11.4.3 Stakeholders Are Looking
to the Future
and Planning for Global
Collaborative Energy
Security
(1) International non-energy organisations
should keep pace with global energy governance reform
Organisations like the WTO should consider
introducing energy trade rules to address the
changing modes of global trade. Current WTO
trade rules need to be reformed to meet the need
for inclusiveness, digital intelligence, efficiency
and convenience in the context of globalisation.
In energy, these requirements are: first, there may
be changes in the flow and types of oil trade, and
a globally unified liquefied natural gas
(LNG) market could come into existence; second, despite the strict controls of oil and gas
producers, the trade rules in upstream oil and gas
and other services are global and homogeneous;
third, the vision of transnational or transcontinental power trading can be realised.
The World Bank, International Monetary Fund
and other organisations should plan early for
investment in the low-carbon age. In the future,
especially after 2030, global oil and gas consumption could peak or stay at a high level, with
growth no longer possible. In a low-carbon power
system, electricity generated with fossil energy
will decline. It is likely that the financial return
from investments in fossil energy, especially
power, will be lower than previously. It will be
important that these organisations adapt and invest
in sustainable energy in the low-carbon age.
(2) The future global energy governance
framework and the Belt and Road Initiative should provide oil and gas exporting
countries with the opportunity to transition
Supplies of oil and gas are expected to increase
in the future. China and India are located in the
geographical mid-point between Russia, Saudi
Arabia and other OPEC countries and the USA.
Russia and Saudi Arabia should speed up their
transition to reduce their over-dependence on oil
and gas exports. The Belt and Road Initiative
provides them with opportunities for social
development and economic transition, including
the transition of energy. China is strengthening
its cooperation with the Gulf states to interconnect energy infrastructure. Multilateral consensus
is expected to be formed and converted into
investment. The future global energy governance
framework and leading organisations should also
make efforts to broaden consensus beyond
energy.
(3) Only with the comprehensive and collaborative transition of energy consumers
and energy exporters can common global
energy security be achieved
The world is a whole, so the interests of energy
producers, consumers and exporters should be
taken into consideration to achieve balance. This
requires long-term concerted effort by international organisations and the countries concerned.
Global energy governance will become more
significant in this long-term process, so it needs
to reform itself continuously to keep pace with
the times.
Special Report 5: International Energy Cooperation and Governance
687
to the Future
and Planning for Global
Collaborative Energy
Security
(1) International non-energy organisations
should keep pace with global energy governance reform
Organisations like the WTO should consider
introducing energy trade rules to address the
changing modes of global trade. Current WTO
trade rules need to be reformed to meet the need
for inclusiveness, digital intelligence, efficiency
and convenience in the context of globalisation.
In energy, these requirements are: first, there may
be changes in the flow and types of oil trade, and
a globally unified liquefied natural gas
(LNG) market could come into existence; second, despite the strict controls of oil and gas
producers, the trade rules in upstream oil and gas
and other services are global and homogeneous;
third, the vision of transnational or transcontinental power trading can be realised.
The World Bank, International Monetary Fund
and other organisations should plan early for
investment in the low-carbon age. In the future,
especially after 2030, global oil and gas consumption could peak or stay at a high level, with
growth no longer possible. In a low-carbon power
system, electricity generated with fossil energy
will decline. It is likely that the financial return
from investments in fossil energy, especially
power, will be lower than previously. It will be
important that these organisations adapt and invest
in sustainable energy in the low-carbon age.
(2) The future global energy governance
framework and the Belt and Road Initiative should provide oil and gas exporting
countries with the opportunity to transition
Supplies of oil and gas are expected to increase
in the future. China and India are located in the
geographical mid-point between Russia, Saudi
Arabia and other OPEC countries and the USA.
Russia and Saudi Arabia should speed up their
transition to reduce their over-dependence on oil
and gas exports. The Belt and Road Initiative
provides them with opportunities for social
development and economic transition, including
the transition of energy. China is strengthening
its cooperation with the Gulf states to interconnect energy infrastructure. Multilateral consensus
is expected to be formed and converted into
investment. The future global energy governance
framework and leading organisations should also
make efforts to broaden consensus beyond
energy.
(3) Only with the comprehensive and collaborative transition of energy consumers
and energy exporters can common global
energy security be achieved
The world is a whole, so the interests of energy
producers, consumers and exporters should be
taken into consideration to achieve balance. This
requires long-term concerted effort by international organisations and the countries concerned.
Global energy governance will become more
significant in this long-term process, so it needs
to reform itself continuously to keep pace with
the times.
Special Report 5: International Energy Cooperation and Governance
687