Russia to spend $1.Three trillion on transition to environmentally pleasant vitality sources over 28 years – Deputy PM forward of COP26

Ahead of the COP26 UN Climate Change Conference, Moscow has revealed it should spend over a trillion {dollars} over the following three many years to maintain up with the worldwide vitality transition in direction of extra environmentally pleasant sources.

Speaking to Moscow every day Kommersant, Deputy Prime Minister Andrey Belousov mentioned that the world’s motion in direction of greener vitality has already begun, and Russia plans to play a big function in it.

“Our entire intensive energy transition strategy costs about 90 trillion rubles ($1.3 trillion) over 28 years. That means 3.2 trillion ($46 billion) a year,” Belousov specified, noting that it sits at round 3% of GDP.

According to the deputy prime minister, the vitality revolution has already began and is “unlikely to be stopped,” so Russia ought to benefit from its benefits, particularly with reference to already present nuclear and hydrogen know-how, suggesting that the nation’s fuel pipeline infrastructure, similar to Nord Stream 2, could possibly be used to pump hydrogen.

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“The demand for hydrogen is colossal. It is already about 120 million tons a yr. According to our estimates, we are able to take over 20% of the world hydrogen market in 20 years,” he said.

With such a large part of Russia’s GDP relying on energy exports, Moscow is incentivized to stay ahead of the global transition. In September, head of SberBank Herman Gref warned that achieving carbon neutrality by 2050 could result in a $192 billion drop in Russian energy exports.

In recent times, Moscow has been more serious in its rhetoric about tackling climate change, and President Vladimir Putin has subsequently pushed the country towards embracing the energy transition. However, despite his newfound green drive, it was revealed last week that Putin will not attend the upcoming COP26 UN climate change conference in Glasgow in person. Russia will, however, send a large delegation, and Putin is expected to participate via video link.

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