Strongly exposed to global warming effects and commodity price volatility, the Mediterranean basin needs cleaner energy supply for both environmental and long-term economic reasons. Blessed with great renewable energy potential, the region has attracted growing attention from both public and private players, although several obstacles still hamper the energy transition in the region, with considerable differences between the northern shore and the southern shore (where RES potential is largely untapped). The ongoing COVID-19 pandemic, the related economic crisis and the shock in oil and gas prices, which affect the whole basin, have important implications for energy transition prospects. In the months to come the crisis could serve as a catalyst for transformative changes that could revitalise the Mediterranean economies along with meeting stronger decarbonisation goals.
Paper produced in the framework of the IAI project “Geopolitics in the age of renewable energies: challenges and opportunities for the Italian foreign policy”, July 2020.
1. State of play in the region
2. What does COVID-19 mean so far for energy in the Med region?
2.1 Risks and opportunities on the Southern shore
2.2 Risks and opportunities on the northern shore