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The parties discussed possible areas of cooperation in hydrogen energy

Alexander Novak meets with Chairman of Fortescue Metals Group Andrew Forrest

Russia places a special emphasis on the climate agenda today, Deputy Prime Minister Alexander Novak noted.

“We realize that the energy transition is going to happen, while Russia intends to keep its leadership in the energy market. Although the Russian Federation is a hydrocarbon country accounting for about 20 percent of the world oil and gas market, we also plan to occupy 20 percent of the hydrogen market in the future. This is a very promising area. We are also promoting gas liquefaction: Russia’s share in the world LNG market has reached about 7 percent, up from 4 percent not so long ago. And we are planning to boost it to 20 percent in the next 10 years. We are also developing renewable energy sources – solar and wind power generation, ”Alexander Novak said.

According to the Deputy Prime Minister, hydro and nuclear energy deserves special attention.

Alexander Novak meets with Chairman of Fortescue Metals Group Andrew Forrest

“We regard nuclear energy as a clean energy source, which should take up a significant share of the energy mix in the future. Even today, Russia is a leader in building large generators with a capacity of 1000-1200 megawatts. Strategic work is underway to create small nuclear energy units, from 5 to 100 megawatts. We believe those will be actively used, including to supply power to remote villages, ”Alexander Novak added.

Following the meeting, the parties decided to set up a working group to discuss possible areas of cooperation in hydrogen energy.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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