international energy cooperation and global
energy governance.
This study proposes that China should: (i),
draw up strategies and a roadmap for its participation in global energy governance and evaluate
the cost and benefits of participating in global
energy governance in different scenarios. This
would include identifying the various methods of
engagement and providing the necessary support
systems; (ii), actively respond to the expectations
of the international community for China’s participation in global energy governance, such as
the IEA’s oil emergency response mechanism
and the improvement of data quality; (iii),
establish an internal conference and consultation
mechanism to reach agreement on major international issues, using authorised delegates, to
make China’s voice heard at international conferences; (iv), prepare a list of international
energy conferences and activities to attend and
identify the department and officials who should
participate and the goals they should achieve; (v),
release transparent national energy policies on a
regular basis, including white papers on China’s
domestic energy policies and external energy
relations, and; (vi), set up an emergency system
(like strategic oil reserves) for potential energy
security problems (like armed conflict).
(2) Develop
domestic
capabilities
to
strengthen China’s engagement in global
energy governance
Boosting China’s capabilities to modernise
energy governance is a prerequisite for its participation in global energy governance.
First, China should develop the capability to
set international energy agenda, especially those
representing emerging economies and developing countries (soft power).
Second, China should develop the capability
to expertly apply international energy regulations, especially those on international energy
trade and financial investment.
Third, China should optimise domestic energy
governance and develop a modern governmental
structure for energy diplomacy, focusing on
reforming the domestic energy governance
system and international energy cooperation
mechanism.
Fourth, China should improve the development of human resources for international energy
governance.
Fifth, China should improve the capability of
energy companies to participate in international
energy market activities and fully serve the
international energy market.
Sixth, China should build discussion platforms with the help of unofficial and international
organisations and enhance research and capacity
building for participation in global energy
governance.
(3) Opening up to one another and fostering
faith in the international energy market
can support energy security
Future global energy governance will be dependent on China and the world opening up to each
other. China should be aware that the international energy market, when it functions well, can
ensure energy security through strong and liquid
trading to match supply with demand.
There is global consensus that the international energy market ensures energy security
under normal economic and geopolitical circumstances. Dependence on imported energy
(mainly oil and gas) is no longer a measure of
energy security. In the future, energy shortage
may not be as critical as before and energy
commodities procured from the international
market may be cheaper than those produced in
China—this is thanks to globalisation, countries
opening up to each other, the energy transition
and China’s energy revolution.
Second, opening up China’s energy resources
in certain fields not only involves energy development but also investment and trade. Win-win
energy development can be achieved by defining
areas for international cooperation, learning from
international energy development experience and
advanced technologies, and using foreign
investment to make domestic energy markets
more competitive. China’s further integration
into the global energy market will contribute to
the energy security of the whole world.
684
W. Jigang and P. Webb
energy governance.
This study proposes that China should: (i),
draw up strategies and a roadmap for its participation in global energy governance and evaluate
the cost and benefits of participating in global
energy governance in different scenarios. This
would include identifying the various methods of
engagement and providing the necessary support
systems; (ii), actively respond to the expectations
of the international community for China’s participation in global energy governance, such as
the IEA’s oil emergency response mechanism
and the improvement of data quality; (iii),
establish an internal conference and consultation
mechanism to reach agreement on major international issues, using authorised delegates, to
make China’s voice heard at international conferences; (iv), prepare a list of international
energy conferences and activities to attend and
identify the department and officials who should
participate and the goals they should achieve; (v),
release transparent national energy policies on a
regular basis, including white papers on China’s
domestic energy policies and external energy
relations, and; (vi), set up an emergency system
(like strategic oil reserves) for potential energy
security problems (like armed conflict).
(2) Develop
domestic
capabilities
to
strengthen China’s engagement in global
energy governance
Boosting China’s capabilities to modernise
energy governance is a prerequisite for its participation in global energy governance.
First, China should develop the capability to
set international energy agenda, especially those
representing emerging economies and developing countries (soft power).
Second, China should develop the capability
to expertly apply international energy regulations, especially those on international energy
trade and financial investment.
Third, China should optimise domestic energy
governance and develop a modern governmental
structure for energy diplomacy, focusing on
reforming the domestic energy governance
system and international energy cooperation
mechanism.
Fourth, China should improve the development of human resources for international energy
governance.
Fifth, China should improve the capability of
energy companies to participate in international
energy market activities and fully serve the
international energy market.
Sixth, China should build discussion platforms with the help of unofficial and international
organisations and enhance research and capacity
building for participation in global energy
governance.
(3) Opening up to one another and fostering
faith in the international energy market
can support energy security
Future global energy governance will be dependent on China and the world opening up to each
other. China should be aware that the international energy market, when it functions well, can
ensure energy security through strong and liquid
trading to match supply with demand.
There is global consensus that the international energy market ensures energy security
under normal economic and geopolitical circumstances. Dependence on imported energy
(mainly oil and gas) is no longer a measure of
energy security. In the future, energy shortage
may not be as critical as before and energy
commodities procured from the international
market may be cheaper than those produced in
China—this is thanks to globalisation, countries
opening up to each other, the energy transition
and China’s energy revolution.
Second, opening up China’s energy resources
in certain fields not only involves energy development but also investment and trade. Win-win
energy development can be achieved by defining
areas for international cooperation, learning from
international energy development experience and
advanced technologies, and using foreign
investment to make domestic energy markets
more competitive. China’s further integration
into the global energy market will contribute to
the energy security of the whole world.
684
W. Jigang and P. Webb