The European Bank for Reconstruction and Development (EBRD) and the Union for the Mediterranean (UfM) launched a joint program aimed at the development of private renewable energy markets in Egypt, Jordan, Morocco and Tunisia.
The program will help the region reduce its heavy dependence on imports of hydrocarbons. It aims to mobilize additional investment from other parties, including the Climate Investment Funds’ Clean Technology Fund (CTF) and the Global Environment Facility (GEF), of up to €834 million. Financing will be accompanied by targeted technical cooperation support for the implementation of renewable energy projects in the region that aim to avoid 780,000 tons of CO2 emissions annually.
This project falls under the umbrella of the UfM Regional Dialogue Platform on Renewable Energy and Energy Efficiency, launched with the aim of promoting the deployment of renewable energy and energy efficiency measures in energy generation, transmission, distribution and end use. This platform will foster sustainable socio-economic development, promote job creation, and help ensure that all consumers and industries in the region have access to secure, affordable and reliable energy services. It will also support energy efficient economies and mitigation and adaptation to climate change in Europe and the Mediterranean region. This initiative follows the launch earlier in 2016 of the UfM Regional Electricity Market Platform and the UfM Gas Platform.