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Bitcoin energy use – mined the gap

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Of all the potential implications of blockchain for the energy sector, the energy use of cryptocurrencies – and bitcoin in particular – has captured the most interest.

As the price of bitcoin skyrocketed in 2017, attention turned to the cryptocurrency’s energy and environmental footprint. High-profile news articles reported that electricity use of the bitcoin network had equalled that of medium-sized countries and was on track to consume as much electricity as the United States in 2019 and all of the world’s energy by 2020. A widely reported article in Nature Climate Change warned that Bitcoin emissions alone could push global warming above 2°C.

With bitcoin value tripling in recent months and Facebook announcing its new Libra coin, interest in the energy use of cryptocurrencies is again on the rise.

In this commentary, we explain why and how bitcoin uses energy; dig into published estimates of bitcoin energy use and provide our own analysis; and discuss how these trends might evolve in the coming years.

Why does bitcoin use energy?

In order to understand why and how bitcoin uses energy, we first need to understand its underlying technology: blockchain. Blockchain offers a new way to conduct and record transactions, like sending money. In a traditional exchange, central authorities (e.g. banks) verify and log transactions. Blockchain removes the need for a central authority and ledger; instead, the ledger is held, shared, and validated across a distributed network of computers running a particular blockchain software.

The lack of a centralised, trusted authority means that blockchain needs a “consensus mechanism” to ensure trust across the network. In the case of bitcoin, consensus is achieved by a method called “Proof-of-Work” (PoW), where computers on the network – “miners” – compete with each other to solve a complex math puzzle. Each guess a miner makes at the solution is known as a “hash,” while the number of guesses taken by the miner each second is known as its “hashrate.” Once the puzzle is solved, the latest “block” of transactions is approved and added to the “chain” of transactions. The first miner to solve the puzzle is rewarded with new bitcoins and network transaction fees. The energy use of the bitcoin network is therefore both a security feature and a side effect of relying on the ever-increasing computing power of competing miners to validate transactions through PoW.

How does bitcoin use energy?

The energy use of the bitcoin network is a function of a few inter-related factors (some of which respond to the changing price of bitcoin):

  1. mining hardware specifications, notably power consumption and hashrate;
  2. network hashrate, the combined rate at which all miners on the network are simultaneously guessing solutions to the puzzle;
  3. difficulty” of solving the puzzle, which is adjusted in response to the network hashrate to maintain the target block rate of one block every 10 minutes; and
  4. energy consumption by non-IT infrastructure, such as cooling and lighting.

The rising price of bitcoin, particularly as it rose to all-time highs in December 2017, drove huge increases in hashrate and difficulty, and the development and deployment of more powerful and energy efficient mining hardware.

The IT infrastructure for bitcoin and other cryptocurrencies has evolved rapidly over the past decade. In the early days of bitcoin (2009), hobbyists used standard central processing units (CPUs) to mine bitcoin. By October 2010, miners started to use more powerful graphics processing units (GPUs) as mining difficulty increased. By June 2011, miners – increasingly large and more industrial operations – used more powerful (but less energy-efficient) field-programmable gate array (FPGA) hardware, and a year later, moved to application-specific integrated circuits (ASICs).

ASICs are purpose-built chips, in this case, to mine bitcoin. The latest ASICs are both more powerful and more energy efficient – around 50 million times faster (H/s) and a million times more energy efficient (H/J) in mining bitcoin than the CPUs used in 2009.

How much energy is bitcoin using today?

Diverse methodologies, limited data availability, and highly variable conditions across the industry (e.g. mining hardware used; electricity costs; cooling needs) make estimating bitcoin energy use extremely challenging (Koomey, 2019). Therefore, all estimates must be interpreted with caution.

