Keynote Speech by Commissioner for the Mediterranean, European Commission

Good afternoon dear Abdullah Balala deanis dear maid alidi dear ladies and gentlemen dear distinguished guests thank you very much for the invitation to address this distinguished forum There could be there is no a better occasion than the sustainability day of the Abu Dhabi finance week to discuss our shared vision for scaling up investments in renewable energies. Let us not forget that the seat of the International Renewable Energy Agency so-called here in Abu Dhabi represents our sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh sh shared commitment to deliver on the climate action goals jointly sent set under the Paris agreement. The agency is playing a key role in accelerating the deployment of renewable energy technologies worldwide and we as the European Union and our member states are committed to continued support of Iran and we are proud to cover half of its budget. Now stepping up the cooperation between the European Union in the Gulf Cooperation Council. It is a strategic choice for the European Union and the green transition is a key priority in our collaboration.

In May 2022, the European Union adopted a Gulf strategy where clean energy is a crucial component. This is why energy cooperation and climate action were high on the agenda of the first ever EU GCC summit held in October 2024. I'm proud to be the first commissioner for the Middle East, North Africa and the Gulf for one year now with a dedicated director general with 500 staff. This is a strong signal of our rainforce engagement with the region. Building on this political momentum, we offered to launch negotiations on a strategic partnership agreement between the European Union and the six GCC countries.

I'm delighted to announce that earlier today, this morning, we launched the negotiations for this agreement between the European Union and the United Arab Emirates. These strategic partnership agreements will provide a solid framework for our strength of cooperation on a wide range of policy areas. It elevates our relationship to the same level as though those countries with which we have association agreements. Example, the countries around the Mediterranean or partnership and cooperation agreements. Example, Central Asia and energy, climate, and investments have a prominent role to play.

Let me mention just a few examples of possible areas of dep deepened collaboration under this agreement. We can exchange our experience on standards for energy market integration. As European Union, we closely work with the Mediterranean energy regulators and the transmission system operators. We are currently checking how to associate Gulf participants to the discussions. We can scale up our joint efforts to engage the private sector through targeted investment platforms.

are our upcoming T-Med investment platform to which I will come back in a minute is a key tool here. We can further strengthen the joint research and mobility schemes. Researchers are already building a community of scientists, entrepreneurs and solvers of industrial industrial bottlenecks. Here our Horizon and Arasmos Plus programs are open to Gulf participants. Let me also use this opportunity to clarify that we see the strategic partnership agreements as complimentary both to the ongoing negotiations for a bilateral free free trade agreement with the United Arab Emirates and to a future regional EUGCC trade agreement.

The bilateral and regional tracks are parallel and complimementaryary. I'm glad that our common goal to boost trade between our regions includes strategic sectors such as renewable energy, green hydrogen, and critical raw materials. This is a major contribution to our joint commitment to the green transition. Dear ladies and gentlemen, distinguished guests, we are also deepening our partnership and cooperation on clean energy across the wider region. Two weeks ago, the European Union and our Mediterranean partners launched the pact for the Mediterranean in Barcelona.

We are using a new approach. The pact was co-designed by the European Union and the 10 partners of the Middle East and North Africa and it aims at delivering very concrete cooperation projects such as for instance investment in renewable energy. At the same time, the neighbors of our neighbors are closely involved. The United Arab Emirates and other GCC countries or states were consulted as strategic players in the region. We want to promote triang triangular European Union GCC mana cooperation.

Mana meaning Middle East North Africa. Our next step is to roll out the pack with an action plan and we intend to explore the participation of Gulf countries too. Clean tech, renewables and water are promising opportunities for collaboration and I'm delighted to see many renewable energy developers, business leaders and European financial institutions here today. There is a vast potential in energy from renewable sources in North Africa and in the Middle East. This is why we are scaling up our efforts to boost investments at scale in solar, wind and hydrogen.

T-MAD which is part of our action plan is our model instrument for this. T-MAD is transmeditian renewable energy and clean tech operation initi initiative which aims at coordinating business cooperation financing and dismantling regulatory bases. uh regulatory sorry regulatory barriers and everything should be done under a single strategic framework. T-MAD will der will deliver a triple win faster decarbonization and energy security by optimizing resources and diversifying energy flows. Greater competitiveness for all via investments and the regional integration of energy markets and inclusive socioeconomic development through cuttingedge skills development and future proof quality jobs in the Mediterranean.

Both the European Union and the Gulf have considerable experience and skills to help them in this respect which is in our well understood self-interest as well. So three wins once again. Triple win decarbonization, greater competitiveness and new jobs for young people through dedicated investment platform. Team Ed will bring together project developers, financial institutions, private investors to accelerate and implement innovative projects. T-Med wants to facilitate large-scale production and trade of renewable energy and clean tech across North Africa, the Middle East, and the Gulf countries.

This includes investments in smart and strong electricity grids for renewables and in infrastructure for crossber energy trade. TED's innovation footprint will be very solid. It will reinforce local value chains in the clean tech sector and partnerships with European companies provide win-wins for sustainable growth and quality employment. To conclude, dear excellencies, there is a lot to gain from our shared objective of prosperity through sustainable economic cooperation. Europe is looking forward to continuing and strengthening the win-win partnership with you.

We are on the right track with concluding free trade and strategic partnership agreements and through reinforcing our partnership on renewable energies and clean tech. I am glad we have the investment for green transition forum. Let us work together on the opportunities of the green transition and uh uh we have to work for our citizens, for our businesses and for our economies. Thank you very much for your leadership, for your dedication and for your uh joint commitment. All the best.