Abstract
This article provides an overview of Russian energy policy in the context of the global energy transition. Russia, ranking fourth in the world in primary energy consumption and carbon dioxide emissions, adheres to the strategy of “business as usual” and relies on fossil fuels. Decarbonization of the energy sector is not yet on the horizon: a skeptical attitude towards the problem of global climate change prevails among stakeholders. GDP energy intensity remains high, supported by relatively low energy prices and high cost of capital. The share of solar and wind energy in the energy balance is insignificant and is not expected to exceed 1% by 2040. The challenge for Russia in the coming years is to develop a new strategy for the development of its energy sector, which enters a zone of high turbulence—even in the absence of the influence of the climate change agenda—due to increasing global competition, growing technological isolation, and financial constraints.
Highlights
Energy transition, in a broad sense, can be defined as the or fourth, in a series of similar fundamental structural transformations of the global energy sector
The second energy transition is associated with the spread of oil—its share rose from 3% in 1915 to 45% in 1975—and the third led to the partial displacement of both coal and oil by natural gas
Today we are witnessing the beginning of the fourth energy transition: the share of renewables as a percentage of total primary energy consumption was 3% in 2017, but it is expanding very quickly
Summary
In a broad sense, can be defined as the or fourth, in a series of similar fundamental structural transformations of the global energy sector. Energy transition is driven by a complex of different drivers: the climate agenda, technological progress and the availability of new technology solutions able to dramatically increase the efficiency of the energy sector and transform its traditional way of functioning, the desire among all countries to ensure the competitiveness of their national economies and boost their development of affordable energy, and last but not least, the need to increase energy security. Achieving these objectives involves addressing the three pillars of the energy transition—the so-called three D’s: decarbonization, decentralization, and digitization.
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