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Russia not ready to abandon oil and gas, but looking at renewables-First deputy PM

Russia has no plans to abandon oil and gas production but will keep close watch on technological developments in renewable energy, Deputy Prime Minister Yury Borisov said in an interview with the president of the Global Energy Association, Sergey Brilev.

 “It would seem to me that this is being discussed more by countries and companies with no serious  reserves of hydrocarbon resources,” Borisov, responsible for fuel and energy issues within the government, said on Rossiya-1 television.

 “I believe that in our case, this is not a discussion for right now. At the same time, we cannot ignore the main trends that the energy balance is beginning to shift towards renewable sources.”

 He said Russia should consider optimal use of all available possibilities, without abandoning any options.

 “I think that over the next 20-30 years we will see plenty of strong, if controversial, statements. That aircraft, for instance, will all be powered by electricity,” he said. “Nonetheless, we have to look in this direction, think and deal with technology.

Borisov’s statements follow publication of a study by Britain’s oil major BP proclaiming the end of the oil era on grounds that world demand for oil had peaked last year and might never again reach levels seen before the onset of the COVID-19 pandemic. The company, the first large company to make such a declaration, said demand for oil was unlikely to rise again over the next 30 years.

Even under BP’s most optimistic scenario, oil would hit a plateau with no growth in demand.  BP has said it intends to focus on diversification of sources, including renewable energy, in order to become the world’s largest energy company.

Other major international companies are also focusing efforts on renewable projects.

According to a forecast by consultants Frost and Sullivan, this decade will prove critical for all participants in the energy industry and, within 10 years, renewal energy sources will account for more than half of industry capacity throughout the world.

 Some $3.4 trillion will be invested in renewal sources by 2030 – including $2.7 trillion in wind and solar. Over that period, the share of renewable sources will reach 54.1 % of energy capacity throughout the world (including hydroelectric)  and nearly 38 % of that will be taken up by a combination of wind and solar sources. 

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