Rosneft CEO presents keynote speech at SPIEF Energy Panel
image for illustrative purpose
Rosneft CEO Igor Sechin presented the keynote speech at the 2024 SPIEF Energy Panel. Organised with the support of Rosneft oil company, the Energy panel was held during the XXVII St Petersburg International Economic Forum.
Rosneft CEO Igor Sechin presented the keynote speech titled “Energy transition and phantom barrels: Abandon hope, all ye who enter here. Not everyone will be taken to the bright future of the global energy industry!”
He presented an analysis of the current situation in the energy market, which is experiencing an imbalance.
In his speech, the head of Rosneft paid special attention to the energy transition, which, despite the efforts of its adherents, is failing. According to him, despite about $10 trillion invested in the energy transition over the past two decades worldwide, alternative energy sources have failed to replace traditional fuels.
Currently, wind and solar power provide less than 5 per cent of the world's energy production, and electric vehicles account for about 3 per cent.
Over the same period of time, oil, gas and coal consumption grew by a cumulative 35 per cent, while their combined share of the global energy mix remained unchanged.
Huge investments made over the past decades in the development of alternative energy sources have not led to the displacement of fossil fuels from the energy market, and the green transition strategy in its current form cannot ensure the sufficiency, availability and reliability of energy sources, Igor Sechin emphasised.
