THE PARIS CLIMATE AGREEMENT AS A DETERMINANT OF THE FUTURE GLOBAL ECONOMY AND ITS IMPLICATIONS FOR RUSSIA
Abstract
The Paris Climate Change Agreement has become an additional incentive for clean power development. The global warming problem has encouraged major economies to ramp up renewables share in the energy mix. This paper discusses the issue of a forthcoming transformation in the global energy sector and its implications for the Russian Federation. The Russian economy remains highly dependent on raw materials exports, which hinders its proper development. The country’s coal industry faces large losses, while the coal’s role in the power sector at a global level is forecasted to diminish. For this reason, Russia’s plans on increasing the coal production and launching new coal-fired plants until 2030, for which purpose large sums are laid out, should be reconsidered. The country, in turn, has a natural and technological potential in developing renewables, mainly hydropower, which is underutilized nowadays. Clean energy development in Russia is viewed to be beneficial to the economy, feasible, and crucial for meeting climate change-related obligations declared at the international level.
About the Author
P. A. Nosko
Financial University under the Government of the Russian Federation
Russian Federation
Russian Federation
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For citations:
Nosko P.A. THE PARIS CLIMATE AGREEMENT AS A DETERMINANT OF THE FUTURE GLOBAL ECONOMY AND ITS IMPLICATIONS FOR RUSSIA. Finance: Theory and Practice. 2017;21(1):145-150.
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