Renewable Energy in the Russian Arctic: Energy Transition and Opportunities in the Context of Post-pandemic Realities

Abstract

The COVID-19 pandemic has caused unprecedented changes to the global economy and has thoroughly shaken the energy industry. The awakening regarding global warming and climate change is leading to an accelerated adoption of energy transition mechanisms across various regions around the world alongside the beginning of the shift away from fossil fuels. Considering the overwhelming role that fossil fuels and fossil fuel-driven industries play in Russia’s economy—particularly their prevalence in the Russian Arctic region—these global decarbonization trends should come as a wake-up call for the country to reconsider its energy strategy and the role that decarbonization and renewable energies need to play in it. The long-term sustainability of the economic development of the Arctic regions will be influenced by global environmental and climate regulation, as well as the ongoing transformation of energy markets. A robust incorporation of renewable energy systems (RES) would not only provide a more sustainable route for the economic development of the Arctic regions but could also create additional economic opportunities for the country, while significantly reducing the hazardous effects on the health of the local population and local environments.