Russian Deputy Prime Minister Alexander Novak said during a forum on the development of hydrogen energy that the volume of hydrogen exports from Russia may reach 15 to 50 million tons by 2050. According to Novak, Russian hydrogen exports might reach 12 million tons by 2035.
He emphasized that a more precise figure will be determined by the global economy’s rate of decarbonization and the rise in hydrogen consumption. According to Novak, the Russian government considers hydrogen to be one of the most important alternative energy sources. According to him, this form of fuel has the potential to become a growth factor for the country’s economy if certain criteria are met.
“In light of the global energy shift, low-carbon energy sources are receiving a lot of attention. And here, hydrogen may not only take its proper position, but it can also become a growth point for the Russian economy provided a number of requirements are satisfied, ”the Deputy Prime Minister said.
According to Alexander Novak, who spoke at the St. Petersburg International Economic Forum, Russia could capture around 20% of the worldwide hydrogen market. The authorities believe it is critical to continue developing improved hydrogen technology in this area.
In a prior interview with the FBA “Economics Today,” an expert from the Institute of National Energy, Alexander Frolov, analyzed the potential for collaboration between Russia and Germany in the sphere of hydrogen energy. He also identified the major stumbling block in the development of this fuel.
The market condition is determined by the world economy’s rate of decarbonization as well as the rise in hydrogen consumption, according to Novak. In 2024, potential export quantities may reach 200 thousand tons, and by 2050, they could be between 15 and 50 million tons.
The subject of climate change should not be utilized in the fight for energy markets, according to Novak, who spoke at the UN General Assembly’s High-Level Dialogue on Energy. In addition, he called attention to the rise in energy use as the world economy recovers from the coronavirus-caused catastrophe.