Nezavisimaya gazeta english: Gref says energy transition will lead to a more stable economy in Russia

The transition from fossil to renewable energy sources in Russia and the reduction of greenhouse gas emissions will take at least 40 years, and the cost of the changes could range from $657 billion to $1 trillion, Sberbank President and Chairman of the Board Herman Gref said in an interview with RIA Novosti. According to him, the energy transition can lead to the formation of a new model of economic development in the country that is stable and more sustainable in the long term. "The transition to carbon neutrality is a long-term process. This change is expected to take at least 40 years. During this time, the economy and market conditions will digest all the possible changes in technology, supply and demand, and price structure. There will emerge a new stable and more sustainable model of economic development in the long term," said Mr. Gref. According to him, if we introduce necessary measures for development of ESG financing in Russia and start creating an internal market of carbon units, this will provide an alternative source of income for the federal budget. He added that a modern reindustrialization program would create millions of new jobs, provide a faster growth rate of the global economy, as well as promote new technologies and improve the quality of the environment. In early November, Prime Minister Mikhail Mishustin approved the strategy for socio-economic development of Russia with low greenhouse gas emissions until 2050. It is planned to achieve carbon neutrality by 2060.