MOSCOW (Pakistan Point News / Sputnik - 22nd September, 2020) The global investments in renewables have grown by 5 percent in the first half of 2020, while capital expenditure in the oil and gas sector diminished by some 30 percent, Russian Energy Minister Alexander Novak said on Tuesday.
"Despite the shocks [suffered] by the global economy at the beginning of 2020 due to the COVID-19 pandemic, the government of many countries and major energy companies increased investments in the integration of green technologies, while also tightening the requirements in terms of emissions and reporting. The growth of investments in renewables in the first half of 2020 amounted to 5 percent, while the investments of companies in exploration and production declined by 20-30 percent," Novak said at the Clean Energy Ministerial 11 meeting, held virtually.
Russia supports the global efforts toward sustainable development and carbon neutrality, while the largest Russian energy companies are working on the reduction of their carbon footprint, according to the minister.
Even though Moscow is one of the biggest oil and gas producers, its energy mix is quite diversified.
"We have almost all types of energy production. The share of gas amounts to some 46 percent, nuclear energy to 19 percent and coal and hydropower to 18 percent each," Novak said.
Russia is looking into expanding its nuclear and hydrogen energy production, the minister added.
