THE FUTURE OF RENEWABLE ENERGY IN RUSSIA
10th annual conference
8 December 2021
InterContinental Moscow Tverskaya
The decarbonisation of the world's economy has accelerated dramatically amid the global economic crisis caused by the Covid-19 pandemic. To prevent a surge in greenhouse gas emissions as economic growth picks up pace again, most national incentive programmes put an emphasis on green economic projects. The key principle is that new large-scale investments should not lead to additional CO₂ emissions. European states have signed the European Green Deal, under which the European Union has accelerated the decarbonisation of the economy. The EU has launched the process of introducing cross-border carbon regulation: a mechanism that stimulates the decarbonisation of suppliers of products to the EU countries. As a result, the renewable energy industry has received an additional stimulus and set new records in investment growth and construction. According to BloombergNEF, global investments in the energy transition in 2020 exceeded USD 500 billion, and the global commissioning of renewable energy generation set a new record, exceeding 260 GW, according to the annual statistical report of the International Renewable Energy Agency (IRENA). Despite its significant quarantine-related restrictions, Russia also set an absolute record for the volume of green power generation capacity constructed, in excess of 1 GW.
In 2021, Russia has decided to extend its renewable energy support programme until 2035, which is a crucial step for the industry's continued development. In accordance with the regulations adopted, during this period, at least 5,050 MW of capacity will additionally be built*. Regarding this volume, which many estimate to be extremely modest, more and more Russian corporations are showing interest in renewable energy generation, hoping to reduce the risks of loss of competitiveness due to the introduction of cross-border carbon regulation by the EU and, possibly, by other jurisdictions as well. How will the Russian renewable energy industry develop now that the government is prioritising the decarbonisation of the economy in its strategic planning? What role will the new law on curbing greenhouse gas emissions play in shaping the energy mix of the future? Which technologies will ensure price parity in the electricity markets is reached faster? Will the development of hydrogen energy become an additional driver for the growth of the renewable energy market in addition to the support programmes?
You will find answers to these and other questions at the 10th Vedomosti conference, The Future of Renewable Energy in Russia.
* Information bulletin of the Russia Renewable Energy Development Association (RREDA)—Russian Renewable Energy Market: Current Status and Development Prospects.
