Russia, Saudi Arabia to keep investing in oil and gas against IEA’s recommendations

Russia and Saudi Arabia are planning to continue investing in oil and gas against the recommendations of International Energy Agency to rely less on fossil fuels amid a deepening climate crisis.

Russia and Saudi Arabia were among the 200 countries that approved the Paris Agreement in 2015 according to which greenhouse gas emission would be reduced to zero by 2050.

Last month, IEA said the exploitation and development of new oil and gas fields need to be stopped this year to reach net-zero emission by 2050.

Russian Deputy Prime Minister Alexander Novak, speaking at the St. Petersburg International Economic Forum on Thursday said the IEA had ostensibly arrived at its findings “by using reverse calculations” on how to achieve net-zero emissions by 2050.

“In my view this a simplistic approach. It is also unrealistic,” said Novak, reported CNBC.

“There is no doubt we need to move in the green energy and toward the green agenda as there is demand for it in society, but we need to be clear what resources this can be done with, who is going to pay for it, what technologies and opportunities we have available to us, including in order to resolve outstanding problems that still await their solutions,” he added.

Earlier this week, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman also joked about IEA’s report saying, “It is a sequel of the ‘La La Land’ movie. Why should I take it seriously?” reported Reuters.

Saudi Arabia is “producing oil and gas at low cost and producing renewables. I urge the world to accept this as a reality: that we’re going to be winners of all of these activities,” he added.

(With inputs from CNBC)

Picture Credits: CNBC