Eastern Mediterranean, Energy Supply- Part Two – Renewables

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$('.blur').html(` 3.4% per year until 2040. Historically, the region has relied heavily on high cost imported fossil fuels to meet its energy needs, which has led to an over-reliance on imported energy sources and high carbon emissions. Moreover, the region is vulnerable to supply disruptions due to political instability and conflicts.</p>
<p>According to the International Renewable Energy Agency (IRENA), the region has the potential to generate over 1.7 million gigawatt-hours (GWh) of electricity from renewable sources by 2030. This represents a significant increase from the 180,000 GWh generated from renewable sources in 2016. Most of the renewable energy potential comes from solar and wind, followed by geothermal, hydropower, and biomass.</p>
<p>The EU is attracted to the Eastern Mediterranean’s vast potential for solar and wind energy and the possibilities for collaboration in renewable electricity trading. In March 2021, a memorandum of understanding on the construction of the EuroAsia Interconnector was agreed upon by Israel, Greece, and Cyprus, The EuroAsia is a maritime power cable linking the electricity grids of Europe and the Middle East, it will run from Israel to Cyprus and from there to Crete. The Interconnector is due to enter service in 2025. The countries also agreed to an additional memorandum of understanding, to build the EuroAfrica Interconnector, from the North African power grid to the European grid linked with a maritime power cable from Egypt to Cyprus. It is hoped that together they will stabilize the regional power supply.</p>
<p>Many countries in the region have set ambitious targets for renewable energy adoption. For example, Egypt’s goal is to generate 42% from renewable sources by 2035, Greece plans 60%, and Turkey’s target is 30% by this year. Israel has set a target of generating 30% by 2030. Whilst Cyprus aims to have 23% of its energy come from renewables by 2030.</p>
<p>Solar energy is one of the most abundant renewable energy sources in the region, Cyprus has the highest solar power capability in the EU, and countries such as Egypt, Israel, and Jordan have some of the highest solar radiation levels in the world. This has led to a high level of investments in large-scale solar energy projects, such as the Benban Solar Park in Egypt, which aims to have a capacity of 1.8 GW, and the Noor Solar Complex in Morocco, which is one of the largest solar energy projects in the world. The project has a capacity of 580 MW and provides electricity to over one million people.</p>
<p>Another successful project is the Kureimat Power Plant in Egypt, which is a combined-cycle power plant that uses natural gas and steam turbines to generate electricity. The plant also has a solar field that provides additional power, making it one of the most efficient power plants in the region.<br />
Wind energy is another significant renewable energy source in the region, with countries such as Turkey and Greece having significant wind energy potential. Both countries have invested in a significant number of wind energy projects, which have helped increase renewable energy capacity. Although smaller than solar and wind, geothermal, hydropower, and biomass are also abundant in the region and are being harnessed.</p>
<p>Embracing renewable energy has several economic and environmental benefits to the region. The adoption of renewable energy can help reduce the dependence on imported fossil fuels, leading to significant cost savings. Renewable energy projects can also create jobs and stimulate economic growth. In addition, renewable energy can help improve energy security by diversifying energy sources and reducing reliance on imported energy.<br />
Despite the significant progress made in renewable energy adoption, there are still several challenges and obstacles faced in the region. Although slowly changing, one of the main challenges is the lack of regulatory frameworks and policies to support renewable energy adoption, which has led to a lack of investor confidence. The high upfront cost of renewable energy projects is also a significant barrier, particularly for small and medium-sized enterprises (SMEs). Moreover, the lack of technical expertise and skilled labor is another challenge faced in the region.</p>
<p>Collaboration and partnerships are essential, many countries in the region have already started collaborating on renewable energy projects. For example, the Euro-Mediterranean Energy Partnership (EUMEP) is a platform that brings together countries in the region to promote renewable energy adoption. Moreover, many international organizations such as the World Bank and the International Finance Corporation (IFC) are providing financing and technical assistance for renewable energy projects in the region.</p>
<p>In conclusion, the Eastern Mediterranean region is significantly shifting towards renewable energy to meet its growing energy demands. The adoption of renewable energy is being driven by several factors such as the need to diversify energy sources, reduce carbon emissions, and the declining cost of renewable technologies. Despite the challenges faced, there have been several successful renewable energy projects in the region, and the prospects for renewable energy are promising. Collaboration and partnerships are essential for the development of the renewable energy sector, and many countries and organizations are already working together to promote renewable energy adoption. The transition towards a sustainable energy future offers the region economic growth, energy security, and environmental sustainability.`);

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<h2>Eastern Mediterranean, Energy Supply- Part Two – Renewables</h2>
<p>‍In part one of this article the potential of the region to act as a major (gas) energy supplier was investigated. Whilst the area’s <a href="https://www.financebrokerage.com/can-you-get-rich-with-forex/">rich</a> gas reserves remain an important part of the area’s energy strategy, climate change is forcing a move away from fossil fuels and towards renewables.</p>
<p>In recent years the Eastern Mediterranean has been investing heavily in renewable energy sources to meet its growing energy demands and the potential of supplying green energy to Europe. The adoption of renewable energy is also being driven by factors such as the need to diversify energy sources, reduce carbon emissions, the declining cost of renewable technologies, and increasing energy security. This article explores the Eastern Mediterranean’s energy landscape, the shift towards renewable energy, challenges faced, successful renewable energy projects, economic and environmental benefits, prospects, and collaboration in the renewable energy sector.</p>
<p>The Eastern Mediterranean region comprises countries such as Cyprus, Egypt, Greece, Israel, Jordan, Lebanon, Syria, and Turkey. These countries have a combined population of over 250 million people, <span>and the energy demand is expected to grow by</span></p>

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