Recent published estimates of bitcoin’s electricity consumption are wide-ranging, on the order of 20‑80 TWh annually, or about 0.1-0.3% of global electricity use (Bendiksen & Gibbons, 2018; Bendiksen & Gibbons, 2019; Bendiksen, Gibbons & Lim, 2018; Bevand, 2018; BNEF, 2018; De Vries, 2018; Digiconomist, 2019; Krause & Tolaymat, 2018; Morgan Stanley, 2018; Rauchs et al., 2018; Stoll et al., 2019; Vranken, 2017).

These figures can appear large when compared to countries like Ireland (26 TWh) or emerging technologies like electric vehicles (58 TWh in 2018), but small when compared to other end-uses like cooling (2 020 TWh in 2016). Nonetheless, bitcoin mining is a highly mobile industry, allowing it to migrate quickly to areas with cheap electricity. Localised hotspots and electricity supply issues can emerge quickly, generating strong backlash from regulators and the public.

Bitcoin has also been compared on a per-transaction basis to VISA payments, the broader banking system, and gold mining. However, comparisons on a per-transaction basis are not meaningful in the context of PoW blockchains, particularly because the energy required for the networks to function is independent of the number of processed transactions. A recent peer-reviewed article compared the energy intensity of mining bitcoin (17 MJ/USD) to the mining of other metals like aluminium (122 MJ/USD) and gold (5 MJ/USD).

Comparing methodologies

By far, the most frequently cited estimate in news media is the Bitcoin Energy Consumption Index (BECI), which uses a top-down approach that assumes miners spend (on average) 60% of their revenues on electricity at a rate of 0.05 USD/kWh. These key assumptions have been criticised to overestimate electricity consumption; indeed, BECI estimates represent the high range of published estimates to date.

Bendiksen, Gibbons (2018; 2019) & Lim (2018) also use a top-down approach, but undertake significant data collection efforts on existing mining hardware and mining locations to inform their assumptions and analysis. They also conduct sensitivity analyses around key uncertainties, including electricity costs and capital depreciation schedules. Under their central assumptions, they estimate that the bitcoin network consumes between 35 TWh (May 2018) and 41 TWh (November 2018; June 2019) per year.

Other researchers have calculated lower-bound estimates using a bottom-up approach (e.g. Deetman, 2016; Morgan Stanley, 2018; Valfells & Egilsson, 2016). This approach assumes that all miners are using the most efficient mining hardware to achieve the network’s hashrates (TH/s). The Bitmain Antminer S9 series (0.1 J/GH), used by two-thirds of miners worldwide, is typically used as a benchmark.

Using this approach, we can estimate that thebitcoin network (excluding cooling) consumed 31 TWh in 2018. Based on data collected from mining facilities in China, cooling and other ancillary demands accounts for 30% of electricity use overall, thereby adding another 42% to the lower-bound estimate. Therefore, we estimate that bitcoin mining consumed around 45 TWh in 2018, which aligns well with the latest peer-reviewed estimate of 45.8 TWh as of November 2018 (Stoll et al., 2019).

With the recent run up in price and hashrate, energy consumption is expected to be much higher in 2019. Through the first six months of 2019, bitcoin mining has already consumed an estimated 29 TWh.

While these early estimates provide a rough indication of bitcoin energy use today, it is clear that researchers need more data, in particular from mining facilities, to develop more rigorous methodologies and accurate estimates.

Bitcoin and climate change

Headlines concerning the environmental impacts of bitcoin re-emerged last October, when a commentary article from Mora et al. in Nature Climate Change concluded that “…projected Bitcoin usage, should it follow the rate of adoption of other broadly adopted technologies, could alone produce enough CO2 emissions to push warming above 2°C within less than three decades”.

A closer look reveals serious issues in the study’s methodology and assumptions, notably around bitcoin adoption rates, the efficiency of mining hardware, and the assumed electricity mix (Masanet et al., 2019, Nature Climate Change, In Press). Crucially, the use of country average (and in some cases, world average) emissions factors inflates the GHG estimates, since bitcoin mines are typically concentrated in renewables-rich states and provinces.

