Russia Faces Huge Revenue Losses From Renewables Push, Finance Minister Warns – The Moscow Times

“Russia must prepare for major revenue losses brought by a global push toward renewable energy and subsequent fall in demand for fossil fuels, Finance Minister Anton Siluanov warned in an interview with Bloomberg on Thursday.

The rising share of renewables in the global energy market and carbon pricing measures could lead to “radical changes in the global energy balance,” Siluanov said, citing Finance Ministry models.

Russia is the world’s top energy exporter and its economy is heavily dependent on oil and gas, with revenues from oil and gas exports expected to comprise around 40% of Russia’s state budget in 2021.”

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By Domenico Colace
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