Cop: Argentina pulls delegation from Baku

Spanish Market: Crude oil, Electricity, Hydrogen, Metals, Natural gas
13/11/24

Argentina's government today withdrew its delegation from the UN Cop 29 climate summit in Baku, Azerbaijan.

The country's foreign affairs ministry confirmed to Argus that the delegation had been told to leave the event, which began on 11 November and will run through 22 November.

No reason was given for the decision, but it fits the general policies of President Javier Milei, who has expressed skepticism about climate change.

Milei eliminated the country's environment ministry shortly after taking office in December 2023. He is also pursuing investment to monetize oil and gas reserves, with a focus on the Vaca Muerta unconventional formation. Vaca Muerta has an estimated 308 trillion cf of natural gas and 16bn bl of oil, according to the US Energy Information Administration.

In October, the government created the Argentina LNG division with a plan to involve private companies and the state-owned YPF to produce and export up to 30mn metric tonnes (t)/yr of LNG by 2030. It wants to export 1mn bl of crude. The plans are closely linked to a new investment framework, known as RIGI, that will provide incentives for large-scale investments.

The administration is also pushing hard for investment in critical minerals, including copper and lithium. Argentina has the world's second-largest lithium resources, estimated at 22mn t by the US Geological Survey. It has copper potential that the RIGI would help tap.

The government has not specified if pulling out of Cop 29 means Argentina will withdraw from the Paris Agreement, which Argentina ratified in 2016.

The country's nationally determined contribution calls for net emissions not to exceed 359mn t of CO2 by 2030. This represents a 21pc reduction of emissions from the maximum reached in 2007.

By Lucien Chauvin

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03/12/24

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German stakeholders doubt power plant strategy passing

03/12/24

German stakeholders doubt power plant strategy passing

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Australia’s BHP and APA partner to cut GHG emissions

03/12/24

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French government faces no confidence vote

02/12/24

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Mexico central bank flags 2025 growth uncertainty

02/12/24

Mexico central bank flags 2025 growth uncertainty

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