Russia began to adapt to global energy transition

Russia began to adapt to global energy transition

The authorities began preparing for a future with low demand for hydrocarbons. Russian governmental working groups will explore options for adapting the economy to the global energy transition. The government will create these groups to study options for adapting to the global energy transition. First Deputy Prime Minister Andrei Belousov will be the curator of the groups.

It should be viewed as a driver of technological development towards reducing hydrocarbon consumption and increasing the share of green energy. As part of this activity, the Ministry of Economic Development will be responsible for working with the regions within the framework of the energy transition, analytics, and regulation, it will also be responsible for green financing and partially for international cooperation (along with the Ministry of Foreign Affairs and the Ministry of Natural Resources).

Furthermore, there will be programs for "green" financing available, which provide cheaper money for upgrades or retrofits with the use of carbon reduction technology for industrial installations.

By December 2021, experts and working groups should analyze which industries and to what extent should be covered by decarbonization, and at the beginning of 2022, Prime Minister Mikhail Mishustin plans to consider a strategy for adapting the economy to global climate and regulatory changes.

Source: RBC

Russian central bank raises interest rate to battle inflation

Russian central bank raises interest rate to battle inflation

On Friday, Russia's central bank raised its key interest rate from 5.5 to 6.5 percent in the face of stubbornly high inflation - the most drastic rate hike since 2014. "We must not resign ourselves to increased inflation expectations, or they become anchored at this high level," central bank chief Elvira Nabiullina said in explaining the move. Monetary watchdogs expect the official inflation to range between 5.7 and 6.2 percent this year, but ordinary people feel inflation in shops being more like 15 percent.

Trade shows and Expositions starting again in Moscow

Trade shows and Expositions starting again in Moscow

From September 4 in Moscow, taking into account the requirements of sanitary and epidemi­o­log­ical safety, exhibitions and conventions are resumed as normal. The correspond­ing decree was signed by Mayor Sergei Sobyanin:

 

"From September 4, 2020 the convention and exhibition activities are resumed (in full) in compliance with the requirements aimed at preventing the spread of a new coronavirus infection (2019-nCoV), established by the Office of the Federal Service on Surveillance for Consumer Rights Protection and Human Wellbeing in the city of Moscow", - the text of the decree says.

 

However, with international flights still largely on-hold, the events can only be populated by domestic visitors and exhibitors so far.

 

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