The European Union is showing a renewed economic and strategic interest in Latin America. A wave of new investment could boost clean energy transitions in both regions, as the EU also looks to strengthen relations and supply chains in a changing geopolitical context.<\/p>\n\n\n\n
In June, the EU announced 45 billion euros (US$48 billion) of investments during a summit with the Community of Latin American and Caribbean States (CELAC), a 33-country regional bloc. Under the banner of the Global Gateway<\/a>, the EU\u2019s global infrastructure investment strategy, more than 130 projects are set to be carried out over the next four years. These are focused on the region\u2019s renewable energy, lithium, green hydrogen, communications, transport and health sectors, among others. Some initiatives will also focus on climate change mitigation.<\/p>\n\n\n\n \u201cThe strategic partnership between the two regions is more important than ever,\u201d said European Commission President Ursula von der Leyen ahead of the EU-CELAC summit. Meanwhile, Brazil\u2019s President Lula Da Silva said that he had \u201crarely seen so much political and economic interest from the EU countries towards Latin America.\u201d<\/p>\n\n\n\n This renewed push for closer ties and investment comes as Europe looks to drive its own transition to clean energy sources, while weighing its international ties and energy security since Russia\u2019s invasion of Ukraine in 2022. It also arrives in the context of the bloc\u2019s aim of \u201cde-risking\u201d<\/a> its relations with China, diversifying suppliers and reducing its dependency on the country for critical materials.<\/p>\n\n\n\n