Oxford Energy Podcast – Klimat: Russia in the Age of Climate Change

In this OIES podcast James Henderson talks with Professor Thane Gustafson about his new book entitled “Klimat: Russia in the Age of Climate Change”. They discuss the challenges which Russia will face from the energy transition both in terms of declining hydrocarbon export revenues and also from internal changes to the Russian environment. Professor Gustafson outlines the potential sources of alternative export revenues, including LNG, metals and minerals, agriculture, nuclear energy and renewables but concludes that none of them will be adequate to replace the huge hole that is set to be left in Russian budget revenues as oil, gas and coal demand and prices fall over time. He also looks at the impact of climate change in the Arctic, often regarded as a benefit for Russia, and argues that it will create as many negatives as positives. However, he concludes that, despite the potential bleak outlook, there is hope in the emerging new generation of Russian leaders who are aware of all the issues and have the potential to put the country on a more positive route to adaptation and diversification.