Putin reveals timeline for abandoning oil and gas

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Demand for hydrocarbons could last for up to 50 years, according to the Russian president

Natural resources such as oil and gas will be actively used for a long time, Russian President Vladimir Putin said on Tuesday. According to him, demand for hydrocarbons is here to stay for 50 years more.

“I have already said many times that it is too early to abandon hydrocarbons,” Putin pointed out, “but still we must understand where humanity is heading.”

According to the head of state, this is especially important for the ecological well-being and quality of life of Russians, which is a priority.

The Russian president, who has been calling for the maintenance of a “balance of interests” between the hydrocarbon and renewables sectors, had earlier instructed the government to study the introduction of alternative energy sources in some of the country’s regions. The Cabinet of Ministers must submit proposals by September.

Putin had also said earlier that Russia would reach full carbon neutrality by 2060, stressing that a lot of hard work will be required to achieve this goal. The president also noted it’s important not to turn the climate agenda into a tool for solving political or economic issues.

For more stories on economy & finance visit RT’s business section

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