China should:
• establish comprehensive strategies and a
roadmap for participation in global energy
governance; assess the cost, benefits and risks
of its participation in global energy governance in different scenarios; and define the
different methods for participation and the
support systems required;
• respond actively to the expectations of the
international community on China’s participation in global energy governance by
adopting the International Energy Agency’s
oil emergency response mechanism, improving data quality and integrating international
energy strategies;
• establish an internal conference and consultation mechanism to reach agreement on
major international energy issues and be
represented at international conferences to
express China’s point of view in a more
powerful way;
• decide which international energy conferences and activities to participate in and
identify the departments and officials to
attend and the goals to be achieved;
• release transparent national energy policies on
a regular basis. This means publishing a
national energy white paper at regular intervals and publicising China’s domestic energy
policies and external energy relations; and
• set up a minimum supply and emergency
system (like strategic oil reserves) for potential energy security problems (like wars).
4.8.2 Strengthen China’s Capacity
to Participate in Global
Energy Governance
China’s ability to modernise its energy governance is a prerequisite for its participation in
global energy governance. China should:
• work actively on the international energy
agenda, especially those issues that affect
emerging economies and developing countries (soft power);
• develop the ability to apply international
energy rules expertly and be familiar with the
laws and regulations of international energy
trade and financial investment;
• reform the domestic energy governance system and international energy cooperation
mechanism and introduce a modern governance structure for energy diplomacy;
• develop a pool of expertise on international
energy governance;
• improve the ability of energy companies to
participate in international energy market
activities (hard power); and
• form discussion platforms with the help of
non-official and international organisations
and enhance research in—and build capacity
to participate in—global energy governance.
4.8.3 Create a Spirit of Openness and
Accept that the International
Energy Market Can Ensure
Energy Security Under
Normal Conditions
In the future, China and the world will be
increasingly open towards each other in global
energy governance. China should be more aware
that the international energy market can ensure
energy security under normal conditions and
support efficient and competitive global markets.
There is global consensus that the international energy market can ensure energy security
under normal conditions. Dependence on
imported energy (mainly oil and gas) no longer
means weak energy security. In the future of
globalisation, thanks to mutual opening up, the
global energy transition and China’s energy
revolution, the effects of an 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.
Win-win energy development can be achieved
by identifying areas for international cooperation,
learning from international energy development
experience, applying advanced technologies, and
using foreign investment to make the domestic
energy market more competitive. China’s further
integration into the global energy market will
contribute to the energy security of the whole
world, not only to China and East Asia.
38
X. Zhaoyuan and M. Ishwaran
• establish comprehensive strategies and a
roadmap for participation in global energy
governance; assess the cost, benefits and risks
of its participation in global energy governance in different scenarios; and define the
different methods for participation and the
support systems required;
• respond actively to the expectations of the
international community on China’s participation in global energy governance by
adopting the International Energy Agency’s
oil emergency response mechanism, improving data quality and integrating international
energy strategies;
• establish an internal conference and consultation mechanism to reach agreement on
major international energy issues and be
represented at international conferences to
express China’s point of view in a more
powerful way;
• decide which international energy conferences and activities to participate in and
identify the departments and officials to
attend and the goals to be achieved;
• release transparent national energy policies on
a regular basis. This means publishing a
national energy white paper at regular intervals and publicising China’s domestic energy
policies and external energy relations; and
• set up a minimum supply and emergency
system (like strategic oil reserves) for potential energy security problems (like wars).
4.8.2 Strengthen China’s Capacity
to Participate in Global
Energy Governance
China’s ability to modernise its energy governance is a prerequisite for its participation in
global energy governance. China should:
• work actively on the international energy
agenda, especially those issues that affect
emerging economies and developing countries (soft power);
• develop the ability to apply international
energy rules expertly and be familiar with the
laws and regulations of international energy
trade and financial investment;
• reform the domestic energy governance system and international energy cooperation
mechanism and introduce a modern governance structure for energy diplomacy;
• develop a pool of expertise on international
energy governance;
• improve the ability of energy companies to
participate in international energy market
activities (hard power); and
• form discussion platforms with the help of
non-official and international organisations
and enhance research in—and build capacity
to participate in—global energy governance.
4.8.3 Create a Spirit of Openness and
Accept that the International
Energy Market Can Ensure
Energy Security Under
Normal Conditions
In the future, China and the world will be
increasingly open towards each other in global
energy governance. China should be more aware
that the international energy market can ensure
energy security under normal conditions and
support efficient and competitive global markets.
There is global consensus that the international energy market can ensure energy security
under normal conditions. Dependence on
imported energy (mainly oil and gas) no longer
means weak energy security. In the future of
globalisation, thanks to mutual opening up, the
global energy transition and China’s energy
revolution, the effects of an 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.
Win-win energy development can be achieved
by identifying areas for international cooperation,
learning from international energy development
experience, applying advanced technologies, and
using foreign investment to make the domestic
energy market more competitive. China’s further
integration into the global energy market will
contribute to the energy security of the whole
world, not only to China and East Asia.
38
X. Zhaoyuan and M. Ishwaran