Waiting for a "climate catastrophe": oil workers are taught what to spend money on

Alexey Gromov, Principal Director on Energy Studies of the Institute for Energy and Finance, commented to the PRIME Economic Information Agency on the possible consequences of a structural underinvestment in hydrocarbon production in the world.

The authors of the next review of the International Energy Agency (IEA) argues that the current energy crisis "gave an unprecedented impetus to the development" of renewable energy. The agency expects that the largest sources of electricity in the world by 2025 will be precisely alternative ones, which will overtake coal generation.

European supporters of the "green" agenda are frankly disingenuous, the expert says. He points out that since 2020 there has been a steady trend of exceeding investments in renewable energy sources (RES) over fossils. However, their share in the global energy balance is still small.

“There is a consensus among analysts that it is impossible to achieve the goals proclaimed under the Paris Agreement in 2015,” Gromov sums up.