Indeed, the selection of mining locations depend on a balance of several key factors, including access to low-cost electricity, fast internet connections, cool climates, and favourable regulatory environments. For these reasons, China, Iceland, Sweden, Norway, Georgia, the Pacific North West (Washington State, British Columbia, Oregon), Quebec, and upstate New York are key bitcoin mining centres.

Around 60% to 70% of bitcoin is currently mined in China, where more than two-thirds of electricity generation comes from coal. But bitcoin mining facilities are concentrated in remote areas of China with rich hydro or wind resources (cheap electricity), with about 80% of Chinese bitcoin mining occurring in hydro-rich Sichuan province. These mining facilities may be absorbing overcapacity in some of these regions, using renewable energy that would otherwise be unused, given difficulties in matching these rich wind and hydro resources with demand centres on the coast.

Electricity generation in other key bitcoin mining centres are also dominated by renewables, including Iceland (100%), Quebec (99.8%), British Columbia (98.4%), Norway (98%), and Georgia (81%). Globally, one analysis estimates that the bitcoin is powered by at least 74% renewable electricity as of June 2019. Another analysis of data from 93 mining facilities (representing 1.7 GW, or about a third of global mining capacity) estimates that 76% of the identified energy mix includes renewables.

Based on these analyses and data from IPO filings of hardware manufacturers and insights on mining facility operations and pool compositions, bitcoin mining is likely responsible for 10‑20 Mt CO2 per year, or 0.03-0.06% of global energy-related CO2 emissions.

Outlook for bitcoin energy use and emissions

Apocalyptic headlines that bitcoin would consume all of the world’s energy by 2020 echo back to warnings from the late 1990s about the internet and its growing appetite for energy, including one Forbes article in 1999 that predicted that “[…]half of the electric grid will be powering the digital-Internet economy within the next decade”.

Since then, researchers have collected real-world data and developed and refined methodologies to establish rigorous estimates of the energy use of data centres and the global ICT sector, including by the IEA. The dire predictions about the energy use of the internet failed to materialise despite exponential growth in internet services, largely because of rapid improvements in the energy efficiency of computing and data transmission networks.

The outlook for bitcoin energy use is highly uncertain, hinging on efficiency improvements in hardware, bitcoin price trends, and regulatory restrictions on bitcoin mining or use in key markets. Bitcoin prices in particular are extremely volatile: between December 2017 and 2018, its value fell by 80%, but has nearly tripled since.

It is important to recognise that bitcoin is just one cryptocurrency, which is one application of blockchain, which is itself one example of distributed ledger technology (DLT). Ethereum (ETH), the second largest cryptocurrency by market value, processes more than twice as many transactions as the bitcoin network while using only about one-third of the electricity consumed by bitcoin. ETH also operates on a Proof-of-Work (PoW) consensus mechanism, but its founder has announced plans to move to Proof-of-Stake (PoS) in an effort to reduce its energy intensity. PoS and Proof‑of‑Authority (PoA) could help reduce energy use while also addressing scalability and latency issues. Other DLTs like Tangle and Hashgraph similarly offer the promise of lower energy use, scalability, faster transactions, and no transaction fees compared to blockchain.

Over the coming years, other applications of blockchain – including those within the energy sector – are likely to garner more attention. As the scope and scale of blockchain applications increases, these trends combined are likely to materially reduce the future energy footprint of its technology.

Sensational predictions about bitcoin consuming the entire world’s electricity – and, by itself, leading our world to beyond 2°C – would appear just that…sensational. That said, this is a very dynamic area that certainly requires careful monitoring and rigorous analysis – particularly, a careful monitoring of local hotspots.

The energy use of bitcoin and blockchain is just part of the blockchain and energy story. In our next commentary, we’ll look at how blockchain is already impacting the energy sector, dive into some of the most promising applications, and explore the technological, regulatory or market design challenges that await.

