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The Vice Prime Minister made a presentation on the topic of energy transition, held a meeting with French business, as well as a number of bilateral meetings.

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Alexander Novak took part in the events of the first day of the St. Petersburg International Economic Forum

In his report in the discussion “The future of energy. Energy Transition ”Alexander Novak noted the growing demand in society to strengthen the climate agenda in world politics and promote environmentally friendly fuels.

“This process is inevitable and depends on the pace of energy transition. More than 30 countries have announced their transition to carbon neutrality by 2060. There are various scenarios for changing the share of hydrocarbons: for some it will be 85–90%, in the scenario of sustainable development of the IEA, for example, it will decrease at a faster rate – up to 50–60%. If the scenario of carbon neutrality is implemented, then this share can be reduced to 20% within 15–20 years, ”said the Deputy Prime Minister.

At the same time, when calculating these scenarios, it should be understood that much will depend on the development of technology and science. There are still too many unresolved issues of energy development, he noted.

“The issue of energy storage systems, the cost and availability of this energy, the utilization of elements for the production of renewable energy sources has not been resolved. For example, one wind generator is three blades of 50 m each made of plastic that does not decompose. This is the output of 20 tons of waste from one generator. By 2023, in Europe alone, it is necessary to dispose of about 14 thousand wind turbines. Thus, by 2040, about 40 million tons of wind turbine elements can be accumulated, and about 80 million tons of solar cells, ”stressed Alexander Novak.

Taking into account the rather high cost of the energy transition – according to separate calculations, by 2050 it could be from 100 to 200 trillion US dollars – the implementation of this trend and the replacement of traditional sources with renewable ones is under a big question, the Deputy Prime Minister said.

“When we talk about energy transition, we also need to think about energy security and the growing needs of the population for energy. Therefore, I would not write off traditional energy sources. We must do our best to make them environmentally friendly. Russia has a clear energy policy aimed at developing both traditional sources and new clean energy. Traditional sources will form the basis of the energy balance for a long time to come, ”stressed Alexander Novak.

Traditional energy continues to attract significant investment. For example, China is commissioning a number of coal-fired power plants with a total capacity of 34 GW. “Investments in oil and gas are also growing and, I think, will grow. Oil will increasingly be used as a source for the production of consumer goods and chemicals. Nuclear energy will also take its place in the future. Now we are actively developing a new direction – small nuclear power generation, and we set a goal to become leaders in the production of atomic energy by small units from 5 to 100 MW, ”the Deputy Prime Minister said.

On the sidelines of the SPIEF, Alexander Novak took part in the signing of the key conditions for financing the project for the construction of a methanol plant with a capacity of 1 million tons per year in the city of Skovorodino, Amur Region between VEB.RF, VTB Bank and the ESN group of companies.

In addition, as part of his participation in the SPIEF, Alexander Novak met with members of the Russian-French Chamber of Commerce and Industry, and also held a number of bilateral working meetings with President, CEO of Fortum-Uniper Group Marcus Rauramo, President, Chairman of the Board of Directors of Total Patrick Pouyanne and Chairman of the Management Board of Wintershall Holding GmbH Mario Meren, during which they discussed the activities of companies in Russia and promising projects for the development of bilateral cooperation.

Alexander Novak also held a meeting with the Minister of Energy and Natural Resources of Saudi Arabia Abdel Aziz bin Salman, at which bilateral and multilateral cooperation of countries in the world market was discussed.

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

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