EU and OLADE Sign Landmark Energy Cooperation Agreement
As reported by the Energy Monitor, A memorandum of understanding (MoU) has been signed between the European Union (EU) and the Latin American Energy Organisation (OLADE). The main aim of this partnership is to collaborate in the energy sector, and it also tries to make sure that both companies get along to the transition that is going on in both regions. The agreement officially and permanently recognizes the European Union as an observer of OLADE and acknowledges its role in the development of both organizations.
Broad Energy Cooperation Across Regions
The EU and OLADE are planning to collaborate on a lot of projects under the MoU that have been signed between the two. The project represents over one billion people, which is 14 percent of the global population. The projects include-
- Giving chance for EU to participate in OLADE events
- To design joint programs and energy strategies
- To provide technical and advisory support for collaborative energy projects
The tie-up is a reflection of the shared goals of the two organizations about climate resilience and sustainable development.
Aligned with Global Climate Goals
The MoU reinforces both regions’ dedication to the outcomes of COP28, particularly:
- Tripling renewable energy capacity
- Doubling energy efficiency by 2030
- Reducing dependence on fossil fuels
EU and OLADE are set to work together with certain agencies such as IRENA, IEA, UNDP, and ECLAC. They are planning on working together and gaining a net-zero future.
Methane Emission Reduction a Key Focus
One of the main aims of the memorandum is to reduce the emission of Methane in agriculture, fossil fuel and different sectors including transport in Latin America. The collaboration between the Latin American and Caribbean Methane Emission Observatory (OEMLAC) and the International Methane Emissions Observatory (IMEO) are said to make it possible
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Strategic Partnership Builds on EU-CELAC Summit Momentum
It was reported that MoUs between EU, Argentina and Uruguay were signed in the EU-CELAC Summit that took place in Brussels in July 2023, it was stated that an investment agenda under Global Gateway initiative was signed. The next summit similar to what had happened in Brussels is scheduled to happen in Santa Marta, Colombia on November 9 and 10, 2025. The efforts will be made to strengthen partnerships involving transatlantic energy and climate change.
