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Global energy crisis caused by underinvestment in oil and gas sector, says Rosneft CEO

It is reported that oil and gas continue to be the world’s main source of energy and they provide more than 50% of global demand

BAKU, October 27. /TASS/. Rosneft CEO Igor Sechin believes that the current energy crisis plaguing the world has been triggered by underinvestment in the oil and gas sector, not by the events in Ukraine or the coronavirus pandemic. He expressed this view speaking at the 15th Verona Eurasian Economic Forum in Baku on Thursday.

"The sources of today’s artificially created energy crisis are not from the events in Ukraine or from the pandemic but in a huge underinvestment in the industry, which is in particular caused by the irresponsible and adventuristic policy of the accelerated "green" transition, along with the ongoing anti-Russian sanctions and inflation in general. Now, many realize that the "green" transition policy has nothing to do with resolving climate issues. At present, the technologies required to implement a truly effective transition from conventional energy to low-carbon energy are not available," Sechin said.

According to Rosneft CEO, investments in renewable energy, which amounted to $2.6 trillion over the past seven years, did not generate results, as the share of renewable sources increased by three percentage points over the same period.

"Here lies the reason for underinvestment in traditional energy and the current state of the global energy market," he explained.

Meanwhile, oil and gas continue to be the world’s main source of energy and they provide more than 50% of global demand, while coal accounts for an additional 36%.

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