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European Investment Bank Conference to tackle Mediterranean energy challenge

Global Arab Network - - George Haddad

Friday, 15 January 2010 12:50

The European Investment Bank’s 8th FEMIP conference in Valencia on May 10 will focus on solutions to the energy challenge being faced by the Mediterranean region. The conference will be followed by the Mediterranean Solar Plan conference organised by the Spanish government also in Valencia on 11-12 May 2010 within the framework of the Spanish EU Presidency.

An EIB press release said that with the Mediterranean relying mostly on fossil fuels and considering that primary energy demand is projected to increase 70% by 2020, the decision to integrate renewable energy and energy efficient projects into national and regional energy policies is essential.

The one-day conference is aimed at government officials, local authorities, network operators, representatives of the private sector, fund managers and international financing institutions – those directly involved in renewable energy technology, energy efficiency, or energy infrastructure improvements.

It will take a pragmatic approach and provide practical examples of how to support renewable energy, energy efficiency and energy infrastructure policies and projects. On this occasion, the EIB will announce the results of the FEMIP Trust Fund Study on the Mediterranean Solar Plan, will discuss how to integrate the Mediterranean's potentially large renewable capacity into the national and international grids, and present new instruments available for boosting energy efficiency.

Since October 2002, FEMIP has dedicated more than €3.6 billion to energy projects in the Mediterranean partner countries – almost 40% of its total financing over the period. FEMIP's activity in this sector aims at improving the local population's access to energy; integrating the Euro-Mediterranean energy markets; and diversifying the sources of supply, particularly through the use of renewables.

The Gabal el Zait wind farm in Egypt is among FEMIP's most recent projects in the sector. The €50 million loan provided by the Bank in 2009 will support the construction of a 200 MW onshore wind farm on the Red Sea coast, which is part of an ambitious national program to further expand power generation from renewable energy.

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