President Alberto Fernández and European Commission President Ursula von der Leyen have signed a memorandum of understanding (MoU) on energy co-operation that seeks to boost energy trade between Argentina and the European Union.
Inked just before the start of the EU-CELAC (Community of Latin American and Caribbean States) summit, the memorandum states that both parties will support investment to increase energy trade between Argentina and the EU. They will also develop the hydrogen, renewable energy and energy efficiency sectors, and work together to ensure that progress in these areas is in line with the Paris Agreement on climate change.
It also contemplates developing a plan to use transport infrastructure to speed up the shipping of liquefied natural gas (LNG) to Europe, a source from the Presidency told news agency Télam.
Future investment and related activity carried out within the framework of the memorandum should comply with the relevant climate laws, it states.
The document was signed in the European Union building in Brussels, the Belgian capital, where the EU is headquartered.
The possibility of an energy memorandum between Argentina and the EU first emerged during bilateral talks on energy in Buenos Aires in June 2022. While the European bloc was facing an energy crisis because of the war in Ukraine, Argentina was seeking to develop its reputation as a sustainable and trustworthy energy provider, the Presidency source said.
This MoU comes a month after Fernández and von der Leyen signed a memorandum to expand cooperation on sustainable value chains of critical raw materials. That agreement was signed in Buenos Aires during Von der Leyen’s trip to four Latin American nations in mid-June, which was intended to bolster political and trade ties. That agreement included co-operation on research, professional development, infrastructure, and environmental regulations.
The goal of the agreement is to guarantee a steady and sustainable supply of commodities needed to ensure the energy transition.
-with information from Télam