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Energy

Maximizing Nickel as Renewable Energy Resource and Strengthening Diplomacy Role

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Authors: Nani Septianie and Ramadhan Dwi Saputra*

The development of the times and technology, the use of energy in the world will continue along with the increase of population. Global energy demand is currently recorded to have increased three times since 1950 and its use is estimated to have reached 10,000 million tons per year. Most of the energy is produced from non-renewable materials such as coal, gas, petroleum, and nuclear energy. Besides being non-renewable, fossil-based energy is also not environmentally friendly because burning fossil fuels produces CO2 gas which can cause global warming. Based on the energy used previously, the world still uses fossil energy that used in conventional vehicles that still use gasoline as fuel. Where fossil energy itself is still classified as the energy that is not environmentally friendly because it produces carbon emissions that can pollute the environment. Therefore, the world is currently flocking to make renewable energy by electric vehicles that are more environmentally friendly.

In electric vehicles, batteries play a very important role in the components of electric vehicles. Currently, there are two types of batteries that are the most common and widely used for electric vehicles. The first is a lithium-ion battery and the second is a nickel-based battery. But keep in mind for the type of lithium-ion battery itself, nickel is also the main raw material needed. Lithium-ion batteries commonly used to store power in vehicles are Lithium Manganese Oxide (LMO), Lithium Nickel Manganese Oxide (NMC), Lithium Nickel Cobalt Oxide (LTO). The reason for using nickel as a raw material for electric vehicles batteries is more environmentally friendly, nickel is also considered to be more efficient. Because nickel is a metal that has a high energy density storage and cheaper than using other types of minerals such as cobalt. As the popularity of electric vehicles continues to climb due to their increasing demand, the future of nickel production will also be brighter in future. Demand for automatic mining commodities will continue to grow, to encourage companies and producing countries to be eager to increase production.

Reporting from Investing News, Monday (10/26/2020) there are 10 largest nickel producing countries in the world, namely the United States in the tenth position with total production: 14,000 Metric Ton (MT, the ninth position Cuban countries with total production: 51,000 MT, the ninth position is Cuba the the eighth countries are Brazil with total production: 67,000 MT, the seventh position is China with a total production of 110,000 MT, the sixth position is Canada with total production: 180,000 MT, the fifth position is Australia with total production: 180,000 MT, the fourth position is New Caledonia with a total production: 220,000 MT, the third position is Russia with a total production of 270,000 MT, the second position is the Philippines with a total production: 420,000 MT, and the first position is occupied by Indonesia with the largest total production of 800,000 MT. Indonesia has been used as a benchmark by many parties regarding the seriousness of a country to enter the Nickel trend. In 2019, it was reported that nickel production will be bigger than palm oil production, which is the second largest commodity to be exported. Its relatively affordable distance from China, which is a leading country in the production of electronic vehicle manufacturers, makes the export process of this commodity very ideal. Indonesia also still has nickel reserves of 21 million MT.

Nickel is an important component in the production of electric vehicles, which can be used as raw materials for long-term sustainable battery manufacturing to create a clean environment. Where nickel as the main raw material for the manufacture and operation of electric vehicles has contributed to reducing carbon emissions. Based on the Union of Concerned Scientist explains that battery production contributes of global warming emissions and decreases to 43% where this decrease depends on the chemicals used in the manufacture of battery raw materials. Making electric vehicle batteries is indirectly appropriate with the commitments of the Paris Agreement and the Sustainable Development Goals Agenda (SDGs) at point 13 to combat Climate Change in reducing carbon emissions to achieve a climate-neutral world. Therefore, each country is needed to cooperate and maximize diplomatic strategies between countries to fulfill the source of raw materials for the manufacture of electric vehicle batteries, especially nickel.

