Renewable Energy Unlikely To Replace Fossil Fuels Even In Long-Term - Rosneft CEO

Muhammad Irfan Published October 28, 2021 | 05:43 PM

Even in the long term, renewable sources of energy will not be able to fully substitute hydrocarbon fuels, and the commitment to the first is not supported by reliable technologies, Russian oil company Rosneft CEO, Igor Sechin, said on Thursday

VERONA (UrduPoint News / Sputnik - 28th October, 2021) Even in the long term, renewable sources of energy will not be able to fully substitute hydrocarbon fuels, and the commitment to the first is not supported by reliable technologies, Russian oil company Rosneft CEO, Igor Sechin, said on Thursday.

"The faith in the limitless power of renewable energy is not yet backed by reliable technologies... Even in the long run, renewable energy will not be able to replace conventional energy sources," Sechin said at the Eurasian Economic Forum in Verona, Italy.

He went on to say that serious technological breakthroughs are vital for the energy transition. The research into and search for new less energy-intensive and toxic materials are also needed for energy generation and storage. Developing new materials, according to Sechin, is no longer an energy issue, but a question of a change in the structure of the economy.

The Rosneft CEO noted that carbon neutrality that the world seeks to reach by 2050 will not prevent climate change.

"It is necessary now to make decisions about the actions beyond 2050 and prepare for more large-scale changes linked to the energy transition," Sechin said.

The energy transition, for its part, must be based on real economic patterns, but not on the claims of eco-activists.

"The energy transition must be based not on the requirements of climate activists, but on real economic regulations to ensure income on investments and a long-term value growth simultaneously meeting the demand for energy sources and decrease in emissions," Sechin said.

Sechin's comments come on the cusp of the COP26 climate conference, set to launch October 31 in Glasgow, Scotland, where nations are expected to renew their commitments on carbon neutrality and set out targets to avert the worst effects of climate change.