Sechin stressed the utopian nature of the "green" energy transition

Rosneft's chief executive Officer Igor Sechin compared the idea of a "green" energy transition to a utopia. Speaking at SPIEF 2025, he noted that over the past ten years, the total cost of energy transition has reached $10 trillion, while over the same period, the share of solar and wind energy in the global energy mix has increased to only 6%.

Sechin cited data from the International Energy Agency, according to which global investments in the development of so-called clean energy have exceeded $2 trillion this year alone. "This is twice as much as in fossil fuels, which still account for almost 80% of global energy consumption," said the head of Rosneft.

He stressed that even doubling investments would not yield the desired result, as achieving zero emissions by 2050 would require more than $180 trillion in investments, meaning that on average, more than $7 trillion would have to be spent per year.

"In addition, regulators in different countries need to develop common technical standards for new energy sources, ensuring their universalization and rapid adaptation to any market," Sechin concluded.