To adapt to global climate governance changes, international oil companies’ (IOCs) response to climate change and low-carbon development went through four stages. In 1960-1988, the stage of common cognition, when research on climate change in the oil and gas industry was conducted, efforts were made to reduce environmental pollution caused by harmful emissions; new energy sources and energy-saving measures were developed to deal with the oil crisis. In 1989-1997, the stage of common defense, when the interests of enterprises were protected by influencing government policy-making from industry organizations, and low-carbon technologies were developed to cope with the climate issues. In 1998-2019, the stage of convergent consensus, when the oil and gas industry converged to the global consensus on climate governance, European oil companies were actively promoting energy transition, while American oil companies carefully adjusted their climate strategies. In 2020 and forward, the stage of co-construction, when European oil companies set on the path of the radical low-carbon energy transition, and American oil companies adopted conservative transition strategies. The analysis shows that there are four common motivations for European and American international oil companies to choose climate response strategies, including corporate profit and shareholder interests, national strategy and government-enterprise relationship, public opinion and brand value, industry convergence and external cooperation.

Different from previous energy transitions, the fundamental nature of the low-carbon energy transition is that of an energy revolution. The world energy situation in the era of carbon neutrality is undergoing important changes. For a long time to come, under the influence of the policies and market factors of various countries, the growth of the fossil energy supply worldwide will be limited, but it is unlikely that the change in demand will keep pace with that in supply. There may emerge a serious imbalance between supply and demand in the energy market, and the process of market rebalancing may be disturbed due to policy failures. These issues will have major impacts on international energy security. China is a major producer, consumer, and the world’s largest importer of fossil energy. Facing the complex energy situation in the era of carbon neutrality, China should always take the initiative to guarantee its energy security while adhering to the direction of low-carbon energy development, effectively combining economic efficiency with security and making continuous efforts to achieve inherent energy security as early as possible.

Energy is the focus of the “Belt and Road” Cooperation and the main battlefield for carbon peak and carbon neutrality. With the implementation of the “dual carbon” strategic goals, energy will inevitably develop towards low-carbon development at an accelerated pace. On the basis of elaborating on the connotation of the “dual carbon goals”, this paper studies and analyzes the challenges in the process of the low-carbon energy development under the “Belt and Road Initiative”, makes an in-depth analysis of the factors that restrict the low-carbon energy development under the “Belt and Road Initiative”, and puts forward corresponding countermeasures and suggestions accordingly.

Since 2022, the game among the world’s major powers has intensified, and the overseas oil and gas investment environment has become complicated. Relations among countries in the Middle East have gradually eased, with a stable overall situation and a grim local situation, and the importance of resource countries has been highlighted, with expanding foreign energy cooperation, and diversified economic development; the political situation in Central Asia and Russia is basically stable, the US sanctions on Russia have intensified, and the situation in Kazakhstan and Turkmenistan is stable; Western oil companies have withdrawn from Russia, so Russia’s economic development faces challenges, and Central Asia’s economic development is better than expected, but faces challenges of economic downturn. The political and security situation in Africa is grim, with expanding foreign energy cooperation and slow economic development. In North America, the development of the low-carbon industry is slow and economic development is facing challenges. With the rise of the left wing in Latin America, the situation in Latin America is uncertain and it is difficult for the economy to develop rapidly. It is recommended that Chinese oil enterprises should maintain their focus, implement policies by regions, and cautiously promote overseas oil and gas cooperation.