It is expected to deploy the use and transportation of hydrogen and expand renewables, among other points. Additionally, Alberto Fernández pointed out the commitment assumed by developed countries to provide financial resources for the development of clean and sustainable energies.
Argentina and the European Union have signed a memorandum of understanding (MoU) on energy. Its objective is to cooperate in the deployment of hydrogen and its derivatives, renewable energies, energy efficiency, as well as natural gas and liquefied natural gas.
This agreement foresees the use of H2 in industrial processes, transportation, and energy storage. On the renewable energy front, it emphasizes the importance of developing “safe and sustainable” technologies and identifying “innovative” ideas to promote their expansion and integration into the interconnected system, as well as electric infrastructure to enable this.
“In benefit of our growth and job creation, we can become reliable suppliers in the transition to clean and renewable energies,” highlighted Alberto Fernández, President of Argentina, through his social media.
“This is an important step in the deployment of the EU’s Global Gateway Investment Agenda and will help us achieve our climate and energy objectives,” stated Ursula von der Leyen, President of the European Commission.
How will the Energy Transition Measure (MdE) be implemented? According to the document signed by both parties, it not only aims to facilitate the necessary investments to increase energy trade between Argentina and the European Union but also envisions developing a roadmap to obtain government and regulatory approvals. This includes investment programs and public-private cooperation in energy transition, hydrogen, and energy efficiency.
“The Participants strive to develop and implement environmental impact assessments for energy investment projects and support the application of the best available technologies. Additionally, the Participants emphasize the importance of a just energy transition that takes into account, among other things, the interests of local communities,” highlights the MdE.
The downside for renewables is that certain nods are given to liquefied natural gas (LNG) as a “vector in energy transitions” over other sources of generation. There’s also a plan formulated for the “efficient” use of infrastructure to accelerate LNG exportation to the European Union.
This wouldn’t be the first time that natural gas is prioritized, not only due to Fernández’s own contradictions but also because of the “low emissions hydrogen” promotion law. The sector already criticized this law as the Executive Branch’s initiative includes benefits for the gas industry rather than just green H2.
Unfulfilled commitments
During his participation in the inaugural session of the EU-CELAC Heads of State and Government Summit in Brussels, the President of Argentina criticized the demanding measures imposed on various countries in the region to accelerate energy transition. He also addressed the economic and financial challenges faced to advance with energy projects.
“We must strengthen collaboration in this field, committing to mitigate the consequences of this crisis and promoting a transition towards a sustainable and environmentally respectful economy, taking into account the principle of common but differentiated responsibilities and respective national capabilities,” stated Alberto Fernández.
“Europe and the developed North know that we are environmental creditors, although we have never been treated as such. It is necessary for Europe and the developed world to fulfill the commitment they made to provide the necessary financial resources that allow us to develop clean and sustainable energies,” he emphasized.
It’s worth noting that during the UN climate negotiations in 2009, developed countries committed to transferring $100 billion annually to developing countries until 2020 (extended to 2025 in the Paris Agreement).
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