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August 9, 2018

BRICS Countries Aim to Increase the Share of Renewable Energy Sources

BRICS countries are among the largest exporters, producers and consumers of energy resources. Anton Inyutsyn, Deputy Minister of Energy of the Russian Federation, spoke about that in an interview with the RBK TV channel. According to Mr. Inyutsyn, BRICS accounts for almost 40% of the world’s energy consumption.

The main concern of BRICS countries today is investment in various energy projects, including green energy. “Many countries set the goal of making their fuel and energy balance more environment-friendly. The Chinese are determined to increase the share of RES, gas generation and nuclear generation up to 25% by 2030, India aims to increase the share of renewable sources up to 15% by 2022,” Anton Inyutsyn noted, adding that Russia’s energy balance is one of the most environment-friendly.

The Deputy Minister of Energy mentioned that a great number of projects are being implemented as part of bilateral cooperation with BRICS members: Power of Siberia, the largest oil refinery project and gas liquefaction plant in Yamal with China, partnership in oil refining with India, discussions with South Africa on nuclear generation and gasification in the region.

In conclusion, Anton Inyutsyn said that in 2020 the BRICS Pro Tempore Presidency will be transferred to Russia.

Environmental safety and introduction of energy-efficient technologies are key areas for the development of fuel and energy industry in Russia. That is why part of the business programme of Russian Energy Week 2017 International Forum was dedicated to these topics.

“The key global trend that Russia is focused on is the reduction of the economy’s energy consumption, primarily through broadly using modern technology and introducing energy efficient technology,” Anatoly Tikhonov, Director General of the Russian Energy Agency of the Ministry of Energy of the Russian Federation, noted during the panel session ‘The Ecological Modernization of the Energy Sector: Russia’s Strategy and International Experience’ during REW 2017. “Our country creates serious prerequisites for investments to be made in the green economy. According to the Ministry of Economic Development, the total volume of investment that the industry can absorb is about USD 6 billion a year.”

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