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Venezuela’s digital currency to fund clean energy

VENEZUELA’S Foreign Minister Jorge Arreaza told the New Delhi summit meeting of the International Solar Alliance (ISA) at the weekend that his country’s new digital currency will underpin its investment in renewable energy.

”The petro will be the mechanism by which solar energy projects will be financed through Petrocaribe,” he said.

“Venezuela has a great responsibility to develop solar energy despite being an oil producer. The socialist ethic tells us that we have to look for new types of clean energies,” Mr Arreaza added.

The Venezuelan delegation of Oil and Mining Minister Vielma Mora and Foreign Trade Minister Manuel Quevedo agreed to strengthen ties with India.

The two states are “joining efforts in the search for clean and sustainable energies that guarantee an energy supply in the future without being impacted by the climatic consequences for the planet,” said Mr Arreaza.

He insisted that the petro will have “all the capabilities of the joint ventures of the international organisation Petrocaribe Solar, which will be for all of Latin America and the Caribbean.”

India is already one of the largest buyers of Venezuelan crude oil.

The ISA is a treaty-based intergovernmental alliance comprising 121 solar resource-rich countries between the tropics of Cancer and Capricorn, covering a majority of the African continent, parts of South America, India, China, Myanmar, Oman, Bangladesh and Australia.

It was launched at the United Nations’ Paris conference on climate change in 2015.

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