Towards a Broader Paradigm for Energy Security
Turbulent energy markets, growing costs of oil and gas and the risk of supply shortages, in addition to the ever more visible effects of global warming, push the definition of a broader paradigm for energy security. In the near future, guaranteeing the availability of energy sources at an affordable price means investing in resilient infrastructures, boosting research and development of new technologies and renewable energy solutions, and optimizing the use of natural gas while reducing its emissions. A Circular economy could offer additional leverage to support the green transition, through the development of biofuels and bio-based industries. Both shores of the Mediterranean have developed ambitious plans to promote a full deployment of the energy transition and decarbonisation strategies, but lack of investment and coordination risk to undermine its trajectory. The Mediterranean space offers significant opportunities to develop a shared energy security between the two shores, creating new synergies and interconnections, and opportunities for energy market integration.
How could increased cooperation between the Northern and the Southern shores of the Mediterranean mutually reinforce energy security? How to reconcile the security of supply with the quest for energy sustainability? What kind of complementarities could be leveraged among countries in the broader Mediterranean, and what are the main geopolitical implications? What role is there for major energy companies and the private sector in this process?
