Russia’s deputy energy minister Anatoli Yanovsky said today that the country needed to spend $2.5 trillion on its energy industry between now and 2035.

He said the huge financial sum had been worked out by the International Energy Agency as the amount needed to secure stable growth and development in Russia’s energy markets.

Yanovsky told news agency Platts that the IEA said the investment needed to be targeted at oil, gas and biofuels as well as energy efficiency measures.

This week Martin Ferguson, chairman of the IEA’s annual ministerial meeting, said that a total of $40 trillion would be needed from now until 2035 to meet the world’s energy infrastructure needs, with two thirds of it needed to be directed at emerging economies.