Russia must start now to get ready for falling demand for gas and oil: PM
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Russia must ready itself for a decline in world demand for traditional energy resources, like oil, gas and coal – the country’s key exports - Prime Minister Mikhail Mishustin said.

    Mishustin told a meeting of deputy prime ministers that it was vital to develop alternative energy sources.

    “The world economy is aiming for a gradual transition to low-carbon energy. This is already reality,” he said. “We have to get ready for a gradual reduction in use of traditional forms of fuel: oil gas, coal. We need to improve our energy efficiency, develop alternative energy, build the appropriate infrastructure.

    The prime minister added that by the end of the year a consolidated plan is to be drafted on adapting the Russian economy to the global energy transition.

    “All the associated instructions have been issued,” he said.

    The basis for this plan will be a forecast laying out the opportunities and risks of decarbonisation for the Russian economy, to be elaborated by different institutions by 1st October, First Deputy Prime Minister Andrei Belousov said.

    Belousov said this would be a long-term forecast focusing on 2050 and would become the foundation of plans and decisions taken by the government.

    “It includes parameters like the energy balance, the carbon balance, macroeconomic parameters, the rate of GDP increase, trade parameters, investments, growth in real personal incomes and other factors,” he said. “An assessment of our opportunities and risks.”

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