A socially oriented non-financial development institution and a major organizer of international conventions, congress, exhibitions, business, social and sporting, public, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and business, public, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5000 people working in Russia and abroad. In addition, it works in close cooperation with 160 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 75 countries worldwide.

The Roscongress Foundation has Telegram channels in Russian (t.me/Roscongress), English (t.me/RoscongressDirect), and Spanish (t.me/RoscongressEsp). Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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International Energy Organization Dialogue: Predicting the Development of Energy and Global Markets
14 October 2021
16:45—18:00
KEY CONCLUSIONS
The global energy sector is demonstrating rapid growth and has great potential for further development

The energy transition is definitely gaining momentum. And this is happening all over the world. We can see that the climate change agenda, the development of new technologies and their accelerated introduction, the more active use of renewable energy sources, and the emergence of new energy carriers are becoming increasingly relevant everywhere. These are all trends that are shaping the current energy agenda. Despite the pandemic, 2020 has set a number of defining trends for the future. On the one hand, we can see that electricity generation from renewable energy sources is being used more actively. It has reached record levels. We can also see that the political agenda is now gaining momentum. To date, some 50 countries, including EU nations, have declared their goal of achieving zero emissions in the foreseeable future — Tadzio Schilling, Chief Executive Officer, Association of European Businesses (АЕВ).

The world is in need of energy and energy resources for the foreseeable future. We are seeing a recovery from coronavirus, which has already begun in 2021. We’ve already reached the bottom and now there’s nowhere to go but up. The trajectory has been set and we are definitely ascending. In our forecast to 2025, we state that the global economy will double. So it’s quite obvious that if we already have such demand for energy, clearly by 2025, if the global economy doubles, it would be logical to assume that demand for energy will continue to grow accordingly since the world needs more energy. Energy is now practically equivalent to development — Mohammad Sanusi Barkindo, Secretary General, Organization of the Petroleum Exporting Countries (OPEC).

Natural gas and renewables can meet energy demand for the foreseeable future

Absolutely all sources, whether traditional or renewable energy sources, will demonstrate growth. That said, renewables will spearhead this growth for a variety of reasons. First of all, because of the incentives provided by the policies of various governments around the world, [mainly] subsidies [...] We expect oil to continue to lead the way in meeting global demand for the foreseeable future […] Oil and gas together will account for about 53% of the global energy balance by 2045 — Mohammad Sanusi Barkindo, Secretary General, Organization of the Petroleum Exporting Countries (OPEC).

Natural gas has very good prospects. Despite what’s going on with prices now, we believe that this resource is accessible both in terms of volumes and price […] We view natural gas as an affordable, flexible fuel that is loyal to the natural environment […] By 2005, natural gas consumption will be about 5.6 trillion cubic metres, a 46% increase compared with today’s consumption volume. So, natural gas consumption will grow, and accordingly, its production will increase [...] We believe renewable energy sources will somewhat outperform natural gas. In the aggregate, though, the synergy of renewable energy sources and natural gas will cover 90% of primary energy consumption and primary energy demand — Yury Sentyurin, Secretary General, Gas Exporting Countries Forum (GECF).

ISSUES
Uneven post-pandemic recovery of global energy markets

Recovery is proceeding very unevenly following the pandemic. We have encountered unusual weather conditions in Europe. Markets that were previously divided are now converging, and flows are being redistributed. In this complex environment, prices remain a very important indicator. Prices are breaking new records, which is not good for energy of the future. We need stability. And we need predictability — Tadzio Schilling, Chief Executive Officer, Association of European Businesses (АЕВ).

There are encouraging signs that energy is becoming more sustainable. The provision of access to electricity in poorer countries is accelerating. However, greater attention needs to be paid to expanding access to clean and safe fuels […] There is also a huge inequality in the supply of energy between different countries. The gap in per capita consumption of energy resources is as much as 100 times for electricity. For 80% of the world’s population, energy consumption per person is still below the level at which a further increase in energy consumption does not lead to a noticeable increase in the human development index — Alexey Kulapin, General Director, Russian Energy Agency (REA) of the Ministry of Energy of Russia.

Climate and environmental issues are receiving insufficient attention

All governments have acknowledged in one way or another that we are in a climate emergency. If we want to move to a cleaner future, we need clean energy, — Karen Kostanian, Head of Russian Equity Research Department, Merrill Lynch Securities.

The world currently needs to pause some processes [...] Zero emissions, carbon neutrality, other issues, the list goes on. There is no final consensus on many of them. A common roadmap is needed on how to achieve these goals — Mohammad Sanusi Barkindo, Secretary General, Organization of the Petroleum Exporting Countries (OPEC).

SOLUTIONS
Countries need to cooperate in solving environmental problems

OPEC and all countries that are members of this organization are involved in the negotiation process on climate change [...] We are now on the right track, and together we can make a great contribution to the organization of this multilateral process. More than 90 countries are involved in these processes. Experts, academics, and scientists from all over the world are now discussing these basic documents related to this concept — Mohammad Sanusi Barkindo, Secretary General, Organization of the Petroleum Exporting Countries (OPEC).

Today, the global fuel and energy industry has a single task – to ensure the world economy develops with both affordable and clean energy sources. And both goals are equally important and must be solved in parallel. Greenhouse gas emissions need to be reduced to prevent climate change, but we also have the goal of eliminating energy poverty — Alexey Kulapin, General Director, Russian Energy Agency (REA) of the Ministry of Energy of Russia.

Generate accurate forecasts for the energy industry’s development

Representatives of countries that are highly dependent on the export of hydrocarbons need to be particularly careful when estimating future demand for oil and gas. Mistakes can be costly and can lead to the death of unnecessary investments or lost revenues for both oil and gas companies as well as national budgets [...] The Russian Energy Agency has started developing its own Russian long-term forecast for the development of global energy for the period until 2050. We want to evaluate the many emerging ramifications in terms of benefits and costs both for our country and for the world as a whole in such areas as the development of renewable energy sources, technologies for capturing and storing CO2, the production of blue and green hydrogen, electric transport, transport based on hydrogen fuel cells, and various types of electricity accumulation — Alexey Kulapin, General Director, Russian Energy Agency (REA) of the Ministry of Energy of Russia.

The material was prepared by the Russian news agency TASS