Sustainable Development of the Oil and Gas Industry and Modern Challenges of Decarbonization

Igbal A. Guliyev (), Vladislav I. Kiselev () and Victor V. Sorokin
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Igbal A. Guliyev: Moscow State Institute of International Relations
Vladislav I. Kiselev: Moscow State Institute of International Relations
Victor V. Sorokin: Moscow State Institute of International Relations

A chapter in Industry 4.0, 2022, pp 247-254 from Springer

Abstract: Abstract Today the world is preoccupied with the problems associated with the growth of CO2 emissions and the accompanying climate change. The activities of fuel and energy companies are of particular concern. According to satellite data published in the report of the International Energy Agency (IEA), a large number of centers of harmful emissions are concentrated in Russia. According to the baseline forecast of the International Energy Agency (IEA), by 2040 global energy consumption will increase by about 45%. At the same time, according to the Paris Climate Agreement, the European Union will have reduced greenhouse gas emissions by 40% by 2030 and by 95% by 2050 (World Energy Outlook 2020). Experts acknowledge that oil and gas industry is on the verge of a major transformation due to the fight against carbon dioxide emissions coupled with growing demand for energy. To meet this global demand and achieve ambitious emission reduction goals Russia as one of the world’s leading energy powers should introduce radical changes in its energy policy. One of the strategies for solving this problem may include altering the course towards sustainable development policies. This work aims at analyzing possible ways to overcome the challenges that the Russian energy sector may face in the near future. Particular emphasis is placed on decarbonization technologies and their application in Russia.

Keywords: Sustainable development; Decarbonization; Clean energy; Hydrogen; Arctic; Q010 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-79496-5_23

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DOI: 10.1007/978-3-030-79496-5_23

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