The Russian government had previously prolonged its programme to support renewable energy sources to 2035 – an 11-year extension.
“The aim of securing about a 5 % share for renewable energy sources in the country’s energy balance by 2035 is wholly reasonable and achievable on the basis of a series of considerations,” Byun told Global Energy.
Russia, he said, had everything it needed to reach that goal.
“The opportunity base exists in that there is more than sufficient renewables potential across the various platforms: wind, solar, geothermal, run/river hydro – not reservoir hydro, waste-to-energy, kinetic conversion etc.,” he said.
According to Industry experts, he said, “barely 10 % of the economically feasible renewable energy potential in Russia is currently being utilised, leaving much more potential that is practically achievable”.
Byun said that renewables had “a much simpler, quicker and cheaper timeline. Whereas a coal power plant typically takes 3-5 years…and requires financing of $1 billion plus, solar can be done in a few months in the sub millions. Of course, these are smaller, but such renewables can be replicated in multiples.”