Abstract
Russian energy sector is suffering from the economic, financial, and political sanctions imposed by the United States and the European Union. These sanctions have prevented Russia from accessing oil and gas resources and from exporting natural gas. Low oil prices, combined with sanctions against Russia, can be blamed as a possible cause of Russia’s collapse as an energy producer and consumer. However, the country is struggling to modernize its energy balance. Specifically, Russia’s major modernisation efforts have focused on the energy sector and related industries and services. In support of economic growth and social development, the 2003 Energy Strategy made substantial investments in energy infrastructure, such as the construction of new power stations, transmission lines and power plants. This paper focuses on the recent innovation and modernization trends of the Russian energy sector. It discusses the history and the developments in this sector up to this day, provides some insights into modernization efforts of the sector and describes the perspectives for the deployment of the renewable energy sources.
Highlights
In some cases, renewable energy is needed and governments encourage people to invest in it and use it
This paper focuses on the recent innovation and modernization trends of the Russian energy sector
As for renewables, by incentivizing them the Russian government can determine its energy balance, which is quite difficult without a decarbonization agenda
Summary
Renewable energy is needed and governments encourage people to invest in it and use it. Energy policy decisions are based not on the opinions of an individual or group of people, but on a national consensus These partnerships work closely with state, local and federal authorities, as well as private sector partners, to facilitate the development of new projects and promote their environmental and economic benefits [3]. The Biden administration underscored its commitment to reducing greenhouse gas emissions when it announced the United States' commitment to formally join the Paris Agreement in February 2021 This development came as no surprise due to the intention to accelerate the development of renewable energy sources and reduce the country's dependence on fossil fuels such as coal, oil, and gas. This paper draws from the experience of the Western countries and discusses the lessons and implications for the Russian energy sector
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