The authorities began preparing for a future with low demand for hydrocarbons. Russian governmental working groups will explore options for adapting the economy to the global energy transition. The government will create these groups to study options for adapting to the global energy transition. First Deputy Prime Minister Andrei Belousov will be the curator of the groups.
It should be viewed as a driver of technological development towards reducing hydrocarbon consumption and increasing the share of green energy. As part of this activity, the Ministry of Economic Development will be responsible for working with the regions within the framework of the energy transition, analytics, and regulation, it will also be responsible for green financing and partially for international cooperation (along with the Ministry of Foreign Affairs and the Ministry of Natural Resources).
Furthermore, there will be programs for "green" financing available, which provide cheaper money for upgrades or retrofits with the use of carbon reduction technology for industrial installations.
By December 2021, experts and working groups should analyze which industries and to what extent should be covered by decarbonization, and at the beginning of 2022, Prime Minister Mikhail Mishustin plans to consider a strategy for adapting the economy to global climate and regulatory changes.