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 Sberbank of Russia Head German Gref: “Oil era is over, we have lost”

Speaking at the Gaidar Forum, Head of the Russian Sberbank Bank German Gref said that Russia appeared to be among the countries that "are losing".

According to Gref, the world will follow the path of development of renewable energy only, Censor.NET reports citing the Russian media.

He has noted that China is going to increase the total capacity of power plants generating renewable energy to 560 GW in the coming years.

"As a comparison, this is 2.5 times more than the total capacity of the Russian Federation," the head of Sberbank said.

Read more: Low oil prices might last for decades, - Russian Economic Development Minister Ulyukayev

"The closest forecast is that China will consume ... about 45 percent less conventional energy sources at the rate which it currently develops alternative energy. This is our coal, which we develop and deliver on a large scale and keep making substantial investment in coal intended for the Chinese market. And hydrocarbon. One can say that this era has become history," RBC quoted German Gref as saying.

German Gref also spoke about the crisis in the oil market, which, according to him, was caused by the "sweeping changes in consumption". "The era of hydrocarbons is over. As the Stone Age was over not because there were no stones, the oil age is over the same way," Gref said.

"The future has come sooner than we expected. We already live in this future now. Welcome to the future!" the head of Sberbank said.

Read more: Brent crude trades at $30.67 per barrel

German Gref believes that the question of oil price is irrelevant. "We will be very far behind, if we do not change the concept of our social approach," Gref warned.

"We lost the competition and ended up in the camp of countries that are losing, the countries-downshifters. The countries and people, who have managed to adapt and invest in it in due time, are the winners. Those who have not are going to lose a lot," he concluded. According to Gref, Russia is facing "a huge income gap" compared to the "countries-winners".

   
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