How to Reduce the Energy Intensity of the Economy in Russia?

The article analyzes the situation with energy intensity in Russia, calculation methods and factors affecting its level, dynamics in the period 2000-2021. It is shown that the most reliable picture of the dynamics of the energy intensity of the economy is revealed when GDP is calculated in constant prices in rubles, in the same cases when Russia’s GDP is calculated in dollars by PPP, the level of energy intensity is markedly underestimated.

Under the influence of multiple growth of oil and gas revenues, which led to high growth rates of investments in fixed assets and GDP, energy intensity in 2000-2007. In Russia, it decreased by 5.1 % annually, outstripping the most developed countries by 1.5 times in this indicator. In subsequent years (2008-2021), due to the low rates of investment activity, GDP and growth in the volume of energy consumed, the dynamics of energy intensity stagnated, while in the world and in most developed countries, on the contrary, the acceleration of the rate of reduction of energy intensity occurred during this period.

The article examines in detail the main factors that influenced the dynamics of energy intensity in Russia, and for such a factor as investments in fixed assets, the coefficients of dependence of energy intensity on their rates are revealed, which can be used when planning energy intensity indicators for the future.

Based on a detailed consideration of the factors affecting the dynamics of energy intensity, the author suggests the main directions for reducing energy intensity in Russia. These included: intensification of investment activity, acceleration of GDP growth, restructuring of the structure of the economy towards industries with high added value, refusal to increase domestic energy prices to the level of world prices for them.

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