Countries are needed to maximize diplomacy activities to create an equal distribution of electric vehicle production

Therefore, the large production of electric vehicles shows that in the future each country will need a supply of raw material for the production of batteries, namely Nickel which is the main raw material for making batteries. electricity. This phenomenon shows that the largest nickel producing countries have an important role in achieving the contribution of raw materials for the manufacture of electric vehicle batteries. However, with the large production in each country that has an abundance of nickel, the country cannot stand alone. Instead, it is also necessary to distribute nickel production in other countries by sharing raw materials, which can be carried out using a diplomatic strategy.

Therefore, diplomatic activities between countries are very important to complete all the shortcomings possessed by each country. Each country can use its negotiation skills in achieving its national interests and the needs of each country. However, countries that have a large abundance of energy resources, especially nickel, which is the main raw material for the manufacture of electric vehicle batteries, should not continue to export excessively, but countries that have these energy sources must continue to limit the number of exports. Because nickel is an energy resource, the wealth of this energy resource must be maintained to prevent the depreciation of nickel reserves. Therefore, each country is required to carry out diplomacy, including strengthening the bargaining power of each country, negotiating to create an even distribution of nickel supply, complementing the needs that each country lacks in assembling electric vehicles, and Each country is required to form a sustainable plan as a long-term strategy to ensure that electric vehicles can continue to be produced in the future, especially nickel which is the main raw material in the manufacture of electric vehicle batteries.

*Ramadhan Dwi Saputra, Chemical Engineering Research Assistant at Universitas Islam Indonesia.

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Energy

Gas doom hanging over Ukraine

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The long history of gas transit across independent Ukraine began with Kiev’s initial failure to pay anything for Russian natural gas, both intended for transit to Europe and for domestic consumption, on the pretext of fraternal relations between the former Soviet republics. Later it cost the Ukrainians a meager $25 for 1,000 cubic meters of Russian gas, and that ridiculously small sum remained unchanged for quite some time. The sizeable amount of Russian gas provided at a discount price, plus domestically available oil resources, were distributed by the country’s greedy elite the following way: domestically produced gas was used on utilities, proceeds from the transit of Russian gas went to the state budget (minus the money that lined bureaucratic pockets), and Russian gas – to the industry (plus the corruption component).

Then came the Ukrainian revolutions and Kiev’s desire to join “Euro-Atlantic structures” and the desire to “get off the Russian gas needle and prevent the Kremlin from using energy as a weapon.” Ukraine has tried and is still trying to believe in all this by playing up to the collective West and hoping that the West will compensate Kiev for the losses caused by its revolutionary endeavors and anti-Russian antics. As a result, we see gas prices going through the roof, an energy crisis in Europe, and the completion of the Nord Stream 2 gas pipeline.

Those in power in Kiev hoped for the very last moment that the West valued their country more than it did the energy security of European countries. Much to their surprise (and only theirs), this is not so. It looks like the Europeans are interested in Russian gas supplies and are not so eager to keep Ukraine as the main transit country. Moreover, having “democratized Ukraine” to the state of an openly anti-Russian country, the West turned it into a country, whose leadership the Kremlin does not really want to talk to simply because it does not see any point in doing this. This is the reason why third countries care (or rather pretend to care) about Ukraine. Thus, in July of this year, there came out the “Joint Statement of the United States and Germany on Support for Ukraine, European Energy Security and Our Climate Goals.” According to it, Germany pledged to do everything in its power to make sure that the agreement between Moscow and Kiev on the transit of Russian gas across Ukrainian territory was extended for up to ten years. The statement came when it was already obvious that the construction of Nord Stream 2 would be completed, Germany resisted US pressure on this issue, Moscow paid no attention and Washington, exhausted by the battles of the presidential elections and the search for new strategies in the Old World, was trying to pit America’s European friends against Russia.

