Energy Transition and Post-COVID World

Abstract

The coronavirus pandemic has accelerated global economic, technological and social transformation, including the energy sector, and has given the impetus to energy transition from organic fuels to clean energy sources. Though oil will remain an important energy resource in the global energy balance, in the long run renewables will become the leading energy. The European Union and China are the leaders in implementation of energy transition strategies from fossil to clean energy. The transformation in the energy market has affected dramatically the relations between producers and consumers, who now actively determine the consumption trends (for example, green energy, electric vehicles, etc.). Distributed generation and blockchain in power industry enable the consumers to play an active part in the electricity production and distribution chains. Digital transformation and climate agenda are changing the structure of energy business from vertically integrated companies to knowledge-intensive networks. Investors almost unanimously vote for renewable energy. The largest oil and gas companies change their long-term strategies and transform into energy holdings with the prevailing share of renewables in the business structure. Hydrogen attracts particular attention as a promising energy source. The EU plans to develop hydrogen transport infrastructure. For its part, Russia has the ability to supply hydrogen to the European market through the existing gas pipelines. Coronacrisis accelerated the development of online services, artificial intelligence, and distant work. Education and telemedicine received a powerful impetus for further development.