A memorandum of understanding in order to strengthen the cooperation between the two blocks on energy matters has been signed between Dan Jorgensen, the EU Commissioner for Energy and Housing, and the executive secretary of the Latin American energy organization – OLADE, Andres Robolledo.
This agreement also confirms the permanent observer status of the EU in OLADE.
In all, 27 countries from Latin America as well as 27 EU countries go on to represent over 1 billion people, which is equivalent to 14% of the world’s population, 21% of the GDP, and one-third when it comes to UN membership.
The memorandum also focuses on a variety of energy-related activities, like encouraging the proactive participation when it comes to European stakeholders in OLADE events as well as meetings of its governing bodies in order to exchange the know-how and also the best practices when it comes to designing proposals, as far as joint programs are concerned. It also offers advisory assistance for the execution of joint actions within the field of energy.
In a statement, Dan said that the EU, along with Latin America and the Caribbean, is building on an already robust collaboration in order to elevate their political dialogue as well as trade and, at the same time, promote green as well as digital shifts.
This crucial agreement, which has been signed, will help to integrate regional energy endeavors and also make the collaboration between Europe and Latin America along with the Caribbean more robust, specifically at the expert level.
As both the regions look forward to progress when it comes to the clean energy shift, this agreement has gone on to significantly throttle the global partnership. It supports the shared objectives in order to triple the renewable energy and also double energy efficiency by the end of the decade while shifting away from the fossil fuels and making sure sustainable energy security along with quality and energy poverty are tackled so that nobody gets left behind.
It is well to be noted that both the EU and OLADE are going to work together in executing the outcomes when it comes to the UN climate change conference COP28, like the global pledge when it comes to tripling renewable energy and double energy efficiency by 2030, along with transitioning away from fossil fuels. This is going to be done in partnership with certain other international organizations like the International Energy Agency, the International Renewable Energy Agency, the United Nations Development Program, and the Economic Commission for Latin America and the Caribbean in order to combat the climate change issue and also promote the economies of both regions by way of taking into account net zero transition. Both parties are also looking forward to advancing on reduction in methane ambitions, along with mitigation within sectors such as fossil fuels, agriculture, and transport at the regional level across Latin America. This is going to include working with the Latin American and Caribbean Methane Emissions Observatory along with the International Methane Emissions Observatory.
