Agenda. What does this mean? It means we will link skills development directly to investments. Through vocational training. Through company-led programmes. And through university partnerships. Because the green transition can only accelerate if we have technicians, engineers, grid operators, and digital specialists. Make no mistake – the energy we are seeking can only be powered by people. Our goal is to train and upskill 100,000 workers in renewables, grids, and clean tech by 2035. And it will be these people – both from Europe and from the Southern neighbourhood – who will modernise energy systems, connectors, and grids. This is crucial, because ultimately, we want this energy to flow across borders. That means infrastructure and storage. --- Ladies and gentlemen, By launching T-MED, we intend to deliver a triple win. A win for our partner countries, bringing in crucial investment, generating sustainable jobs, sustainable growth, and sustainable prosperity. A win for Europe, providing a much-needed new source of reliable, affordable energy, strengthening our competitiveness and security. And a win for the planet, accelerating decarbonisation through renewables, green hydrogen, and clean tech. --- This triple win is already taking shape – through pilot projects and through our bilateral diplomatic work. Let me give you an example: In Egypt, we are already supporting one of the largest energy projects in the region: the modernisation and expansion of the national electricity grid. The EU contributed 90 million euro. We also provided a 600 million euro loan from the European Investment Bank. And together, these funds will support a total investment of more than 2 billion euro. So what will this money achieve? It strengthens Egypt's capacity to integrate renewable energy into its grid. It supports its objective of reaching 42% renewables by 2030, reinforcing its role as a regional energy hub connected to Europe. And it creates major opportunities for European companies. At the same time, this project enables other crucial projects – it has a multiplying effect. Take another example: the Ain Sokhna Green Ammonia Project, which is also already under development. With a total investment value of 575 million euro, the project will develop a 100-Megawatt electrolysis facility to produce renewable hydrogen. Europe is the main export market – and Egypt will benefit from developing new industrial skills and value chains. Crucially, the synergies between projects are the reason why T-MED is so valuable. One project is good, but it is a drop in an ocean of need. 25 billion euro worth of expected projects is an entirely different matter. It is a game changer – for the carbon emissions and for all the Mediterranean. And we expect these investments to generate at least 15 Gigawatts of additional renewable energy capacity by 2035. --- Ladies and gentlemen, We have done our homework – based on solid evidence. As I said, the economics make sense. Now, it is time to accelerate. This means the Mediterranean should not only deploy this clean tech. It should produce it. Assemble it. And maintain it. --- Years from now, people will marvel at what we have achieved. At an energy independent Mediterranean region. A powerhouse of renewables, where businesses on both shores of the Mediterranean addressing real, concrete needs. And the entrepreneurs we support, the companies we help, the people we up-skill, they will reap the profits of their crucial work. Building the infrastructure of our shared security, resilience, and prosperity. With benefits for all. The Mediterranean has always been a space of connection. Through T-MED, it can also become a shared space of clean energy, clean industry, and clean growth. Time to get to work. Thank you. SPEECH/26/1319 Press contacts: Guillaume MERCIER (+32 2 29 80564) General public inquiries: Europe Direct by phone 00 800 67 89 10 11 or by email
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