Kremlin aide says Germany car industry plight shows green transition risks
By Vladimir Soldatkin
SOCHI, Russia, Nov 6 (Reuters) -Russian industry may suffer the fate of car makers in Germany, which have shed tens of thousands of jobs, if it moves too fast to replace fossil fuels, a Kremlin adviser said on Wednesday.
"The Russian Federation supports a gradual transition, a gradual transformation, so as to avoid shock scenarios on the energy markets, industrial markets," Kremlin climate envoy Ruslan Edelgeriyev told a conference in Sochi, southern Russia.
"Miscalculated ambitions damaged Germany's auto industry," he said, speaking five days before the next U.N. climate change conference begins in Baku, Azerbaijan.
Russia is the world's biggest exporter of natural gas and number two exporter of oil. It is one of the world's top carbon dioxide emitters along with China, the United States and India.
Russia joined the Paris climate change pact in 2019, which commits countries to setting targets every five years to curb greenhouse gas emissions. It has faced - and rejected - criticism from the United States that it is not doing enough.
A 2050 deadline to halt net carbon emissions - a process in which forests, hydro and nuclear energy are intended to play key roles - is widely cited as necessary to prevent the most extreme global warming; Russia and China have both committed to a 2060 target instead.
The transformation of the German car industry could lead to 186,000 jobs losses by 2035, of which roughly a quarter have already occurred, a study commissioned by the VDA auto industry association released showed last month.
The 46,000 jobs already lost between 2019 and 2023 were due mainly to the transition to electric vehicles, according to the study conducted by research institute Prognos.
Reporting by Vladimir Soldatkin; Editing by Mark Trevelyan
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
