Putin: There is no alternative to hydrocarbons in foreseeable future; energy transition should be balanced, measured

MOSCOW. Aug 24 (Interfax) - There is no alternative to hydrocarbons in the foreseeable future, Russian President Vladimir Putin said at a meeting of the leaders of the five-country BRICS plus format.

"There is no alternative to hydrocarbon fuel in the foreseeable future," Putin said at the meeting.

Putin also stressed that energy transition is necessary of course. "All the same, energy transition to a low-emission economy should be gradual, balanced, and carefully measured, taking into account the national features and capabilities of countries," he believes.

Putin added that Russia is taking a responsible approach to its energy export obligations that are mainly focused on rapidly developing markets.