Geopolitics and Energy at the forefront of the first day of the Financial Times “Energy Transition Summit”
With the participation of the President of the Republic of Cyprus, as well as ministers and deputy ministers from Greece, Egypt, Bulgaria, Israel, Romania, and Cyprus.
During the Financial Times “Energy Transition Summit” organized in collaboration with Kathimerini, leading politicians and technocrats from Europe and the Eastern Mediterranean emphasized that the European Union must adopt a strategic and proactive role in the energy transition if it is to maintain its geopolitical power and independence.
The President of the Republic of Cyprus, Nikos Christodoulides, highlighted: “Energy was, in fact, the starting point that brought the countries of the region closer together. It has always been at the forefront since the inception of these regional cooperation mechanisms, and it continues to be central to our regional vision, serving as a strategic priority and a powerful tool for collaboration”, he noted.
“Cyprus and the broader Eastern Mediterranean are increasingly recognized as emerging hubs for energy and infrastructure connectivity—whether by facilitating the transport of natural gas or by linking electricity networks between Europe and the Middle East”, the President added. “The region can serve as an alternative energy corridor for Europe”.
Former EU Commissioner Günther Oettinger strongly emphasized: “The European Green Deal is important, but it’s not the Bible”. Referring to energy autonomy and the broader energy challenges faced by EU member states, Mr. Oettinger stressed the importance of European interconnection, particularly the development and construction of pan-European infrastructure as a prerequisite for achieving full interconnection. He cited examples such as the interconnection projects between Attica, Crete, and Cyprus, as well as other member-state projects, warning that these will not be completed unless the necessary infrastructure is developed first.
Addressing the new geopolitical landscape, Yan Popov, former Minister of Environment and Water of Bulgaria, stated: “We will never return to the past—to full dependence on Russian gas—nor will we fully trust our new allies, such as the United States. Europe lags behind China in electromobility. We are targeting 30% electrification by 2030, but China is already there. The cables of the future are linked to renewables, batteries, and new pipelines”.
On the topic of energy security and regional alliances, Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, remarked:
“We are focusing on how we can increase production from our existing reserves, and we aim not only to supply Egypt’s 120 million citizens but also to make energy available to our partners”.
Nuclear energy also returned to the spotlight as a complementary solution, highlighted by Cosmin Ghita, CEO of Romania’s Nuclearelectrica. He pointed to two key success factors:
First, strong public acceptance in Romania—exceeding 80%—thanks to the adoption of Western technology and the safety of the plants, which avoid reliance on Russian fuel.
Second, the energy security provided by the European Union through the Euratom Treaty, which acts as a “fuel bank”, redistributing nuclear fuel to member states facing shortages.
The Energy Transition Summit continues today, June 18, and will conclude with an interview of Greek Prime Minister Kyriakos Mitsotakis by Emiliya Mychasuk, Energy Editor of the Financial Times.
You can view the conference agenda at the following link:
👉 https://energytransitioneurope.live.ft.com/agenda