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Global economy expected to pass peak oil and gas consumption by 2050 — Novak

According to the deputy prime minister, Russia has long been a world leader in nuclear energy and will thus occupy a key position in this market

MOSCOW, October 16. /TASS/. Russian Deputy Prime Minister Alexander Novak believes that if the global energy balance does not change significantly by 2035, significant changes will occur in the next 50 years. Peak consumption of oil and gas will pass, and their share will fall from 85% to 60%, but the importance of renewable energy sources and nuclear power will rise, he said in an interview with Soloviev Live TV channel.

"In terms of 2050, yes. We will most likely have passed the peak of oil and gas consumption by this time. According to various experts, the share of hydrocarbons will decline, possibly to 60%," he said.

According to him, Russia has long been a world leader in nuclear energy and will thus occupy a key position in this market.

"Russia is constructing more than half of the world's nuclear power plants. We currently have 35 units. These are the total orders we have for our nuclear industry, both in Russia and abroad. Most importantly, our nuclear energy industry science is working to develop low-power nuclear power plants. This is a new area that will be actively developed," Novak said.

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Alexander Novak

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