Russian President Vladimir Putin has said that the "hysteria" around European energy markets has been driven by insufficient investment in the sector, calling for a smoother transition to green technologies.
Vladimir Putin. Photo: Naresh777 / Shutterstock
Photo: Naresh777 / Shutterstock
Speaking during a Cabinet meeting, Putin claimed that the current situation with soaring natural gas prices in Europe was partly rooted in the lack of investment.
"See what’s going in Europe — there is hysteria and mess in the markets," he said. "Why? Because nobody takes it seriously. Some speculate on the climate change issues, some underestimate certain things and some others start cutting investments in the mining industries."
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He said Russia wouldn’t repeat the mistakes others have made in adopting green technologies.
"There must be a smooth transition," he said. "We see what certain unbalanced decisions, unbalanced development and sharp twists can lead to. We can see it well today in the European energy markets."
Putin has repeatedly said that Russia - which is a major oil and gas exporter - will abide by its obligations under the 2015 Paris Climate Agreement. However, he has also emphasised that efforts to cut emissions mustn’t be too burdensome for the Russian economy, which is heavily reliant on exports of fossil fuels.
"The tasks of reducing a negative impact on climate mustn’t become a heavy burden for business and our citizens," the Russian president said. "Just the other way round, the decisions we make must help spur growth and technological development of the Russian economy."
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Putin argued that Russia has a strong edge in hydropower and nuclear power generation and should develop them, but noted the need to ensure a "sustainable development of the oil and gas complex."
Some have accused Russia of not being ambitious enough in its climate goals, in particular with regard to its use of and export of fossil fuels.
Moscow has faced demands to sign up for a future net-zero emissions target at the COP26 climate negotiations that open in Glasgow on October 31. Putin has not yet revealed whether he will attend.
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