A Memorandum of Cooperation in the field of energy was signed today by the EU and Argentina.

The Memorandum was signed by the President of the Commission, Ursula von der Leyen, and the President of Argentina, Alberto Fernandez, who is in Brussels for two days for the EU Summit with the countries of Latin America and the Caribbean.

As set out in the Memorandum of Understanding, the EU and Argentina will work together to develop and promote renewable energy and energy efficiency, as well as the use of hydrogen and its derivatives in applications such as industrial processes, transport and energy storage.

This enhanced energy cooperation will promote the energy transition and contribute to economic growth and sustainable local development.

Ursula von der Leyen said that the EU-Argentina energy cooperation for the coming years ensures a fair and clean transition on the two continents — an important step in the development of the EU’s Global Investment Gateway Program which will help achieve the goals for climate and energy.

The EU and Argentina also pledged to try to reduce methane leaks in the fossil gas supply chain to the maximum technically feasible level. Together, they will examine new technologies to reduce venting and flaring and work to integrate recovered methane into the supply chain in order to reduce harmful emissions while increasing the efficiency of the natural gas supply chain. This will help achieve climate goals and enhance security of energy supply.

Finally, the Memorandum underlines the need to ensure that future investments in promising projects or activities comply with the relevant environmental legislation of both parties and take into account concerns about the degradation of biodiversity and ensure the protection, conservation and restoration of water systems and ecosystems related to water. It also emphasizes the importance of pursuing a just energy transition that respects the interests of local communities.