Russia is shifting its climate strategy with the aim of becoming carbon-neutral by 2060.
The announcement made by President Vladimir Putin came shortly before the COP26 climate meeting and it included notice that the Russian government will be adopting an energy transition action plan by the end of this year.
For its new climate strategy, Russia will need to undergo heavy restructuring of the economy due to the country’s reliance on oil and gas revenues.
But Russia’s major oil and gas companies have already pledged their readiness to change and start shifting towards cleaner energy sources.
For instance, oil major Rosneft plans to reduce upstream emissions intensity by 30% by 2035. Multinational energy corporation Lukoil has set similar targets of slashing its greenhouse gas emissions by 20% by 2030.
On the other hand, there are also those opposing the energy transition, claiming that it may lead to greater market volatility. In fact, there are voices speaking in favor of taking advantage of the warmer temperatures for oil and gas development, particularly in the Arctic region.
Key Features Of The Climate Action Plan
Although an official action plan is yet to be put together and approved by the government, some analysts have already made predictions as to what key areas Russia will likely focus on.
Many expect a strong emphasis to be made on the country’s natural carbon sequestration potential – its vast forests. It is likely officials will propose to enhance their efficiency and possibly increase reforestation efforts.
Other likely elements include ramping up the use of renewable energy sources, which are currently responsible for less than 1% of the country’s total power supply. Low-carbon nuclear energy is also likely to see an increase in its total share from 20% potentially up to 25%.
And finally, Russia may start moving away from coal and replacing it with natural gas as a means of reducing methane emissions.
But while the above is still in the realm of speculations, one thing that is certain is Russia’s intentions of developing a significant hydrogen industry to protect itself from the decline of fossil fuels.
In fact, a government roadmap targets 20% of the global market share by 2030.
And seeing as how it is very likely that Russia will be relying on natural gas as the primary source for its hydrogen, the Energy Ministry has already made its case for the use of carbon capture technology, which will eliminate up to 90% of emissions.