On October 23-24, the Third Belt and Road Energy Ministers’ Conference took place in Qingdao, Shandong. During the event, the “Belt and Road Green Energy Cooperation Action Plan (2024-2029)” was unveiled, outlining seven key action areas for energy cooperation among Belt and Road partner countries over the next five years, emphasizing the green dimension of this cooperation.
The Action Plan focuses on enhancing green energy security capabilities, fostering collaboration on green energy technology innovation, building capacities in the green energy sector, strengthening financial services related to green energy, promoting policy and institutional innovation in green energy, facilitating exchanges and cooperation among young energy professionals, and creating a favorable environment for energy development.
In terms of green energy technology innovation, the Action Plan indicates that over the next five years, member countries will initiate no fewer than five joint R&D projects and collaborate on at least five clean and smart technology equipment initiatives, focusing on frontier technologies such as hydrogen energy, new energy storage, advanced nuclear power, carbon capture and storage, and unconventional oil and gas exploration. The plan also aims to promote standardized design and customized services for diverse energy scenarios, particularly in mining, smelting, and industrial parks.
Member countries will undertake at least 25 capacity-building projects in the energy sector, explore the establishment of an international cooperation research platform for clean energy, and conduct joint energy planning research with no fewer than five Belt and Road partner countries, providing comprehensive technical support for energy development. Additionally, at least 50 international cooperation exchange activities will be organized, focusing on energy supply diversification, the development of green energy, and stability in the green energy supply chain.
Zhang Jianhua, Director of the National Energy Administration, presented data highlighting China’s extensive reach in the wind and solar sectors, noting that its products are available in over 200 countries and regions. He emphasized that this not only enriches global supply but also greatly contributes to the green energy transition and stability in the global energy market. Currently, China boasts a complete R&D, design, and manufacturing system for the wind and solar energy industry, supplying over 80% of global photovoltaic components and 70% of wind energy equipment. In the past decade, the average cost of generating electricity from wind and solar power projects has decreased by more than 60% and 80%, respectively.
Zhang asserted that the Belt and Road energy cooperation partnership offers a diverse and mutually beneficial platform for collaboration, underscoring the importance of jointly building this platform. China is willing to work alongside other countries to engage in shared dialogue, expand the depth and breadth of Belt and Road energy cooperation, and assist developing countries in addressing the dual challenges of energy supply security and the green, low-carbon transition by seeking reliable solutions to energy-related issues.
During the conference, a working group for the Belt and Road Energy Cooperation Partnership Think Tank Network was established, along with the Belt and Road Energy Cooperation Partnership Secretariat Office. The event also led to the release of 19 “small yet effective” best practices for international energy cooperation, along with a think tank report on the “Green Transformation of Power Systems in Developing Countries.”
