Russian President Vladimir Putin on Tuesday blamed the transition to green energy and reduced investment in the extractive industry in what he described as “hysteria and some confusion” in European markets, where energy prices are skyrocketing, Reuters reports.

Speaking at a government meeting, Putin said it was essential for the transition to green energy to go smoothly and criticized “unbalanced decisions” and “drastic steps”.

” See what is happening in Europe. There is hysteria and some confusion in the markets. Why? Because no one takes this issue seriously, ” the Russian president explained. “Some are speculating on climate change, others are underestimating some things, others are starting to reduce investment in the extractive industries. We need a smooth transition, “he said.

Putin advocated for a sustainable development of the oil, natural gas and coal sectors, arguing that it is important that they are not neglected, according to

Russia, a major exporter of oil and gas, is under pressure to commit to reaching a “zero net emissions” target at the UN climate change summit next month in the British city. Glasgow and whose goal is to agree on new policies to combat climate change. Vladimir Putin has not yet announced whether he will attend the meeting.

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