Putin urges new energy approaches

  • Market: Crude oil, Emissions, Hydrogen, Natural gas
  • 21/04/21

Russia needs "new integrated approaches" to the development of the energy sector including nuclear power generation and hydrogen, Russian president Vladimir Putin said in his annual state of the nation address today.

Addressing members of the government and both chambers of the Russian parliament, Putin said that Russia needs to respond to "the challenges of climate change" and "adapt its agriculture, industry, housing sector and infrastructure to them". It also needs to "create a new industry for carbon emissions utilisation, ensure [emissions] reduction and introduce tough control and monitoring".

Russia's energy sector remains dominated by hydrocarbons, although officials have recently been saying that Moscow intends to play its part in the transition to a low-carbon energy system. Deputy prime minister Alexander Novak said in December that Russia plans to use its fossil fuel resources and nuclear technology to become a "world leader in production and exports of hydrogen" by 2035.

Russia aims to develop technology to produce hydrogen from natural gas using nuclear energy and to develop other low-carbon methods of hydrogen production. Deputy energy minister Pavel Sorokin said earlier this month that Russia is eyeing a 20-25pc share of global hydrogen trading by 2035. Rosneft, Lukoil and Gazprom have all said in recent weeks and months that they are evaluating the viability of hydrogen projects.

Most of Russia's leading oil and gas firms have already committed to emissions reductions, while the country's fifth-largest crude producer Tatneft has committed to carbon neutrality by 2050, following the lead of a number of big international firms. At the same time, Russian oil companies still plan to increase oil production once Opec+ deal restrictions on crude output are lifted.

The Russian parliament has approved a bill that requires major emitters to report their greenhouse gas emissions. But the legislation does not envisage any measures to ensure reduction.


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27/05/24

Japan firms study carbon neutral fuels for auto sector

Japan firms study carbon neutral fuels for auto sector

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Hydrogen industry looks on the bright side


24/05/24
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24/05/24

Hydrogen industry looks on the bright side

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Brazil Climate Fund can grow threefold: Bndes


24/05/24
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24/05/24

Brazil Climate Fund can grow threefold: Bndes

Sao Paulo, 24 May (Argus) — Demand for Brazil's Climate Fund is three times larger than the R10.4bn ($2.02bn) it currently holds, the president of the country's development bank Bndes said on Thursday. "We have a growing demand [for the fund]", president Aloizio Mercadante said during an event held by Rio de Janeiro state's industries federation. "We will perhaps expand the fund, because demand is already three times greater than what we have." Mercadante called on industries and entrepreneurs to present "good, bold projects." The Climate Fund is linked to Brazil's environment ministry and managed by Bndes. It was created in 2009 and uses resources from oil and natural gas exploration to mitigate and combat climate change. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Q&A: Oman Shell to balance upstream with renewables


24/05/24
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24/05/24

Q&A: Oman Shell to balance upstream with renewables

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We have been historically and predominantly focused on east and we continue to see east as core LNG market with focus on Japan, Korea, and China. Europe has also emerged on the back of the Ukraine-Russia crisis as growing demand center for LNG. Over time we might focus on different markets to a certain extent. It will be driven on maximising value for the country. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Indonesia plans 15mn electric vehicles on roads by 2030


24/05/24
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24/05/24

Indonesia plans 15mn electric vehicles on roads by 2030

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