The European Union (EU) and Uruguay have taken a significant step forward in their collaboration to advance the clean energy transition.
At the EU-CELAC Summit, a Memorandum of Understanding (MoU) was signed between Commissioner for Energy Kadri Simson and Uruguay’s Minister for Foreign Affairs Francisco Bustillo Bonasso. The MoU focuses on renewable energy, energy efficiency, and renewable hydrogen, highlighting their shared commitment to combat climate change and achieve climate neutrality by 2050.
The MoU sets out the objectives and areas of cooperation between the EU and Uruguay in the field of renewable energy and energy efficiency. It aims to establish a roadmap for specific activities supported by the Global Gateway investment strategy. Key areas of collaboration include policy exchanges, research, and regulatory work to enhance energy efficiency, promote renewable energy, and explore the potential of renewable hydrogen and its derivatives.
A crucial aspect of the partnership is directing investments towards renewable energy, energy efficiency, and renewable hydrogen projects. The EU and Uruguay aim to provide clarity to potential investors regarding financing opportunities in both regions. They stress the importance of adhering to relevant environmental legislation to address climate and biodiversity challenges. The protection, conservation, and restoration of water systems and ecosystems are also considered in policies related to energy efficiency and renewable energy.
The energy dialogue between the EU and Uruguay marks a new phase in their cooperation, building upon the Framework Agreement for Cooperation signed in 1992. Both parties are committed to achieving climate neutrality by 2050 and recognize the role of energy efficiency and renewable energy in meeting the goals of the Paris Agreement. The MoU further strengthens their collaboration and underscores their shared vision for a sustainable future.
The European Commission leads the development and implementation of the EU-LAC Global Gateway Investment Agenda (GGIA). The GGIA aims to identify green and digital investment opportunities in Latin America and the Caribbean, promoting sustainable growth and contributing to the Sustainable Development Goals. It encompasses over 130 illustrative projects across various sectors, including health, renewable energy, and research and innovation. Through public-private partnerships, Team Europe initiatives will leverage resources from the EU, its Member States, development financing institutions, and the private sector.