Based on the European decarbonization goals of the Green Deal, this paper explores the potential for cooperation between Europe and Mediterranean countries, focusing on developing key technologies for the energy transition. It highlights the strategic role of the Mediterranean basin under the friendshoring policy to bolster European investment and address energy challenges by shortening the supply chain. The study examines the synergies in industrial policy formulation considering infrastructure investments, skill transfer, and job creation. However, it also acknowledges the complexities introduced by geopolitical risks and supply chain coordination, which challenge implementing these cooperative strategies.