10671. Winds of change in the Eastern Mediterranean: Between hydrocarbons and renewable energy geopolitics
- Author:
- Ioannis N. Grigoriadis and Constantine Levoyannis
- Publication Date:
- 09-2021
- Content Type:
- Working Paper
- Institution:
- Hellenic Foundation for European and Foreign Policy (ELIAMEP)
- Abstract:
- Once a cradle of empires, civilizations and religions, the Mediterranean region that once dominated world trade today stands among the world regions with the lowest interconnectivity, trade and investment flows. Under these rather unpromising circumstances, the discovery of sizeable natural gas reserves under the seabed of the Eastern Mediterranean in the 2000s and early 2010s appeared as a golden opportunity for the emergence of the Mediterranean in the EU and global energy map, as well as for regional economic cooperation. Yet various missed opportunities and with gas consumption set to decline sharply post 2030 within the European Union, the Eastern Mediterranean natural gas reserves are no longer likely to emerge as gamechanger in EU energy geopolitics. There is another field where the Eastern Mediterranean can play a leading role in the transformation of European energy policy, giving a new dimension to Eastern Mediterranean energy geopolitics. A new, more dynamic and forward-looking energy and climate strategy is needed and with it, a need to evolve from the traditional definition of energy security. The European Green Deal has transformed the discussion on the monetization of natural resources with a negative climate footprint. While the European Union pledges to turn climate neutral by 2050, carbon dioxide emissions must be decisively cut, affecting the use of hydrocarbons including natural gas. This development brings forward a major opportunity for economic cooperation in the Mediterranean, focusing on the development of infrastructure for the production, storage and transport of renewable energy towards Europe. A robust political response is necessary to address climate change to keep our planet viable. The European Green Deal emerges as a new historic cooperation opportunity for a region with lots of regional conflicts as well as with a lot of unrealized potential.
- Topic:
- Climate Change, European Union, Geopolitics, Renewable Energy, and Hydrocarbons
- Political Geography:
- Mediterranean