Economics Ministry experts look ahead into 2050

Russia’s Ministry of Economic Development has made a forecast for the Russian economy until the year 2050. The ministry officials believe that, according to one of the scenarios, Russia will have developed cost-effective renewable energy technologies and achieved GDP growth by that time.

Larisa Korepanova, deputy head of department at the ministry, said during the 3rd Climate Forum of Cities that the ministry has begun drafting a strategy for economic development until 2050.

“We do not have any previous experience of creating such long programs. The longest economic forecast we made was until 2036,” the ministry representative emphasized.

The new strategy is based on four scenarios of economic development, she said.

“We will analyze how much it will cost to achieve the projected targets. Personally, I prefer the third scenario, with advanced energy efficiency technologies and alternative energy sources. This is not the easiest scenario, but it is realistic enough. It will also give us a unique experience: we will achieve GDP growth along with a reduction in greenhouse gas emissions,” Larisa Korepanova said.

The fourth scenario also provides for the ratification of the Paris climate agreement addressing the global warming issue, she added.

“If we choose this scenario, we will have to invest a lot of money in its implementation, but this will yield a result: Russia will become a completely different country,” the official said.

Larisa Korepanova has not cited any details of the first two scenarios or the timeframe for drafting the economic development strategy.

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