“According to forecasts by the BRICS energy research platform, fossil fuels will account for 70 % of the energy balance by 2040,” Novak told a meeting of BRICS energy ministers in Moscow. “I am particularly pleased to quote these figures because they were prepared by our experts.”

Novak told the meeting it was vital at the moment to develop all principal sectors of energy, both traditional and renewable sources.

“We see that some countries are emphasising “green” energy as the way to solve the crisis,” Novak said.

“However, to meet global demand for energy, there has to be a balanced development of all sources, including hydrocarbons, nuclear and renewable energy. It is important that Russia, like all BRICS countries, follow the trend in all these sectors.”

Russia, he said, already had “one of the most diversified and environmentally clean energy balances in the world.

“We have practically all forms of energy production. Gas accounts for about 46 %, nuclear 19 %, hydroelectric and coal about 18 %. And in terms of gas and coal, the most important element is combined production of thermal and electric and power and that enables us to achieve the maximum possible rate of energy conversion efficiency.”