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Russia should prepare for gradual reduction in use of oil, gas, coal — Prime Minister

Russian Prime Minister Mikhail Mishustin underscored the importance of preparing the country for a gradual reduction in the use of hydrocarbons.

"The world economy is aimed at a gradual transition to low-carbon energy, and this is already a new reality. It is necessary to prepare for a step-by-step reduction in the use of traditional fuels: oil, gas, coal. [It is necessary] to improve energy efficiency, develop alternative energy, build appropriate infrastructure," Mishustin said at a meeting with the deputy prime ministers on Monday. The meeting was held as a videoconference.

"By the end of the year, an action plan for adjustment of the Russian economy to the global energy transition should be designed and approved. All relevant instructions have been signed," Mishustin said.

He added that in the government special working groups will be formed responsible for key areas of preparing the economy for low-carbon development.

"They will be supervised by deputy prime ministers. The general coordination will be carried out by the first deputy chairman of the government, Andrei Removich Belousov," the head of the cabinet said. Mishustin said that by October 1, the authorities should approve the main parameters for the forecast until 2050, which will assess the possibilities and risks of the energy transition.

"What will be done this year? First of all, this is a long-term forecast until 2050. This is the basis for development and decision-making. It includes such parameters as energy balance, carbon balance, macroeconomic parameters, GDP growth rates, trade parameters, investments, growth of real incomes of the population, etc. This [will be] an assessment of our opportunities and risks. The main parameters of the forecast should be developed by October 1," he said.