The FINANCIAL: EBRD and OME join forces to increase energy investment in the Mediterranean region

The European Bank for Reconstruction and Development (EBRD) and Observatoire Méditerranéen de l’Energie (OME) – will co-operate in supporting efficient energy markets and energy security, reducing inefficiencies caused by fossil fuel subsidies and strengthening the sustainable development of hydrocarbon resources in the Mediterranean region, according to EBRD.

A Memorandum of Understanding to this effect was signed by Riccardo Puliti, EBRD Managing Director for Energy and Natural Resources, and Bruno Lescoeur, OME Chairman, at the conference “Euro-Med - Building a sound and common energy future” in Rome. The event was organised by OME, a non-profit organisation acting as a platform and think tank for major energy companies from twelve Mediterranean countries.

An immediate energy challenge for the south and eastern Mediterranean region is to meet the fast-growing demand for energy, and particularly electricity, driven by population growth, economic development and urbanisation. Sustainable ways to meet this challenge will not only require large investments in energy infrastructure and efficiency, but also market reforms in the sector. Accordingly, countries must invest in transparent, predictable and sustainable regulatory frameworks as well as in physical infrastructure.
MORE