Sechin pointed to the insufficient financing of the energy sector

The energy industry is experiencing a lack of financing. This was stated by Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation for the Development Strategy of the Fuel and Energy Complex and Environmental Safety, speaking at an Energy panel at the XXIX St. Petersburg International Economic Forum.

"The illusion of an accelerated energy transition, along with ignoring energy security issues, has led to underfunding of the energy industry in recent years," Sechin noted in the report "The Beginning of the End or the end of the Beginning. What's left at the bottom of Pandora's Box"

As Sechin pointed out, according to the International Energy Agency (IEA), investments in fossil fuels have decreased by more than 20% over the past 10 years. At the same time, most of this drop occurred in the oil sector, where capital expenditures fell by 35%.

According to Igor Sechin, this decline is part of a broader trend of declining investment in industrial production. He drew attention to the continued negative dynamics in this phenomenon. "Last year, the volume of announced projects decreased by 8%," he summed up.