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Hydrocarbon energy sector assessments in Russia too optimistic, says Rusnano CEO

The global peak of coal consumption is estimated to be achieved in the 2020s, followed by the global peak of oil consumption in the 2030s and the global peak of gas consumption in the 2040s, Anatoly Chubais noted

MOSCOW, November 13. /TASS/. The assessment of hydrocarbon energy segment prospects in Russia is overoptimistic, Chief Executive Officer of Rusnano company Anatoli Chubais says on Friday at the Horizons international corporate forum.

"My overall assessment for us, for our country is that if you ask me in broad terms, when [the hydrocarbon era in energy] ends… this will be like in a popular cowboy saying - ‘When the horse is dead, dismount.’ So, is it dead or not yet? Certainly not... but It seems to me our over-optimistic assessments of hydrocarbons prevail over the meaningful estimates," the top manager said.

The global peak of coal consumption is estimated to be achieved in the 2020s, followed by the global peak of oil consumption in the 2030s and the global peak of gas consumption in the 2040s, Chubais noted.

"The energy industry is talking now about the term named "the global energy transition," which will take place in 20-30 years to come. Its essence is very simple. This is the gradual abandonment of hydrocarbons in the energy sector," Chubais said. "The global energy transition and the worldwide de-carbonization is the deterministic trend," he said.

The fuel and energy segment is important for Russia, accounting for 20% of the economy, 40% of the budget, and 60% of exports, the top manager said.

"The end of the hydrocarbons era means the end of dependence on Russia for Europeans, while the end of the hydrocarbons era for us means loss of a huge portion of the economy. We must react sharper and stronger in this sense," Chubais added.