Page 90 - bne IntelliNews monthly country report Russia February 2024

9.1.10 Utilities & Renewables sector news
Russia plans to increase hydrogen production and export to win 20% of the global market by 2030, Russian First Deputy Minister of Economic Development Ilya Torosov said. According to Torosov, Russia’s production of low-carbon hydrogen will reach at least 550,000 tonnes a year by 2030. More than 40 low-carbon hydrogen production projects are currently developed primarily in northwestern Russia, in Siberia, and in the Far East. More than 70,000 delegates from various countries are taking part in the COP28 event, which will last until December 12. The Russian delegation is led by presidential envoy for climate-related issues Ruslan Edelgeriev.
World leaders at the UN Climate Change Conference in Dubai pledged December 2 to triple global renewable generation capacity by 2030 to at least 11 TW installed.
Some 116 countries have signed the Global Renewable Pledge and Energy Efficiency Pledge, which agree to triple renewable energy generation capacity to at least 11 TW and double global energy efficiency improvement rates from around 2%/year now to more than 4%/year by 2030.
The targets had been flagged by the COP28 president in the run-up to this climate summit, but reaching agreement is a major milestone for the talks this year.
The initiatives were launched December 2 under the Global Decarbonization Accelerator (GDA) program, designed to accelerate the energy transition and reduce global emissions.
The renewables target will require an unprecedented acceleration in deployment from today's 2.3 TW total installed capacity for wind and solar.
According to analysis by S&P Global Commodity Insights, some 4.6 TW of solar and wind capacity are forecast to be added between now and 2030, at a cost of $4.7 trillion.
"The Commodity Insights scenarios indicate that this is an ambitious target. Despite the significant increase in renewable deployment by 2030, installed capacity only doubles in our base case," said Anna Mosby, Head of Environmental Policy Analytics at S&P Global.
And while energy efficiency improvement rates are expected to rise in all scenarios by 2030, a doubling is also seen as beyond realistic expectation.
"In the base case Inflections scenario, energy intensity improvement rates only increase by 28% from 2022 levels," S&P Global analysts said in a recent note.
90 RUSSIA Country Report February 2024 www.intellinews.com