October 12, 2022

Nikolay Shulginov: “Low-carbon energy presents both challenges and opportunities”

12 October (Moscow) – At a panel session entitled “Low-Carbon Energy Around the World: Crisis as a Time of Opportunity” on the venues of Russian Energy Week (REW 2022), Nikolay Shulginov spoke of the relevance of the low-carbon agenda for Russia’s fuel and energy sector.

“It’s important to realize that low-carbon energy presents both challenges and opportunities. These days, some countries are beginning to understand the need for investment in traditional energy, whilst others realize that a balance between traditional and renewable energy is required – each country chooses its own path according to its goals. But the main goal is achieving net zero,” said the Head of the Ministry of Energy.

The Minister noted that to date no country has announced its withdrawal from the Paris Climate Agreement and that the Agreement remains in effect and relevant both for Russia and for other participating countries.

“The challenge facing us, as set by the President, is to achieve net zero by 2060. And Russia is going to continue moving towards this goal,” said the Minister.

Nikolay Shulginov said that Russia already has one of the best energy mixes, with 39% low-carbon power generation and 47% gas generation.

The Minister added that in the future, the move towards net zero would involve not only the development of low-carbon sources but also a number of measures linked to technological advances.

“We anticipate that by 2050 we’ll achieve an energy mix whereby 38% will be gas generation, around 25% will be nuclear, 20% will be hydropower and 10% will be from renewable sources,” he said.

Responding to a question about the development of hydrogen energy, the Minister noted that almost all countries were pursuing that.

“We realize that there are a number of challenges involved in its rollout, including the high cost. But it is a potentially important source of energy, and we need to continue working on increasing the efficiency of hydrogen use,” said the Minister.

Nikolay Shulginov concluded that green energy should be cheaper and that it should not create any additional burden on consumers.

Read more about the Forum’s business programme on: rusenergyweek.com

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