Dear Abdulla Balaláa,
Dear Ioannis Tsakiris,
Dear Majid Al Suwáidi,
Distinguished guests,
Thank you very much for the invitation to address this distinguished Forum.
There could not be a better occasion than the Sustainability Day of the Abu Dhabi Finance Week – to discuss our shared vision for scaling up investments in renewable energies.
Let us not forget that the seat of the International Renewable Energy Agency (IRENA) – here in Abu Dhabi represents our shared commitment to deliver on the climate action goals jointly set under the Paris Agreement.
The Agency is playing a key role in accelerating the deployment of renewable energy technologies worldwide.
And we as the European Union and our Member States are committed to continued support of IRENA - and we are proud to cover half of its budget.
Now - stepping up the cooperation between the EU and the Gulf Cooperation Council (GCC) is a strategic choice for the EU.
And the green transition is a key priority in our collaboration.
In May 2022, the EU adopted the Gulf Strategy, where clean energy is a crucial component.
In October 2024, we held the first-ever EU-GCC Summit where energy cooperation and climate action where high on the agenda.
And I am proud to be the first Commissioner for the Middle East, North Africa, and the Gulf for one year now.
With a dedicated Directorate-General with 500 staff.
This is a strong signal of our reinforced engagement with the region.
Building on this political momentum, we offered to launch negotiations on a Strategic Partnership Agreement (SPA) between the European Union and the six GCC countries.
I am delighted to announce that earlier today, we launched the negotiations for this Agreement between the European Union and the United Arab Emirates.
These Strategic Partnership Agreements will be the first legally binding agreements.
They will provide a solid framework for our strengthened cooperation on a wide range of policy areas.
And energy, climate, and investments have a prominent role role to play.
Let me mention just a few examples of possible areas of deepened collaboration under this Agreement:
We can exchange our experience on standards for energy market integration. As the European Union we closely work with the Mediterranean Energy Regulators and the Transmission System Operators.
We are currently checking how to associate Gulf participants to the discussions.
We can scale up our joint efforts to engage the private sector through targeted investment platforms.
Our upcoming T-MED Investment Platform, to which I will come back in a minute, is a key tool here.
And we can further strengthen joint research and mobility schemes. Researchers are already building a community of scientists, entrepreneurs, and solvers of industrial bottlenecks.
Here, our Horizon and ERASMUS+ programmes are open to Gulf participants.
Let me also use this opportunity to clarify that we see the Strategic Partnership Agreements as complementary – both
to the ongoing negotiations for a bilateral Free Trade Agreement with the UAE, and
to a future regional EU-GCC Free Trade Agreement.
The bilateral and the regional tracks are parallel and complementary.
I am glad that our common goal to boost trade between our regions includes strategic sectors such as renewable energy, green hydrogen and critical raw materials.
This is a major contribution to our joint commitment to the green transition.
Distinguished guests,
We are also deepening our partnership and cooperation on clean energy across the wider region.
Two weeks ago, the EU and our Mediterranean partners launched the Pact for the Mediterranean in Barcelona.
We are using a new approach.
The Pact was co-designed by the EU and the ten partners of the Middle East and North Africa.
At the same time, the neighbours of our neighbours are closely involved.
The United Arab Emirates and the other GCC states were consulted – as strategic players in the region.
We want to promote triangular EU-GCC-MENA cooperation.
Our next step is to roll-out the Pact with an Action Plan.
And we intend to explore the participation of Gulf countries, too.
Clean tech, renewables, and water are promising opportunities for collaboration.
And I am delighted to see many renewable energy developers, business leaders, and European Financial Institutions here today.
There is a vast potential in energy from renewable sources in North Africa and in the Middle East.
This is why we are scaling up our efforts to boost investments at scale in solar, wind, and hydrogen.
T-MED is our model instrument for this.
The Trans-Mediterranean Renewable Energy and Clean Tech Cooperation Initiative aims at coordinating
business cooperation, financing, and dismantling regulatory barriers under a single strategic framework.
T-Med will deliver a triple win:
faster decarbonisation and energy security - by optimizing resources and diversifying energy flows.
greater competitiveness for all - via investments and the regional integration of energy markets, and
inclusive socio-economic development through cutting-edge skills development and future-proof quality jobs in the Mediterranean and the Gulf.
Through a dedicated Investment Platform, T-MED will bring together project developers, financial institutions, and private investors to accelerate and implement innovative projects.
T-MED wants to facilitate large-scale production and trade of renewable energy and clean-tech across North Africa, the Middle East and the Gulf countries.
This includes investments in
smart and strong electricity grids for renewables, and in
infrastructure for cross-border energy trade.
T-MEDs innovation footprint will be very solid.
It will reinforce local value chains in the clean-tech sector. Partnerships with European companies provide win-wins for sustainable growth and quality employment.
Excellencies, Distinguished guests,
There is a lot to gain from our shared objective of prosperity through sustainable economic cooperation.
Europe is looking forward to continuing and strengthening the win-win partnership with you.
We are on the right track
with concluding Free-Trade and Strategic Partnership Agreements, and
through reinforcing our partnership on renewable energies and clean tech.
I am glad we have the Investment for Green Transition Forum.
Let us work further on the opportunities of the green transition for our citizens, businesses, and the economies.
Thank you so much for your joint commitment and dedication.
