Please read the opinions below and give your comments.

The global economy is focused on a gradual transition to low-carbon energy.

Traditional industries in Russia have to undergo "a serious transformation" in order to meet the
goals of the Paris Agreement.

It comes as little surprise that there is a reluctance in the oil and gas industry towards a fast
phase-out of the fuels. Speaking at a side-event at COP26, Sergey Vakulenko, a
representative of one of Russia's largest oil companies, Gazprom Neft, argued that oil and gas
would still be needed even in the new low-carbon economy. Renewables might be enough to
cover the majority of demand, he said, but traditional fuels would still be used as a back-up.

Do you agree?

Some experts question how long Russia's fossil fuel industry will remain a viable prospect.
"Gas, which many are pinning their hopes on as a transitional fuel, will last for 10 to 15 years [as
an economically viable fuel]," says Evgeny Kuznetsov, a Russian venture investor and chief
executive of Orbita Capital Partners. "This period may not be enough to return investments in
new large-scale gas projects."

Is it the real risk? Do you agree?

But others say the industry is not likely to decline any time soon. Thane Gustafson, professor of political
science at Georgetown University in the US expects that world demand for fossil fuels will continue to
grow through the 2020s. At the same time, supply constraints arising from decreasing investment in
fossil fuels will keep energy prices high, punctuated by periodic spikes in prices, as we are seeing today.

But in the early 2030s that picture will begin to change, he says, with the influence of climate politics,
technological change and the clean energy transition becoming dominant. He expects world demand for
oil to peak and begin to decline around this time due to the spread of electric vehicles and political limits
on petrochemicals. Renewables will increasingly displace coal, he says, while gas demand will remain
high but cease to grow.

What is your opinion about this forecast?

If other countries follow up with real actions on their Paris Agreement pledges, Russia will
experience declining demand for coal and oil before 2030. However, in 2050 the Russian
economy is still likely to be based on at least some revenue from natural gas exports. Within
Russia's domestic supply, we see gas, along with nuclear, playing a leading role.

Do you agree?

Source: https://www.bbc.com/future/article/20211115-climate-change-can-russia-leave-fossil-fuels-behind