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Fri Jun 4, 2021, 08:11 AM

Russia and Saudi Arabia reject calls to end oil and gas spending, say IEA's net-zero roadmap is 'unr

Russia and Saudi Arabia reject calls to end oil and gas spending, say IEA’s net-zero roadmap is ‘unrealistic’

Speaking at the St. Petersburg International Economic Forum on Thursday, Russian Deputy Prime Minister Alexander Novak said the IEA had ostensibly arrived at its findings “by using reverse calculations” on how to achieve net-zero emissions by 2050.

The IEA was not immediately available to return a request for comment. To be sure, the top global watchdog says halting developments in oil, gas and coal is fundamental to reaching the internationally agreed goal of net-zero emissions.

“In my view this a simplistic approach. It is also unrealistic,” Novak told CNBC’s Hadley Gamble, according to a translation.

“There is no doubt we need to move in the green energy and towards the green agenda as there is demand for it in society but we need to be clear what resources this can be done with, who is going to pay for it, what technologies and opportunities we have available to us, including in order to resolve outstanding problems that still await their solutions,” he added.

His comments come shortly after Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman joked about the IEA’s report at an online news conference earlier this week.

“It is a sequel of the La La Land movie. Why should I take it seriously?” Abdulaziz said, according to Reuters.


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