Green Transformation of the Energy System under the Vision of Carbon Neutrality

The 26th Conference of the Parties(COP) of the United Nations Framework Convention on Climate Change was held on October 31 in Glasgow, UK, focusing on climate change. More economies have recently submitted new Nationally Determined Contributions(NDCs) to the United Nations. The pathways for attaining the Paris Agreement 1.5°C warming target will be further clarified, and actions will focus on climate financing, coal elimination, and nature-based solutions. In the context of carbon peak and carbon neutrality, China is, while achieving the all-round green and low-carbon transition, faced up with multiple pressures from the energy consumption mix in urgent need of transition from fossil energy to clean and low-carbon energy, from the highlighted importance of energy security, and from a number of pain points and difficulties in the low-carbon transition in the oil and gas industry. Traditional oil and gas companies are recommended to actively promote green and low-carbon transition by restructuring business models, innovating in management mechanisms, performing organizational reforms, optimizing oil and gas assets, and accelerating the development of new energy businesses.