Russia will invest $53bn into renewable energy

Russia will invest into alternative energy

Russian minister of natural resources and environment reminded that nearly half of new power generating capacities in Russia accounts for hydro-electric and nuclear power stations as well as renewable energy.

“Russia is planning to invest $53bn into construction and production of renewable power sources before 2035”, Sergey Donskoy, Russian minister of natural resources and environment, said in his speech at UN Climate Change Conference in Paris. “Today we need to create tools to switch to renewable energy. In order to address climate changes we are working to reduce the dependence of our economy on hydrocarbons. By 2013 we will attract $53bn to renewable energy sector”, Mr. Donskoy stated.

The minister underlined that almost half of new power generating capacities in Russia is represented by hydro-electric and nuclear power stations as well as by renewable energy. Total potential of alternative power sources is estimated at 3bn tons of oil equivalent a year and input cost for solar panels reached the level, when their production and installation can be cheaper than construction of conventional power plants. “In the nearest future Russia will start up over 1.5GW of solar generation capacities. We have now solar power stations running in Alta Republic, Bashkortostan and Orenburg region. We launched high-end production of solar panels in Novocheboksarsk”, the minister said. He also noted that Russia has immense reserves of geothermal energy 10 times exceeding country’s reserves of organic fuel.

The international climate change conference in Paris brought together delegates from 188 countries. Solar energy was one of the key discussion points at the event as many experts from various countries highlight the necessity to switch to solar and wind energy if we want to preserve the planet for our descendants .


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