It has never been a secret that the West needs reliable transit, and this is something that Ukraine also insists on. However, Kiev has officially labelled  Russia as an “aggressor country,” which means that this very “aggressor” must ensure this transit and bring billions of dollars in revenues to the Ukrainian budget. This looks like a kind of “Euro-schizophrenia” where Ukraine is an anti-Russian country and simultaneously serves as a reliable transit country for Russian gas. Things do not work this way, however, and it looks like Europeans are beginning to realize this. Therefore, most of the European consumers support Nord Stream 2 even though they do not show this in public. Suffice it to mention the recent conclusion of a years-long contract for gas supplies to Hungary.

Vladimir Putin’s statement, made amid soaring gas prices and growing threats to European industry, came as an energy lifeline for all Europeans.

“Russian President Vladimir Putin supported the initiative of Deputy Prime Minister Alexander Novak to increase gas supply on the market amid rising energy prices in Europe… Novak said that Russia can stabilize the situation with prices by providing additional volumes of gas on the exchange, adding that this country’s main priority is to accommodate domestic demand,” Lenta.ru reported.

Commenting on the possibility of increasing gas supplies via Ukraine, President Putin recalled that Ukraine’s gas transport system had not been repaired “for decades” and that “something could burst” there any time if gas pressure goes up.

“At the same time, it is more profitable and safer for Gazprom to operate new pipeline systems,” he added. Putin thus confirmed what is already clear to all that Ukraine is an unreliable and, in fact, an extra link, and that Europe can get gas bypassing technically and politically unreliable Ukrainian pipes. He also pointed out that Gazprom would suffer losses from an increase in gas transit via Ukrainian territory, while new gas pipelines offer cheaper transit options. He added that Gazprom is saving about $3 billion a year by using new pipelines and that Russia was ready to increase gas supplies and make them cheaper for European consumers.

Gas shortages have already forced the Ukrainian government to freeze gas prices for household consumers, but prices for gas for industrial enterprises are rising along with those on European exchanges, where on October 6, they reached a very impressive $ 2,000 per thousand cubic meters and went down only after Putin’s statement came out.

Meanwhile, the head of Ukraine’s Federation of Glass Industry Employers, Dmitry Oleinik, said that this [rise in gas prices – D.B.] would lead to an inevitable rise in prices. However, producers will not be able to jack up prices indefinitely, because at some point buyers simply will not be able to cover production costs.

“The Ukrainian consumer will not even be able to cover the cost of production. Plants and factories will slowly shut down and people will lose their jobs – this is already very serious. Budget revenues will “plummet,” and expenses will skyrocket… The issue of bankruptcies is just a matter of time,” Oleinik warned.

If Ukraine continues to follow the chosen course, it will face de-industrialization. By the way, this will suit the West, but certainly not the Ukrainian industrial oligarchs, who have long been eyeing agriculture, including the prospect of turning themselves into land barons. However, the farming sector will not be happy about the high prices on gas that bakeries, sugar factories and greenhouses run on. There will be nowhere to run.

Apart from purely practical realities, the conclusions I can draw from the current energy situation in the world and Vladimir Putin’s statements regarding the Ukrainian transit, are as follows:

  • Gas supplies through Ukraine and to Ukraine are not solely an economic issue, given Kiev’s endless anti-Russian escapades;
  • This problem affects the energy security of Europe;
  • Since there are several angles to this problem, it must be solved in a comprehensive manner;
  • At the same time, this cannot be done exclusively in the interests of the West and Ukraine to the detriment of the interests of Russia.

As you can see, it is once again up to Kiev and its shadow patrons to decide. And winter is just around the corner…

From our partner International Affairs

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Energy

Russian Energy Week: Is the world ready to give up hydrocarbons?

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In an official message to mark the opening of the Russian Energy Week international forum on 13-15 October in Moscow, Russian President Vladimir Putin stressed that there are numerous issues on the agenda related to current trends in the global energy market, including improvements to industry infrastructure and the introduction of modern digital technologies into its operation.

“The efficiency of energy production and consumption is the most important factor in the growth of national economies and has a significant impact on people’s quality of life. Many countries have already adopted policies to accelerate the development of clean energy technologies,” he wrote in the message to guest and participants.

