Sechin, Rosneft's boss, says that targets and costs are a hindrance to the appeal of green energy.

Igor Sechin is a well-known sceptic of green energy and the boss of Russia's largest oil producer Rosneft. He believes that investors are losing interest in clean energy because of elusive targets, high cost and lack of funding.

Russia, the world's largest producer of oil, natural gas and coal, as well as China, have set targets to achieve carbon neutrality in 2060. This is 10 years later than other developed countries.

The Russian president Vladimir Putin criticised the green movements in Europe for exploiting people's fears over climate change. He also questioned Germany's commitment towards phasing-out coal.

Sechin is sceptical of the green agenda and believes that the human impact on climate change has been exaggerated.

Over the last three years, the enthusiasm of Western stock exchanges for renewable energy has diminished. The shares of companies that produce clean fuels fell several times in the past two years," Sechin said at a conference held in the United Arab Emirates.

Investors are hesitant to invest in green companies because they cannot meet their targets on time. This is due to the rising costs of the products, the delays in government loan issuance, and the lack of new funding.

He cited energy giants such as Chevron Shell, BP and others, who he claimed had "suspended alternate fuel production projects".

Sechin smiled wryly and said, "I am particularly pleased to see that we are moving away from the production of aviation fuel using used cooking oil."

Oil majors around the world have reduced their investments in low-carbon and renewable energy as they are under pressure from investors to increase returns and maintain high shareholder payouts despite rising costs, supply chain problems and technical issues. Reporting by Olesya Astrakhova and Yousef Saba. Vladimir Soldatkin wrote the article. Mark Potter (Editing)

(source: Reuters)