EIB and IRENA to promote renewable energy manufacturing in the Southern Mediterranean

The EIB and the International Renewable Energy Agency (IRENA) are launching a joint study to promote renewable energy (RE) manufacturing in the Mediterranean region. The aim of the cooperation is to jointly assess the region’s capability to attract foreign investments for developing local renewable energy industries.

The study will analyse and detail the supply chains for renewable energy manufacturing in the region; map the gap(s) identified for each country in order to develop renewable energy manufacturing capacity, make recommendations for International Financing Institutions to support the development of RE manufacturing in the region.

The results of the joint study are expected by the end of 2013.

New technologies including renewable energies’ have the potential to increase competitiveness and create much-needed employment opportunities in the region. Renewable energy manufacturing could help transforming the local economies, while ensuring their future sustainability.

Mediterranean Partner Countries (MPC) are facing enormous energy challenges. According to the Mediterranean Energy Observatory (OME) energy demand in the region will grow four times higher than in the EU, due to demographic expansion and the region is especially vulnerable to climate change effects. At the same time, the region faces an increased pressure to address unemployment, especially amongst the educated youth. To tackle this challenge, at least 20 million jobs would need to be created over the next 20 years.

By EIB

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[1] World Bank, MENA Recovers from the crisis, 2011;