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Leaders from across America are attending a summit in Los Angeles this week to discuss, among other things, how to build a sustainable future. One of the questions that hung in the meeting was: Does oil and gas have a place in that future?

Argentina, like many other middle-income countries sitting on large fossil fuel reserves, seems to be hoping for that.

In recent years, the country plans to substantially expand renewable energy infrastructure. With the help of China, recently Installed South America’s largest solar power plant. But right now Argentina is desperate for cash. That is, it benefits from something the world is willing to pay a lot of money for: oil and gas.

This is the result of two major world crises. The pandemic has left some countries deeply indebted, while the war in Ukraine has caused global oil and gas prices to soar. For Argentina and many other Latin American countries, cashing in on global energy demand is an unexpected opportunity for a much-needed break.

Argentina’s oil production increased 14% in the first quarter This is the fastest pace of the year in more than a decade. In the same period, shale gas production increased by more than 60 percent.

Now, country leaders want to accelerate the development of the Vaca Muerta project in Patagonia, one of the world’s largest shale gas fields.

It has an older and larger debt than most of Argentina. But it is in a better position to capitalize on the moment because most of its output comes from rapidly growing shale projects. Countries that have offshore oil and gas reserves and are more expensive to extract cannot easily make long-term plans according to recent price increases.

Still, Argentina isn’t the only country in the region to seize this moment.

The most striking example is Venezuela. Rich in oil reserves, the country has been largely cut off from major overseas markets due to Western sanctions. But over the weekend, news broke that the United States had given the green light to two European companies. Starting small oil shipments from Venezuela to Europe. (Venezuela was not invited to the summit.)

Brazil and Guyana, which invest in deep-water oil and gas projects, are expanding production. And Peru is increasing Export of liquid natural gas to Europe and talking about Tapping oil fields in the Amazon rainforest.

All this against the background of a clear warning from the International Energy Agency. Last year, the organization said it could be no new fossil fuel development if the world is to limit global temperature rise to below 1.5 degrees Celsius by the end of the century. Beyond this threshold, the dangers of global warming grow significantly, including worsening flooding, drought, wildfires and ecosystem collapse.

It’s an awkward moment for Latin American leaders in Los Angeles who want to show that they take climate change seriously. As a matter of fact, the theme of the Americas Summit is “Building a Sustainable, Resilient and Fair Future”.

I asked Ariel Kogan, energy policy adviser to the Argentine president, if there was a conflict between a sustainable future and pulling more fossil fuels off the ground. He said Argentina contributes less than 1 percent of the world’s emissions and cannot be asked to make difficult choices when rich countries do not do their part in the climate fight.

“The economic realities of developed countries are not compatible with this goal,” he said. “There is no dilemma for Argentina. This is a problem for the great powers of the world.”

Kogan said Argentina’s comprehensive energy transition plan should be put on hold. Increasing solar and wind power generation would mean “importing this equipment that the country doesn’t have the resources to do,” he said.

Argentina’s current situation symbolizes that climate activists’ pressure to keep fossil fuels in the ground is not as great as dictated by the challenges of fully developing low- and middle-income economies. Especially when there is no money for green investments.

Daniel Dreizzen, a former energy planning secretary in Argentina, said he couldn’t imagine a future where countries like Argentina left their reserves untouched. He said the percentage of renewable energy in Argentina’s energy matrix would likely increase, but that would not necessarily mean producing less fossil fuels.

Everyone wants to change the system,” he said. “The problem is no matter how fast and at any cost.”

Missing reporter: A British journalist and a Brazilian expert went missing in a remote part of the Amazon. The expert had taken a series of threats.

‘Only bad options’ in oil prices: President Biden’s trip to Saudi Arabia is unlikely to reduce the cost of oil and gas, and it’s unclear how much. something else he could do would also work.

Protecting New Zealand’s biodiversity: A few years ago, the country promised to get rid of most non-native predators. Now some people asking if this goal is possible.

from outside The Times

Before I Go: The Twilight of NIMBY

Suburban homeowners like Susan Kirsch have been accused of worsening the nation’s housing crisis by objecting to new housing developments, particularly apartments (“not in my backyard”). Now, across the country, cities and states are trying to quell the power of neighborhood activists like Kirsch, a 78-year-old retired teacher in Mill Valley, California, who has made it his mission to tackle new developments around his home. He and his allies don’t give up easily.

Thank you for reading. We’ll be back on Friday.

Somini Sengupta, Claire O’Neill, and Douglas Alteen contributed to Climate Forward. You can view and share website version is here.

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