Consulting firm Frost & Sullivan said Russia should start developing a renewable energy sector even though the country is the world's largest gas producer with rich oil and coal reserves.
Oil and gas production regions in Russia is faced with rapid decline, the firm said, and green energy development is imperative.
Geothermal, hydro and biomass could account for 80% of Russia's green energy potential and could supply as much as 30%++ of Russia's energy needs.
"The potential for Russian development of renewable energy is great and becoming recognized. With more robust government support in terms of renewable energy targets and Russian and foreign investors expected to actively explore the hidden potential of green energy in Russia, the green industry will be able to develop and to grow generating interesting opportunities."Impediments to the country's green energy growth include lack of government support and unregulated renewable energy sector.