The foundation for oil and gas cooperation of the Belt and Road Initiative (BRI) is solid. However, due to the influence such new situations as energy transition, increasingly complex environment of oil and gas cooperation, long-term holding of oil and gas assets in different regions by oil companies, and national cooperation guidelines prioritizing benefits, deeper thoughts are needed for the future oil and gas cooperation with BRI countries. Based on previous experience on oil and gas cooperation, this paper puts forward the development orientation of creating new paths, new patterns, new opportunities and new achievements, the cooperative development idea of “one strengthening and four adherences”, and the development goal of “one transformation, two priorities and three optimizations” in the future oil and gas cooperation of the BRI.

 

 

In 2020, in response to the COVID-19 pandemic and low oil prices, the governments of resource countries successively introduced fiscal, tax and financial supporting policies to ease the operational difficulties faced by the oil industry. In addition, they accelerated the clean energy transition by increasing the LNG production capacity, expediting the construction of renewable energy projects and vigorously developing hydrogen energy. Many consumer countries accelerated the transition of the energy structure to clean energy, set carbon neutrality goals and intensively released supporting policies for accelerating the green and low-carbon transition of the energy structure. They also built a strong power supply system to adapt to the new development of the green economy, promoted the international interconnection of power grids and the coordinated development and utilization of energy resources, and built a more flexible and inclusive electricity market. Moreover, they continued to accelerate the low-carbon and energy-saving transition of the transportation sector, reduced emissions and pollution by switching marine and aviation fuels, and further promoted the high-quality development of electric vehicles.

 

 

With the acceleration of energy reform and transition, the production and operation environment of traditional energy companies is undergoing profound changes, and the companies are facing increased competition from inside and outside of the industry. Major international oil companies have responded to the challenges of the energy transition actively, and taken green and low-carbon development as the main direction of transition. They released relevant reports on energy transition, and clarified green and low-carbon development goals, development paths and safeguard measures; They strengthened emission reduction and decarburization of traditional businesses by changing the operation mode, enhancing the promotion and application of carbon removal technology, and seeking support from government ; They made the strategic layout of emerging businesses such as power and advance mobility to create a low carbon business model, used a variety of investment methods to selectively explore and develop new areas with synergistic effects. The transition and development practices of major international oil companies also offer four inspirations to China’s oil and gas enterprises. It is suggested that China’s oil companies learn from major international oil companies. First, China’s oil companies should actively respond to energy transition and formulate green and low-carbon development strategies; Second, they should lay out emerging fields and use low-carbon technologies for emission reduction and decarburization; Third, they should work to leverage acquisitions and investments to foster new growth drivers for transition and development.

In recent years, the global energy industry has been undergoing profound adjustment and transition, from traditional high-carbon unclean energy sources with low unit energy density to low-carbon clean energy sources with high unit energy density. Whether in natural resource endowment or its current development and utilization situations compared with those of other new energies, natural gas is in a very advantageous position. It can serve as the “bridge” in the process of the energy transition and play key roles in safeguarding the energy supply, improving the environment, enhancing resource security and so on.

In order to avoid the risks of unfair competition and “carbon leakage” that EU companies face as a result of implementing policies to combat climate change, the European Parliament approved the Carbon Border Adjustment Mechanism (CBAM), and proposed to impose carbon tariffs on some products imported to the EU under the principle of compatibility with WTO rules and the EU Free Trade Agreement (FTA). This paper analyzes the possible impacts of the CBAM on the construction of the carbon market in China and the transformation and upgrading of high carbon emission enterprises by studying the reasons, construction principles and categories of measures for the CBAM, and puts forward measures and suggestions to cope with the CBAM.