Bridging the corridors of energy connections

The Russian war on Ukraine has further exasperated an already volatile energy market that faced instability because of the COVID-19 pandemic. Prices had already been rising due to post-lockdown energy demand exceeding supply. Following that, the war, and then the uncertainty that ensued shot prices up through the roof. It created a situation of instability, with fears of what might be if oil and gas supplies were abruptly halted.

Europe depended on Russia for 40-45% of its imported gas and about a quarter of its oil. Europe depends on imports for more than 50% of its daily energy needs. This effectively meant that consumers faced price volatility, with energy bills rising exponentially throughout the past year, leaving households struggling to heat their homes and businesses closing down.

Protests on European streets over food and fuel surged in 2023. This was not limited to Europe alone. According to one Politico article, researchers defined an unprecedented global wave of more than 12,500 protests across 148 countries over food, energy and cost of living increases in 2022. The largest protests were in Western Europe.

Against threats of a complete supply shutoff by Russia, Europe sought to unplug itself from Russian energy, turning to alternative supplies such as the Middle East and elsewhere and accelerating investments in efficiency and developing new renewables for the European continent to become self-sufficient.

But for autonomy to materialise, investment has to flow. Against this backdrop, Malta is actively calling on and leading talks with the European Commission to invest in renewable energy systems and make the Mediterranean a Green Energy Centre. As a net energy importer, Europe’s door of opportunity with North African countries is wide open. With technology advancing and North Africa investing in renewables, this is the time for Europe to make a match.

The role of the Mediterranean in this scenario is broad and robust: it sits as a bed for multiple corridors of connection and offers the potential for offshore energy generation. The Mediterranean, therefore, would not only facilitate the flow of energy from North Africa to Europe, but it can also generate its energy, complementing these efforts. Additionally, Europe can offer North African countries the security of supply as their economies grow. Technology has advanced so that southern European countries can be connected to Northern African countries through long-distance, subsea interconnectors.

Our geographical position makes Malta traditionally a bridge-builder in the Mediterranean, and we will continue to act as such, harnessing the potential that surrounds us.

This week in Malta, we will host the European Commissioner for Energy, Kadri Simson, and the nine European Mediterranean Countries including Croatia, Cyprus, Greece, France, Italy, Portugal, Slovenia and Spain. During this first-ever Med9 Meeting of Energy Ministers, we want to ramp up discussions on accelerating the EU ambition on renewables and developing the Mediterranean into a Green Energy Centre – the centre through which multiple corridors of connection can be created.

This Med9 Meeting anticipates the EU-Med9 Summit, which Malta will be hosting later this year, bringing together the Prime Ministers of these nine countries. We want the Med9 meeting to come out with tangible responses: the urgent challenges that need to be tackled to accelerate the deployment of offshore renewables, the disposition and distribution of investment, reinforcing the security of energy supply and fostering collaboration with neighbouring countries.

It is essential that we move beyond just talking about offshore technologies. Despite challenges such as deep water depths, wind speeds, and investment costs, the deployment of offshore technologies shows great promise. Further analysis is necessary to fully understand its economic potential in the region. However, these challenges should not deter the EU from exploring this option further.

I truly believe that we have all the right elements and the political will to drive this forward.

The Mediterranean region has great potential to become a green energy hub, which supports the EU's sustainable energy goals and can aid in the transition towards a low-carbon economy. The EU aims to decrease greenhouse gas emissions by 55% by 2030 and achieve carbon neutrality by 2050, and this initiative aligns with those objectives.

The REPowerEU Plan, which seeks to eliminate fossil fuel dependence, is also in line with this effort. Diversifying energy sources through the Mediterranean can decrease vulnerability to supply disruptions and energy price fluctuations. Furthermore, the TEN-E Regulation addresses the development of interconnections to connect renewable energy sources in the area with the EU network.

Over the past decades, the EU has looked at the Mediterranean as a problem – a route for migrants, often ending in human tragedies.  This is the time to change this – the region’s opportunity to make this sea a route for clean energy, generating interesting symbiotic prospects for both sides in the process.