Russia Ministry of Energy: Pavel Sorokin: “The fuel and energy complex has all the prerequisites to maintain investment attractiveness and become the locomotive of the climate agenda”

The Russian fuel and energy complex has good preconditions and high competitive positions in the world market within the framework of the global trend towards reducing emissions, said Pavel Sorokin during the plenary session of the VIII International Forum for Technological Development Technoprom-2021.

As the Deputy Minister emphasized, it is the fuel and energy complex that has the potential to become the locomotive of the climate agenda.

“We need to understand where our competitive advantages are, what transformations we need to make in order for our products to remain competitive in the global market. As a sector, we have all the prerequisites to maintain investment attractiveness and become the locomotive of the climate agenda – the fuel and energy sector has the necessary financial resources and investments. If we look at the infrastructure, we are in a very good position in terms of prime cost and the ability to develop geographic territories with reserves. Even in the event of a decrease in demand, we can maintain our market share through investments and, most importantly, due to the fact that the oil and gas industry will continue to decarbonize and become one of the anchor customers for the economy, ”noted Pavel Sorokin.

According to him, the Ministry of Energy, together with other departments, is constantly working to increase the investment attractiveness of the fuel and energy sector, taking into account environmental trends.

“The Russian Ministry of Energy, together with other departments, carried out a large analysis, in which they segmented the sources of emissions in the economy, and also determined the cost of reducing emissions in each segment. In addition, work is underway to reduce emissions during gas transportation, as well as to develop a promising hydrogen sector of the economy, ”added the Deputy Minister.