Globally, Russia
continues to bolster its stance as the energy leader despite the international sanctions
pressure. Developing renewable energy and energy saving remain key to
sustainable economic development. BRICS faces the problem of underdeveloped
nuclear energy and shortages of investment in traditional energy resources.
Experts emphasize interconnections between power grid development and
sustainable economic development. They propose solutions intended to improve
the grid, security and safety, and restore the energy balance. That, in turn,
would allow for a more stable and sustainable future for all global energy market
players. That was the conclusion reached at the ‘Global
Energy as the Foundation of Economic Growth and Well-Being: In Search of
Balance’ panel at the Russian
Energy Week 2024 (REW).
KEY CONCLUSIONS
Hungary is ready to cooperate with Russia in the energy sector
“We need to
build up our cooperation. It if takes talks, we are ready for them. Hungary
should take its landlocked situation into account. We have no direct routes or
maritime routes that would link us with other countries. We have a shortage of
natural resources. We do not have many sunny days. Consequently, our country
depends on pipelines. We could engage in talks with Russian companies and, on
behalf of the Hungarian government, I must say that we view these companies as
reliable partners,” Boglarka Illes, State Secretary for the Development of Bilateral
Relations of the Ministry of Foreign Affairs and Trade of Hungary.
Developing renewable energy and energy saving
guarantee sustainable economic development
“The main
trend is to develop renewable energy simultaneously with other energy
resources. Why? Because there is the rising demand for
energy and, in Uzbekistan, this demand is increasing by nearly 6% annually,
given our economic growth rate. Our population is growing by nearly a million a
year and we predict a 7.5% energy demand growth in Uzbekistan by 2030. We have
strong wind flows, so it would be a sin to let them go to waste. Additionally,
this year, we have been developing lithium-ion storage systems. There is also a
project for building pumped-storage plants,” Jurabek Mirzamahmudov, Minister of
Energy of the Republic of Uzbekistan.
Russia is a leader in the energy sector
“Our 2050 strategy
envisions maintaining our global leadership based on cutting-edge technologies,
technological sovereignty, modernization of the oil and gas sector, the
electric power sector, on developing new logistics routes and transportation
and new port infrastructure,” Alexander Novak, Deputy Prime Minister of the Russian
Federation.
Venezuela and Russia are capable of
withstanding sanctions pressure and of serving as the basis of a multipolar
world
“Venezuela is a kind of a fortress, like Russia. Both our countries can and are withstanding powerful sanctions pressure.
Moreover, we are trying to change the global vision of the world: we want the
world to be multipolar, we want many points of view, so no one can behave
unilaterally and categorically,” Delcy Eloina Rodriguez Gomez, Executive VicePresident
and Minister of Oil of the Bolivarian Republic of Venezuela.
PROBLEMS
Global power generation shortage
“The global
energy system is very large and very complex. Every day, we see colossal
greenhouse gas emissions; every day, huge quantities of energy are consumed. Yet,
700,000 people still have no access to electricity and 2 billion have no access
to clean energy resources for cooking, and we are still short of capacities. 2023
still saw record levels of coal, natural gas and oil consumption even though
renewable energy’s share was growing,” Mohamed Hamel, Secretary General of the Gas
Exporting Countries Forum (GECF).
Solar and wind power will not be able to meet the
full global power demand; that requires continued investment in traditional
energy resources
“Investment
in renewable energy is clearly growing but its share in the global energy
balance is only 5%. Solar and
wind power will not be able to meet the full global power demand; that requires
continued investment in traditional energy resources. Sustainable economic
growth needs balanced development of both renewable and traditional energy
resources,” Alexander Novak, Deputy Prime Minister of the Russian Federation.
SOLUTIONS
Dedollarization bolsters economic independence
“Venezuela and
other countries hope to trade using their national currencies, to move away from
the dollar, to avoid the sanctions war,” Delcy Eloina Rodriguez Gomez, Executive
Vice President and Minister of Oil of the Bolivarian Republic of Venezuela.
Developing the energy industry and improving
energy security
“New research,
new R&D, new intellectual research, expanding competences in engineering institutions,
primarily in areas relating to developing the fuel and energy industry. The number
of substations, the size of the grid that is modernized and overhauled annually,
all these things are growing. This applies to all voltage types. New technologies are being introduced. These involve digitization and digital technologies. Using energy storage systems,
transitioning to better grid management for the entire fuel and energy
industry. The NPP in Belarus has produced this synergetic effect. It means improved
energy security and sustainable development of the energy industry. And it also
means developing competences and improving or bolstering the technological
sovereignty of Belarus and of the Union State as a whole,” Viktor Karankevich, Deputy
Prime Minister of the Republic of Belarus.
Natural gas should be viewed not only as
transitional fuel but as a key element of the future energy sector
“Natural gas
is not only transitional fuel. It is not merely a bridge into the future, it is
a key component of this very future,” Mohamed Hamel, Secretary General of the Gas
Exporting Countries Forum (GECF).
Joint responses to sanctions pressure as
sustainable development guarantees
“We are not
the Pentagon’s strategic partners. On the contrary, we are their enemy, their
sanctions are directed against us. We need to develop the oil industry because
it is linked not only to the economy as a whole but to our countries’ security.
This is a strategic sector. Today, our country, our people are fighting
a battle for our survival as a nation, as a country; we are defending and
protecting our sovereignty and independence. We should resist this sanctions
mechanism. We should resist it together and thus ensure sustainable
development,” Delcy Eloina Rodriguez Gomez, Executive Vice President and Minister
of Oil of the Bolivarian Republic of Venezuela.
* This is a
translation of material that was originally generated in Russian using AI.
For more
information, visit the Roscongress Foundation’s Information and Analytical
System at roscongress.org.