“The forum business programme is therefore set to look in detail at the possibility of developing green energy based on renewable sources and the transition to new, more environmentally friendly fuels. I am confident that the events of the Russian Energy Week will allow you to learn more about the achievements of the country’s fuel and energy sector, and that your initiatives will be put into practice,” Putin said.

Leaders of foreign states have also sent greetings to the participants and guests. For instance, President of the Republic of Angola João Manuel Gonçalves Lourenço, Prime Minister of Vietnam Pham Minh Chinh, Crown Prince of Abu Dhabi Armed Forces Mohamed bin Zayed bin Sultan Al Nahyan, and Vice Premier of the State Council of China Han Zheng.

In their greetings, it generally noted the importance of the topics to be discussed at the forum as well as the need to build an international dialogue and consolidate efforts to achieve the sustainable development goals, including as regards climate change.

The programme covers a wide range of issues of transformation and development in the global energy market. In the context of energy transition, the issues of energy development are inextricably linked with the introduction of new technologies, and the transformation aimed at reducing greenhouse gas emissions into the atmosphere. Climate protection is a task that cannot be solved by one country; it is a global goal, which can be achieved through building dialogue and cooperation between countries.

The participants in the discussion will answer the question: Is the world ready to give up hydrocarbons? In addition, during the panel session, the participants will discuss whether oil, gas and coal are really losing ground in the global energy sector; whether the infrastructure will have time to readjust for new energy sources; how long will there be enough hydrocarbons from the field projects that are being implemented; and whether an energy transition using fossil fuels is possible.

The international climate agenda is forcing many countries to reform their carbon-based energy systems. For Russia, which holds a leading position in the global hydrocarbon markets, the transition to development with low greenhouse gas emissions presents a serious challenge, but at the same time it opens up new opportunities for economic growth based on renewable energy, hydrogen technologies, advanced processing of raw materials and implementing green projects.

The Climate Agenda included sessions dedicated to the operation of the Russian fuel and energy sector in the context of energy transition, the impact of the European green pivot on the cooperation between Russia and Europe, as well as the session titled ‘The Future of Coal in a World Shaped by the Climate Agenda: The End, or a New Beginning?’

Sessions of the ‘New Scenarios for the Economy and the Market’ track are dedicated to the global challenges and opportunities of the electric power industry; the impact of ESG on the Russian fuel and energy sector; the potential for the renewable energy sources; and other issues of the future of energy.

The Russian Energy Agency under the Ministry of Energy brings together experts from key international analytical organizations to discuss the future of world energy during the session titled International Energy Organization Dialogue: Predicting the Development of Energy and Global Markets.

The Human Resource Potential of the Fuel and Energy Sector, participating experts will discuss the prospects for developing the professional qualification system, and a session titled Bringing the Woman’s Dimension to the Fuel and Energy Sector. Optimizing regulation in the energy sector and organizing the certification and exchange of carbon credits in Russia are the basis of the Regulatory Advances in Energy. 

Anton Kobyakov, Advisor to the Russian President and Executive Secretary of the Russian Energy Week 2021 Organizing Committee, said “the level of various formats of international participation testifies to the importance of the agenda and Russia’s significant role in the global energy sector. We are a reliable strategic partner that advocates for building international cooperation based on the principles of transparency and openness. With the period of major changes in the industry, it is particularly important to engage in a dialogue and work together to achieve both national and global goals.”

The forum, organized by the Roscongress Foundation, the Russian Ministry of Energy, and the Moscow Government, brought together many local and foreign energy and energy-related enterprises. The speakers attending included  Exxon Mobil Corporation Chairman of the Board of Directors and CEO Darren Woods, Daimler AG and Mercedes-Benz AG Chairman of the Board Ola Kallenius, BP CEO Bernard Looney, and TotalEnergies Chairman and CEO Patrick Pouyanné.

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