The German-Russian Chamber of Commerce Abroad (AHK) is advocating for more collaboration between Germany and Russia in the sphere of alternative energy ahead of the federal elections.
At this year’s Baltic Region Investment Forum (BRIEF) in St. Petersburg, Matthias Schepp, Chairman of the Board of the AHK and delegate of German business in Russia, said, “We urgently need a pilot project for green hydrogen, which is manufactured in Russia with its enormous resources and delivered to Germany.”
The AHK promotes German-Russian collaboration on hydrogen in a position paper on climate and sustainable development, arguing that it may help diversify energy imports and serve as a new model for a climate partnership with the EU. According to the report, the production, transportation, and storage of hydrogen have a lot of potential for technological transfer between the two countries.
Natural gas as a bridging technique in Nord Stream 2
“It is now critical to continue the excellent energy collaboration between Russia and Germany in the sphere of renewable energies in the twenty-first century,” stated AHK CEO Schepp. Natural gas is also required as a bridge technology in the context of the Green Deal, which aims to make the EU carbon neutral by 2045. “The Nord Stream 2 natural gas pipeline provides the finest future circumstances, including the potential for hydrogen transport.”
The importance of Russia is growing.
The AHK’s current business climate poll of its 1000 member firms reveals cautious confidence that a reconciliation between the EU and Russia in the area of climate policy is possible. Russia’s relevance as an energy partner to the EU is expected to grow or stay the same, according to 52 percent of the firms polled.
In general, German firms regard Russia as being increasingly important to their own business in the long run. Only 10% of people are concerned about a downward or severe declining trend. The importance of 53 percent of respondents is expected to increase or substantially increase, while the importance of 38 percent is expected to remain steady.
Despite Corona and penalties, investments are being made.
Despite Corona, sanctions, and political issues, the German economy invested a net 1.3 billion euros in Russia in the first half of 2021. The AHK’s rapid growth, which has increased by more than 20% to over 1000 members in the last four years, shows German firms’ significant interest in the Russian market.