Posted on 19 Jul 2023
The European Union is stepping up its cooperation on the clean energy transition with Argentina, through a new MOU signed during the EU-CELAC Summit in Brussels on Monday.
The agreement takes a further step in their cooperation on hydrogen, renewables and methane emissions abatement. The partnership aims to secure a “just and clean transition” on both continents, says European Commission president Ursula von der Leyen.
“It is an important step in rolling out the EU's Global Gateway Investment Agenda and will help us achieve our objectives on climate and energy,” von der Leyen adds.
Under the agreement, the two will work together to develop and promote the use of hydrogen and its derivatives in industrial processes, transportation and energy storage. Additionally, they will work on reducing methane leakages in the fossil gas supply chain by exploring new technologies. However, details on any investments remain unclear.
A similar agreement was signed with Uruguay on Tuesday. Von der Leyen says the parties are aligned on the need for a “rules-based, transparent, and undistorted global hydrogen market with reliable international standards and certification schemes to support the clean energy transition.”
Also during the event, which brought to Belgium state heads of Latin American and Caribbean countries, the European Investment Bank (EIB) inked a deal with Brazil’s Banco Santander (Brasil) to accelerate renewable energy use in the South American country. The EIB will lend €300 million ($336m) for the installation of small-scale self-consumption solar photovoltaic plants in Brazil.
The EIB has pledged to sign €800m financing for raw materials projects during the summit. The European bank had earlier increased its financing package for strategic net-zero technologies and products to €45 billion by 2027. Most of the funds will be allocated to European projects, but funds will also be available for third-party countries connected to EU countries.
Source:Kallanish
