Russian deputy PM outlines future of world’s energy supply

The world will still be dependent on petroleum, coal and natural gas for at least five more decades despite the transition to alternative energy sources, Russian Deputy Prime Minister Alexander Novak said on Friday, during his speech at a forum on the subject.

“Talking about hydrocarbons, in our opinion, and this, probably, our oil companies will confirm, ... I think that for more than 50 years they will hold a dominant position in the energy balance, and then it will be possible to see,” Novak said, as quoted by TASS.

He noted that coal has retained a significant share in the global energy balance, even after the emergence of new energy sources. “The same coal, the share of which was 90% in the energy balance at the end of the 19th century, has not gone anywhere today, despite the fact that oil, gas, sun, wind, hydrogen have appeared.”

Novak indicated that coal currently comprises 25% of the global energy balance, while oil stands at about 26% and gas 28%. “Maybe when the sun and wind take their share on a larger scale – say, a third of the energy balance – it will still require 15% or 20% of each type of hydrocarbons, they won’t disappear.”

According to Novak, he hasn’t seen a single forecast, neither from the International Energy Agency or from leading scientists, where the energy balance of the future would consist only of clean energy sources.

At the same time, the energy transition itself will continue despite the current slowdown, he anticipated. “Obviously, there is a trend that the energy balance will change, and we can’t get away from this. Yes, it can be slower, this year this energy transition has slowed down due to a shortage of energy resources on the market for various reasons. Anyway, it will be faster or slower – it will depend on the development of science and technology,” the Deputy PM explained.

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