Russia seeks BRICS alliance on climate issues

Russia to double renewable generating capacity to 12 GW by 2030 and will seek the formation of a BRICS Alliance on Climate Goals.

MENAFN news agency reports that Russia has expressed its intention to form a united front with BRICS nations on global climate issues following the conclusion of the COP28 negotiations in Dubai.

The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, will expand in two weeks to include Saudi Arabia, the UAE, Iran, Ethiopia, and Egypt.

Russia is about to assume the rotating BRICS presidency for 2024, and aims to consolidate efforts and approaches in climate matters within this bloc. During COP28, Russian Deputy Minister of Economy Ilya Torosov highlighted Russia’s commitment to the climate agenda.

Despite facing US-led sanctions and shifting its economic focus away from the European Union, Russia still prioritizes decarbonization. Russia remains a key player in global energy markets, contributing significantly to the supply of oil, gas, and nuclear fuel.¬†Around 20% of Russia’s power generation is from nuclear plants, where it ranks fourth in the world. It ranks fifth in the world for hydropower production, with around 20% of Russian power sourced from over 100 hydropower facilities.

Russia’s future plans involve increasing renewable energy use by 2030. This includes maintaining hydroelectric, nuclear plants, and natural gas while reducing reliance on coal. As part of this strategy, Russia is establishing a climate monitoring service focusing on oceans, permafrost, desertification, and carbon absorption.

The COP28 negotiations ended with a landmark agreement committing to a transition away from fossil fuels, which urgted countries to shift energy systems away from polluting carbon fuels in a fair and orderly manner.

Russia to double renewable generating capacity by 2030

Interfax reports that Russia intends to double renewable power generating capacity from 6 GW to 12 GW by 2030, First Deputy Economic Development Minister Ilya Torosov said at the UN COP28 negotiations in Dubai.

The installed capacity of renewable energy sources in Russia now amounts to 6.04 GW, including isolated energy systems and industrial companies’ own generating facilities.

Torosov said there are 110 projects with combined capacity of 4 GW at the stage of implementation and near-term plans call for increasing capacity by another 2 GW with the selection of new projects.

The return on investment guaranteed by the government under the capacity supply agreements of the program to support renewable energy will total 175 billion rubles, Torosov said.