The Risks of Russia’s Energy Sector in the Context of the Low-Carbon Transformation of the Global Economy

Abstract

In the context of global climate change, which is evolving into a climate crisis, the importance of the low-carbon transformation of the global economy is increasing. At the same time, many countries are taking steps to intro-duce new measures and regulatory tools aimed at reducing greenhouse gas emissions produced by the ener-gy sector of the world economy. This study aims to identify the risks and uncertainties in Russia’s energy sector amidst low-carbon transformation. It is revealed that the relevant legal framework in our country is fragmented and provides limited incentives for energy enterprises to reduce the carbon intensity of their production. Pivotal transition from traditional to renewable energy sources is possible only with the creation of a comprehensive strategy to reduce greenhouse gas emissions, based on the use of significant administrative and financial re-sources. Addressing the problems of Russia’s energy sector development requires immediate solutions in the field of increasing its efficiency, developing Russian technologies for the use of renewable energy sources, promoting distributed energy generation, as well as implementing the processes of carbon capture and utiliza-tion.