Eurasian Economic Forum Highlights Energy Integration Challenges

The XVII Verona Eurasian Economic Forum addressed Eurasian integration and global energy dynamics. Led by Igor Sechin, it emphasized fossil fuels' role in energy security and investment needs to meet future demands. The forum also discussed challenges in achieving net-zero targets and highlighted Eurasian cooperation's geopolitical importance.

The XVII Verona Eurasian Economic Forum, held in Ras Al Khaimah, UAE, attracted global leaders and industry experts to discuss Eurasian integration and global energy dynamics. Chaired by Igor Sechin, CEO of Rosneft, the forum stressed cooperation based on trust to tackle economic and energy issues.

Sechin's keynote speech highlighted fossil fuels' ongoing relevance to energy security. He cited Bank of America's projections showing a potential rise in global energy consumption due to economic growth in developing nations. The reliance on oil and gas remains strong, though renewable energy is also growing.

The forum explored the challenges of global energy transition. Sechin questioned the feasibility of net-zero targets, emphasizing the significant production increase needed in renewables. He pointed out the environmental cost of electric vehicles, raising concerns about the efficiency of green technologies, and reaffirmed Eurasian cooperation's strategic importance in energy security.

(With inputs from agencies.)