Siluanov Says Russia May Lose Out on Energy Transition
- Finance Minister says carbon charges may hurt Russia’s budget
- Ministry stress test shows demand for Russian exports may fall
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Russian Finance Minister Anton Siluanov warned the Kremlin needs to brace for falling revenues after a stress test showed the global clean energy push could lead to a significant decline in demand for fossil fuel exports.
Modeling done by his ministry showed carbon pricing and the rise of renewable energy could cause “radical changes in the global energy balance,” Siluanov said in an interview before he travels to a Group of 20 financial summit this week in Venice.