Rosneft CEO Igor Sechin has criticized the gigantic Western investments in renewable energy as creating underinvestment in conventional energy and the current alarming instability and incalculability of the global energy market. “Huge investments in renewable energy, which exceeded an enormous $2.6 trillion over the past seven years, have not paid off—the share of renewable sources has grown by only 3 percentage points over the same period. This is the reason for underinvestment in conventional energy and the current state of the global energy market,” TASS quoted him as saying on Oct. 27 at the 15th Verona Eurasian Economic Forum in Baku. (https://tass.com/economy/1528273)
Sechin said in his keynote: According to the forecast of J.P. Morgan, if the current investment trends persist, the global energy deficit observed in 2022 will increase sevenfold by 2030. To eliminate this deficit, investments in the conventional energy sector should be increased annually by an average of $100 billion by 2030, including $44 billion in the oil industry.” Instead, “Bernstein analysts believe that from now until 2030, oil and gas investments should grow by at least 20% on average,” he added.
