The global energy market is volatile at present. It is of great significance for the BRICS countries, representatives of emerging economies and energy powers in the world, to deepen practical cooperation in energy. With a large energy volume and obvious complementary advantages in energy resources, industries and technologies, the BRICS countries have a good basis and prospects for cooperation. With the continuous deepening of the BRICS cooperation mechanism, the mechanism for BRICS cooperation in energy has further improved and the path has become clear. In this paper, the history of BRICS energy cooperation mechanism, as well as the status quo and characteristics of BRICS energy cooperation are presented. From both internal and external dimensions, an in-depth analysis of the opportunities and challenges in energy cooperation among BRICS countries under the complex international situation is made, and strategic recommendations in four aspects are provided: to strengthen diversified cooperation and strategic alignment, to intensify information sharing and policy coordination, to improve financial security and settlement systems, and to promote the construction of “BRICS+” and cooperation mechanisms.

 

BRICS countries share similar development experiences, and have common interests in carbon peaking and carbon neutral actions. As latecomer emerging economies, the BRICS countries have always represented the interests of developing countries and actively innovated the global climate governance system. In face of tremendous development pressure, BRICS countries still made a solemn commitment to the international community of carbon neutrality, and their carbon neutralization policy achieved certain results.Under the new situation of the recurring global epidemic and the trend of carbon neutrality, differences in internal positions and the transition from carbon peaking to carbon neutrality. In view of this, BRICS countries should actively safeguard the legitimate rights and interests of emerging economies, coordinate their respective policy positions, and build a carbon neutrality policy system adapted to their national conditions, so as to provide a “BRICS approach” for carbon neutrality and climate governance for the majority of developing countries.

The essence of achieving “carbon peaking and carbon neutrality”, that is, China’s “dual carbon” goals as unveiled by a guiding document on the country’s work by the Communist Party of China Central Committee and the State Council, lies in accelerating the transition from fossil energy consumption to non-fossil energy consumption. The petroleum refining and petrochemical industry, as one of the industries with the highest level of carbon emissions in China’s industrial system, faces enormous challenges as thus. In this regard, refineries and petrochemical manufacturers have to propose and implement even more effective strategies and measures to reduce carbon emissions against the background of the “dual carbon” goals. The focuses will be put on strengthening energy management during production, speeding up industrial adjustment and transformation, accelerating the recycling of multiple resources including waste plastics, and developing innovative petrochemical processes, with a view to enabling gradual replacement of new energy and vigorously developing renewables. These are to usher in an era of great change, and contribute to the realization of China’s goals in carbon dioxide emission peaking by 2030 and carbon neutrality by 2060.

By the end of 2020, China had built a natural gas storage capacity of about 26.1 billion m³, accounting for 8.2% of the total market consumption. As the construction of natural gas storage and peak shaving system still have problems with the price mechanism not being properly guided, the lack of coordination at the provincial level, and the different attitudes of different enterprises towards the construction of gas storage facilities, there is still a large gap between the current gas storage capacity and the target required by the state. In order to improve the construction of natural gas storage capacity and the gas storage and peak shaving system in China, the following suggestions are made: 1. the planning of layout and constructing subjects of gas storage capacity should be considered at the provincial level; 2. the business mode of gas storage facilities should be innovated, and diversified services should be provided; 3. the gas storage facility services should be improved, as price mechanism should be improved too, such as channeling; 4. the policy should be more flexible, and different enterprises should be treated differently; 5. attention should be paid to the coordination between gas storage capacity and peak shaving capacity.