{"id":48913,"date":"2023-07-19T11:20:13","date_gmt":"2023-07-19T10:20:13","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=48913"},"modified":"2023-07-19T11:20:13","modified_gmt":"2023-07-19T10:20:13","slug":"eu-argentina-gas-methane-hydrogen","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2023\/07\/19\/eu-argentina-gas-methane-hydrogen\/","title":{"rendered":"EU and Argentina strike gas, hydrogen & renewables deal"},"content":{"rendered":"

The European Commission has signed a non-binding agreement with Argentina to facilitate a supply of liquefied fossil gas (LNG) to Europe in exchange for cooperation on green energy and Buenos Aires reigning in gas leakage.<\/strong><\/p>\n

Europe\u2019s economic relations with Argentina are strong. Despite the geographical distance, EU investment in the country accounts for half of foreign investment. Similarly, the bloc is Argentina\u2019s third-largest trading partner, behind Brazil and China.<\/p>\n

While the more comprehensive trade agreement between the EU and its Latin American counterpart, Mercosur, flounders, von der Leyen agreed on a bilateral agreement with Buenos Aires on Monday (17 July). It follows a\u00a0similar agreement on materials<\/a>\u00a0agreed in June.<\/p>\n

\u201cEurope and Argentina are partnering for a more secure, sustainable and prosperous world,\u201d she said.<\/p>\n

Ahead of elections<\/strong>, Argentina\u2019s leaders wrap fossil fuels in the flag<\/a><\/p><\/blockquote>\n

The non-binding agreement hinges on four key aspects: hydrogen and its derivatives, renewables, energy efficiency, and liquefied natural gas (LNG).<\/p>\n

With Russian gas flows into Europe at an all-time low, the two partners committed to \u201cenabling a stable delivery of liquefied natural gas (LNG) from the Argentine Republic to the European Union.\u201d<\/p>\n

Argentina’s export dreams<\/h3>\n

The 45 million-strong country, which heavily relies on natural gas for its own energy consumption, is a serious player in the gas industry \u2013 bolstered by the rich shale gas stemming from Vaca Muerta in the South-West.<\/p>\n

To export its fracked riches, Buenos Aires is working on a law to boost its LNG industry \u2013 with an eye to begin\u00a0exporting at scale<\/a>\u00a0as early as 2027.<\/p>\n

The agreement insists that supplying LNG will be\u00a0 \u201cconsistent with [the EU\u2019s and Argentina\u2019s]\u00a0 respective long-term decarbonisation objectives and consistent with the goals of the Paris Agreement.\u201d<\/p>\n

Australia will<\/strong> update the \u2018fantasy\u2019 net zero plan it inherited<\/a><\/p><\/blockquote>\n

Likely as a concession to Brussels, the agreement also insists that Argentina tackles its leaky gas wells. In 2022, at least one new gas well was drilled in Vaca Muerta per month.<\/p>\n

Meanwhile, the formerly Argentina-based NGO Center for Human Rights and Environment\u00a0warned in 2018<\/a>\u00a0that at least 5% of produced gas was entering the atmosphere, often due to operators venting surpluses to maintain operational security.<\/p>\n

\u201cThe Participants endeavour to reduce methane leakages in the fossil gas supply chain to the maximum technically feasible level,\u201d the EU-Argentina agreement stresses, adding that new technologies should help tackle \u201cventing and flaring.\u201d<\/p>\n

Both venting and flaring are commonplace methods of ensuring production equipment does not get damaged by too much fossil gas. Given methane\u2019s extreme climate impact, it is 28 times worse than CO2 on a 100-year basis, uncontrolled venting is among the most climate-damaging by-products of producing fossil gas.<\/p>\n

The agreement also points to integrating \u201crecovered methane into the supply chain.\u201d Methane that would otherwise leak into the atmosphere can be captured and used regularly. One key source may be landfills, like Norte III in Buenos Aires, which account for\u00a0about half of the city\u2019s methane emissions<\/a>.<\/p>\n

With corporate<\/strong> climate cheats on the chopping block, net zero is growing up<\/a><\/p><\/blockquote>\n

Renewable potential<\/h3>\n

\u201c<\/b>In large parts of your beautiful country, in the large plateau of the South, you can only hear one sound: this is the sound of the wind, running undisturbed,\u201d\u00a0explained von der Leyen in June<\/a>\u00a0when speaking to business executives.<\/p>\n

Argentina has all it takes to become a \u201crenewable energy powerhouse,\u201d she said, adding that \u201cthe extraordinary Patagonian winds are a blessing of nature.\u201d<\/p>\n

In practice, the EU-Argentina agreement is sparse on the details \u2013 aside from a commitment to \u201cfacilitate investments necessary to increase energy trade between the Participants.\u201d<\/p>\n

European investments are largely expected to come through the European Gateway Initiative, which has a \u201cTeam Europe\u201d approach, meaning that EU countries invest under the banner of the bloc.<\/p>\n

For example, France and the EU have supported\u00a0upgrading and bringing the country\u2019s electricity grid up to speed<\/a>. Other projects include waste and water management support and aid in exploiting the country\u2019s rich mineral resources.<\/p>\n

Whether similar initiatives will help fund the country\u2019s nascent LNG infrastructure is unclear.<\/p>\n","protected":false},"excerpt":{"rendered":"Brussels and Buenos Aires agreed to work for a “stable delivery” of gas to Europe while cracking down on methane leaks and building renewables","protected":false},"author":56,"featured_media":48742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[82,2456],"tags":[375,3867,482,1523,5041,503],"coauthors":[4807],"class_list":["post-48913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eu","category-south-america","tag-argentina","tag-eu","tag-gas","tag-hydrogen","tag-lng","tag-methane","type-news"],"acf":[],"yoast_head":"\nEU and Argentina strike gas, hydrogen & renewables deal<\/title>\n<meta name=\"description\" content=\"Brussels and Buenos Aires agreed to work for a "stable delivery" 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