Source: Rosneft – An important disclaimer is at the bottom of this article.
Igor Sechin, CEO of Rosneft, compared the “green” energy transition to utopian ideas. According to him, over the last ten years, the cumulative costs of the energy transition have reached 10 trillion dollars, while over the same period the share of solar and wind energy in the global energy balance increased by only 4 p.p. to 6%.
“According to the IEA, this year alone, the world is investing over $2 trillion in the development of so-called “clean” energy. This is twice as much as investments in fossil fuels, which still account for nearly 80% of global energy consumption,” said the CEO of Rosneft.
Igor Sechin also emphasized that even a doubling of investments will not give the desired result. According to experts, achieving zero emissions by 2050 requires more than 180 trillion dollars in investments, which means that on average more than seven trillion dollars per year will have to be spent. “as Talleyrand once said: Everything that is excessive is insignificant,” the Company’s CEO remarked.
Another important point is that the transition to a new type of fuel will require considerable time. “Besides this, regulators in different countries need to develop unified technical standards for new energy sources, providing their universalization and fast adaptation to any market. This is not a simple task,” Igor Sechin concluded.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025
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