Business programme

Transforming Subsoil Use in a New Environment

16 Jun , 17:00–18:15
The Russian Economy: New Objectives and Horizons

Fundamental changes in the structure of the mineral resource base require a transformation of the usual approaches across the board, be it in scientific developments, manufacturing processes, methods of geological exploration, or technological infrastructure. In this new environment, a key focus of long-term, sustainable economic development has to be ensuring Russian resource sovereignty and independent technological development in the subsoil industry. It is essential that we establish a new trajectory for cooperation among industries with the direct participation of technology companies, scientific institutions, and the civil authorities. Doing so would allow us to consolidate new industry demands for raw materials during an energy transition and to forecast the demand for raw materials on both domestic and international markets. The ability to ensure resource sovereignty also depends largely on achieving sovereignty in the circulation of geological data. One important item of interest is the mechanism for international sovereign reserve audit. In turn, technological developments also become a focus of cooperation among international partners. In this regard, Russia is well positioned to organize effective internal and external cooperation with interested countries. How can resource sovereignty be ensured in the context of changes in the mineral resource base? New approaches require the introduction of inter-branch balances. How will this mechanism affect development within the industry?