St. Petersburg, Russia – At the 27th St. Petersburg International Economic Forum, Igor Sechin, Chief Executive Officer of Rosneft, delivered a critical speech on the current state and future of global energy policies, focusing extensively on the energy transition and its implications.
Sechin highlighted the persistent dominance of fossil fuels in the energy market, despite substantial investments in alternative energy sources over the past decades. “Despite huge investments made over the past decades, alternative energy sources have not led to the displacement of fossil fuels from the energy market and failed to occupy a significant share in the global market,” Sechin remarked. He attributed the current imbalance in the energy market to “irresponsible and aggressive policies of the Western countries.”
Calling for a more inclusive approach, Sechin emphasized the need for energy policies that address the interests of the majority, particularly developing nations. “The energy transition should be well-balanced and focused on addressing the interests of the majority that will ensure the growth of energy consumption in the coming years, i.e., developing countries,” he stated.
Sechin pointed to the disproportionate contributions of developed countries to the climate crisis, citing that they account for 65% of cumulative emissions over the past 200 years. He also noted that the world’s wealthiest 10% are responsible for half of all CO2 emissions, with the richest 1% emitting twice as much carbon dioxide as the poorest 50%.
In discussing energy security, Sechin underscored the importance of ensuring the sufficiency, affordability, and reliability of energy sources. He critiqued the Western approach to electric vehicles, noting the lack of planning and the subsequent financial strains caused by initial high subsidies followed by new taxes on electric vehicles.
Sechin also criticized the demonization of fossil fuels by Western technology giants and the push for renewable energy, which he deemed unreliable. He highlighted the growing energy demands from data centers and the substantial investments required for new technologies, particularly electric vehicles in large cities.
Addressing the stark disparity in energy consumption between rich and poor countries, Sechin illustrated that per capita energy consumption in India is eleven times lower than in the United States. He stressed that the rapidly growing populations in Asia and Africa necessitate increased energy resources, arguing that reducing global fossil fuel consumption would exacerbate hunger and energy poverty.
Sechin warned that the aggressive promotion of the green agenda equates to an “energy war” on most of the world’s population. He argued that overcoming energy inequality is impossible without reliable oil and gas supplies, given their critical role in producing everyday goods. Citing OPEC’s forecast, Sechin projected a nearly 20% increase in oil demand to 116 million barrels per day by 2045, maintaining oil’s 30% share of the global energy mix.
Concluding his speech, Sechin called for a new strategy to ensure reliable and secure energy supplies tailored to developing countries’ needs, acknowledging the apparent failure of the green transition concept. He also touched upon the economic ramifications of the U.S. national debt and the ongoing process of de-dollarization, attributing these factors to a broader loss of confidence in the dollar and increased global financial instability.
The speech underscores the complex and contentious landscape of global energy policy, highlighting the tensions between developed and developing nations as the world navigates the transition to sustainable energy.
