RUSSIALINK: “Russia needs to diversify energy exports amid developing global climate agenda” – Interfax

Oil Well file photo

MOSCOW. Dec 22 (Interfax) – Russia needs to develop its domestic market and diversify energy exports amid the rise in the global climate agenda as well as the decline in energy demand owing to advances in technology, Russian Deputy Prime Minister Alexander Novak said during a meeting with President Vladimir Putin.

“As part of climate resilience, certain requirements are being established for a carbon-free economy and carbon-free neutrality that many countries are announcing by 2050, and some countries have already announced such goals and objectives. This will of course substantially affect demand for traditional energy resources. The second trend is an excess of resources globally as a result of advancements in technology that will also affect the decline in demand,” Novak said.

“Therefore, based on these trends, I believe that we need to focus our efforts on two areas, those being on developing the domestic market, on the one hand, as well as on diversifying our [energy] exports, on exports associated with added value in the processing of hydrocarbons as well as on new energy,” the deputy prime minister said.