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Friday, September 30 2022
World

European leaders strive for sustainable development

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New Delhi: On February 10, a visiting session of the Verona Eurasian Economic Forum took place in Moscow. The session brought together European leaders to discuss cooperation between the nations of the continent in sustainable and innovative development. Verona experts expressed the urgency of maintaining a balance between the pursuit of carbon neutrality and the energy security of the Eurasian continent.

Energy remains one of the key areas of international economic cooperation between Russia and the European Union (EU). The sector has become even more important as the global effort to combat climate change continues. The multilateral joint work in the energy transition is essential to guarantee a reliable and sustainable future. Among the threats to energy security, the forum’s participants highlighted the rushed energy transition and sanctions pressure.

“We are confronted with the pattern of sanctions, which is closely linked to misinformation campaigns and trade wars. It is now clear that, contrary to official rhetoric, this tool is aimed not at obtaining the declared political results but at restraining the economic and social development of countries seen as competitors. For European and Italian companies, this is a worrying factor that weakens the possibility of economic and social development that is beneficial to all parties,” said Antonio Fallico, Chairman of the Board of Directors of Banca Intesa, President of the Conoscere Eurasia Association.

During the session, participants outlined joint plans and commitment to energy, environmental and social infrastructure development.

Russian and Italian experts discussed the latest trends and key issues of the energy transition.

Innovative technologies for conventional and renewable energy, green hydrogen production, and safe nuclear power were among the central topics around economic and trade cooperation and shaped the discourse of business diplomacy.

“Business diplomacy and the expansion and reinforcement of trade links between Russian and European companies have the potential to be a determining factor in the sustainable development of Eurasia,” said Didier Casimiro, First Vice President of Russia’s largest oil company, Rosneft, which actively develops Vostok Oil, one of the world’s most promising low-carbon projects (with a carbon footprint 75 per cent lower than other major oil projects on the planet).

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