Chubais assessed the damage to Russia due to the refusal of hydrocarbons at 10% of GDP

by time news

The losses of the Russian economy due to the refusal of the leading countries of the world to use raw materials based on hydrocarbons can reach 10% of GDP, said Anatoly Chubais, special representative of the president for relations with international organizations to achieve sustainable development goals during the seminar “Mechanisms of state carbon regulation: what are the possible consequences for the Russian economy? “

He explained that for most of the world’s economies, a “global energy transition” – “reducing CO2 emissions in the economy” – is associated with an increase in their efficiency, including energy efficiency. For Russia, whose federal budget revenues from hydrocarbons exceed 40%, it is a matter of existence without the involvement of currently basic industries. In this sense, its economy is “much more vulnerable.”

Chubais called the main risk from the energy transition a negative impact on Russian exports. He pointed out that one of Russia’s main partners, the European Union (EU), intends to achieve carbon neutrality by 2050. The United States is following the same course, and China plans to reduce the absolute volume of coal consumption.

“The consequences of the global transition for Russian exports will be colossal. My personal estimates, while, unfortunately, my own figures, which have not been confirmed by anyone, we are talking about a figure of about 10% of GDP. This is more than serious, ”Chubais said.

At the same time, he noted that the global energy transition is associated with new prospects for Russia. Firstly, the country has “fantastic opportunities” to increase the supply of hydrogen in comparison with other states due to its production facilities and pipeline system. Secondly, Russia can offer a large amount of climatic resources for sequestration of hydrocarbons, the official said.

Earlier, HSE experts considered that carbon farming aimed at absorbing greenhouse gases could become the center of capitalization of Russia’s natural and climatic potential and allow the country to earn over $ 50 billion annually in the global carbon markets. In addition, due to its natural and climatic potential, Russia has a chance to reduce emissions, become one of the main suppliers of projects that generate units of their reduction, and make money on this, the authors of the study noted.

.

You may also like

Leave a Comment