Key expert warns too early to abandon conventional energy resources – Business & Economy

MOSCOW, October 14. / TASS /. The gas crisis in Europe has revealed that it is still too early to completely abandon traditional energy resources, but the introduction of modern technologies in the coal industry can significantly reduce harmful emissions to the atmosphere, Dmitry said. , managing director of the Black Sea Trade and Development Bank (BSTDB) Pankin told TASS.

“The gas situation has shown that it is still premature to completely abandon traditional energy resources. The process of transition to renewable energies cannot be quick. The coal sector still provides around 40% of the planet’s total electrical energy, despite the involuntary closure of many mines due to new environmental demands. You cannot give up such a volume in a short period of time without hurting the global economy, ”Pankin noted.

Globally, coal-fired power plants currently account for 35% of CO2 emissions and over 70% of total greenhouse gas emissions in the power generation sector, but innovative technologies can help reduce significantly harmful emissions into the atmosphere, the bank official said.

“The coal industry is definitely in need of an upgrade. However, many development banks, for example IBRD and EBRD, relying on “green economy” slogans, no longer invest in coal-based power generation projects. The BSDTB believes that the amount of harmful emissions can be reduced significantly by using modern technologies throughout the industry. Our strategy specifies continued investment in coal industry modernization projects that improve environmental and social performance. With that in mind, coal can save mankind from cold winters again and again, ”stressed Pankin.

The banker highlighted technologies such as CO2 capture and storage systems that could be used to produce hydrogen from coal under the new green deal.

“In barely 30 years, hydrogen can cover a quarter of the world’s energy demand. In addition, Russia has every chance of becoming a major player in this market. Given the ‘green vector’ of development in the EU and the availability of an international gas supply system, the production of hydrogen from natural gas could become one of the most efficient solutions. This opens the door to new opportunities for the Russian gas sector in general and for the use of the Russian gas transport system in particular, ”said the expert. underline.

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