Russia comments on global energy future

Fossil fuels will continue to play a dominant role for at least half a century, Deputy Prime Minister Novak says

The world will still be dependent on oil, coal and natural gas for at least another five decades despite the transition to alternative energy sources, Russian Deputy Prime Minister Alexander Novak said on Friday during his speech at the a forum on the subject.

« Speaking of hydrocarbons, in our opinion, and this, probably, our oil companies will confirm, … I think that for more than 50 years they will occupy a dominant position in the energy balance, and then it will be possible to see « , Novak said, quoted by TASS.

He noted that coal has retained a large share in the global energy balance, even after the emergence of new energy sources. « The same coal, whose share was 90% in the energy balance at the end of the 19th century, has gone nowhere today, despite the appearance of oil, gas, sun, wind, hydrogen. »

Novak said coal currently accounts for 25% of the global energy balance, while oil accounts for around 26% and gas 28%. « Perhaps when the sun and the wind take their share on a larger scale – say, a third of the energy balance – it will still take 15% or 20% of each type of hydrocarbons, they will not disappear. »

According to Novak, he has not seen any predictions, either from the International Energy Agency or from leading scientists, where the energy balance of the future will consist only of clean energy sources.

READ MORE: EU can blame itself for energy crisis – Putin

At the same time, the energy transition itself will continue despite the current slowdown, he anticipated. “Obviously, there is a tendency for the energy balance to change, and we cannot do without it. Yes, it may be slower, this year this energy transition has slowed down due to a shortage of energy resources in the market for various reasons. Either way, it will be faster or slower – it will depend on the development of science and technology,” explained the Deputy Prime Minister.

For more stories on economics and finance, visit RT’s business section


Back to top button