The FINANCIAL — The European Bank for Reconstruction and Development (EBRD) and Observatoire Méditerranéen de l’Energie (OME) – will co-operate in supporting efficient energy markets and energy security, reducing inefficiencies caused by fossil fuel subsidies and strengthening the sustainable development of hydrocarbon resources in the Mediterranean region, according to EBRD.
A Memorandum of Understanding to this effect was signed by Riccardo Puliti, EBRD Managing Director for Energy and Natural Resources, and Bruno Lescoeur, OME Chairman, at the conference “Euro-Med – Building a sound and common energy future” in Rome. The event was organised by OME, a non-profit organisation acting as a platform and think tank for major energy companies from twelve Mediterranean countries.
An immediate energy challenge for the south and eastern Mediterranean region is to meet the fast-growing demand for energy, and particularly electricity, driven by population growth, economic development and urbanisation. Sustainable ways to meet this challenge will not only require large investments in energy infrastructure and efficiency, but also market reforms in the sector. Accordingly, countries must invest in transparent, predictable and sustainable regulatory frameworks as well as in physical infrastructure.
Other goals for the region include reducing the dependence on fossil fuels, developing more sustainable resources of power-generation and the overall strengthening of energy security, also through regional integration, according to EBRD.
“EBRD seeks to facilitate more efficient energy markets and invest in concrete projects to foster sustainable, secure and affordable investments in the region. The EBRD is pleased to engage with OME, who we see as a strategic partner in particular for promoting more efficient energy markets and improving energy security in the region,” said Mr Puliti.
“Raising awareness of energy sustainability is of vital importance to the region. OME has an excellent and established network in the Mediterranean region and works across a range of energy topics that are also relevant to the EBRD. We see the EBRD as a partner in pursuing our common goals of boosting investments in sustainable energy development and efficient use of energy resources,” OME Chairman Lescoeur added.
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