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Playing both sides: Russia has no plans to reduce natural gas production but also seeks to become world leader in hydrogen fuel

Playing both sides: Russia has no plans to reduce natural gas production but also seeks to become world leader in hydrogen fuel
The share of natural gas on the world energy market will grow in the coming decades, and Russia has no plans to dampen down its fossil fuel production. That’s according to Alexander Novak, the country’s energy minister.

“I believe natural gas to be an eco-friendly energy source,” Novak told the UK’s Guardian newspaper. “We believe that the share of natural gas in the global energy mix will only increase. We believe this to apply not only to Europe, but globally too.”

According to Novak, the world is far from reaching its “peak in production” of gas, and despite many countries setting renewable energy targets, he thinks the world’s appetite for the fuel will only increase.

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In addition to increasing its natural gas output, the energy minister also noted that Russia plans to expand its hydrogen production, with its goal of becoming the world leader in its production. 

“All this has been quite expensive so far, but we believe that just like with renewable energy sources, prices will go down over time,” Novak said.

Last month, President Putin said that it is impossible to stop using hydrocarbons in the coming decades, even as consumption patterns in Europe change, demand is increasing in Asia.“We are the largest supplier of energy resources to the European market. In terms of gas, I think over 70% of our exports go to Europe,” Putin said. “But we are increasing our supplies to Asia, keeping in mind that this is a promising market.”

Russia is a party to the Paris Agreement, which aims to increase renewable energy’s market share to 20%. In 2017, US President Donald Trump announced the country would withdraw from the accord as soon as possible. Russia formally joined the agreement in 2019.

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