The energy industry is at a crossroads, grappling with unprecedented external challenges and the urgent need for sustainable solutions. Amidst this landscape, the XXVI St Petersburg International Economic Forum played host to an electrifying Energy Panel, where Rosneft’s CEO Igor Sechin took the stage, delivering a captivating keynote speech that ignited discussions on the energy transition, climate change, and the imperative for enhanced efficiency in the Russian energy sector.

CEO Igor Sechin took center stage during the Energy Panel, delivering a thought-provoking keynote speech that addressed the energy transition, climate change, and the need for improved efficiency in the Russian energy sector. The event brought together industry experts and leaders from around the world to discuss the future of the energy market in the face of unprecedented external challenges.

Sechin’s report, titled “Sodom and Gomorrah in the Energy Market: God’s Wrath or Organized Chaos? Save Yourself if You Can,” shed light on the volatility of global financial and economic systems, the US banking crisis, and the declining role of the dollar as a reserve currency. He emphasized the importance of understanding the price tag associated with the energy transition.

According to the International Energy Agency (IEA), the investment in “clean energy” needs to increase nearly threefold by 2030, from the current $1.7 trillion to $4.6 trillion per year, accounting for 2% to 5% of the world GDP. Sechin highlighted the need for realism regarding the costs and benefits of this transition and the significance of ensuring its fairness and sustainability for all.

McKinsey estimates that achieving Net Zero will require a staggering $9.2 trillion in annual spending until 2050, totaling $250 trillion, specifically focusing on major industries such as energy, transportation, industry, utilities, agriculture, and forest-climate projects. Within this amount, $3.5 trillion is dedicated to new low-emission assets and associated infrastructure.

The Energy Panel brought together an esteemed lineup of international figures, including CNPC Chairman Dai Houliang, Govinda Kottis Satish, the Managing Director of ValPro India, and Nobuo Tanaka, former Executive Director of the International Energy Agency. Rovshan Najaf, President of the State Oil Company of the Republic of Azerbaijan (SOCAR), Jiang Peixue, Vice President of China and Asia Pacific’s leading university, Tsinghua University, and Pedro A. Aquino Jr., Chairman and CEO of Oil & Petroleum Holding International Resources (OPHIR), also graced the event with their presence.

The panel saw participation from esteemed delegations from Venezuela, China, Azerbaijan, Mongolia, Indonesia, Nicaragua, and Brazil. Notably, Laureano and Daniel, the sons of Nicaraguan President Daniel Ortega, were also present, adding to the diverse and influential audience. The Energy Panel was expertly moderated by Alexander Dynkin, an Academician of the Russian Academy of Sciences and President of the Institute of World Economy and International Relations.

In an era defined by the urgency of climate action and the need for sustainable energy solutions, Rosneft’s CEO Igor Sechin’s roadmap for improving the efficiency of the Russian energy sector serves as a beacon of hope. As the world grapples with the challenges of the energy transition, global leaders and industry experts must come together to foster innovation, investment, and collaborative efforts to ensure a fair and sustainable future for all.

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