For achieving carbon neutrality in the world by 2050, all countries need to spend in total at least 7 trillion US dollars per year. Such data, with reference to analytical companies, was provided by Vladimir Drebentsov, Chief Adviser to the Director General of the Russian Energy Agency of the Ministry of Energy of the Russian Federation. However, the global economy cannot afford such expenses, otherwise it will have to significantly reduce investments in other areas.

He recalled that energy remains the main source of greenhouse gas emissions into the atmosphere, accounting for up to 70% of all emissions.

“It is obvious that the energy transition will take place both in the world and in Russia. The only question is when this will happen and how long this transition will take”, said Vladimir Drebentsov.

According to him, analysts of the Russian Energy Agency have concluded that the energy transition will be based on increase in the use of electricity. Consuming secondary hydrogen produced from other energy resources and nuclear energy will also increase significantly.

Vladimir Drebentsov believes that in all possible development scenarios for the energy transition, gas will play one of key roles. In particular, with the growing use of renewable energy sources, sooner or later there will be a problem of their integration with other sources, for ensuring stable operation of the energy system of a particular region as a whole. And in this situation, you cannot do without gas, he believes.

Other participants in the Session noted that so far traditional sources occupy the significant place in the structure of global energy consumption. According to Valery Bessel, Executive Vice-President at the NewTec Services Group of Companies, Professor at Gubkin Russian State University of Oil and Gas (NRU), coal accounts for 26.9% of total consumption, oil – 30.9%, natural gas – 24.4%.

Irina Pominova, Director of the Centre for Green Economy and Energy at the Centre for Strategic Research, told about measures taken at the international level, for reducing emissions into the atmosphere.

In particular, the UN Framework Convention on Climate Change assumes gradual abandonment of coal generation by developed countries that are not equipped with carbon capture systems by 2030. More than 50 countries have joined this convention. There is also the Global Methane Commitment, which implies 30% reduction in methane emissions by 2030, compared to 2020. 100 countries have already joined this commitment, and their number will grow.

However, not all countries are ready to make such commitments now. Irina Pominova recalled that, for example, India opposes the complete abandonment of coal. Russia has recently stated that it does not support the plan of abandoning fossil fuels.

“We oppose provisions that discriminate in any way or call for the phasing out of any particular energy resource or fossil fuel”, said the Russian Federation in the statement sent to the UN in October this year.

In turn, major energy companies are quite actively involved in discussing the sustainable development agenda. For example, “Shell” plans to invest up to 4 billion US dollars in its Renewable Energy business area in 2023. However, the share of green investments will not exceed 12% of the total amount of the company’s investment program, according to Mikhail Yulkin, CEO of “CarbonLab” LLC.

Herewith, Denis Demin, Acting Director of the “Gazprom Neft” Directorate for Strategy, Innovation and Sustainable Development, notes that energy companies quite often declare their plans to achieve carbon neutrality, but do not explain in detail how they are going to do this. Denis Demin added that. as a rule, the planning horizon is limited to 2030.