On October 23rd, the third “Belt and Road” Energy Ministers’ Conference convened in Qingdao. During the event, the “Belt and Road Green Energy Cooperation Action Plan (2024–2029)” was unveiled, outlining a series of initiatives for member countries over the next five years across seven key areas of energy collaboration.
In terms of enhancing green energy security, the Action Plan emphasizes that member countries will engage in no fewer than 50 international cooperation activities focusing on energy supply diversification, green energy development, stabilizing supply chains, improving energy accessibility, and enhancing cross-border energy connectivity. The goal is to build a safe, efficient, and mutually beneficial global energy supply chain.
Regarding technological innovation in green energy, member countries plan to collaborate on at least five joint research and development projects and five clean technology equipment partnerships, particularly in areas like hydrogen energy, advanced nuclear power, and carbon capture. They aim to standardize and customize energy solutions for diverse applications including mining, smelting, industrial parks, hospitals, and ports.
In strengthening capacity building in the green energy sector, member countries intend to initiate at least 25 projects focused on developing energy capabilities. They will explore creating an international cooperation research platform for clean energy and will conduct joint energy planning studies with at least five other Belt and Road Initiative countries.
To bolster financial services in green energy, the Action Plan calls for member countries to encourage financial institutions to explore low-carbon credit support pathways for various industries. Furthermore, they intend to leverage the resources of multilateral development banks such as the New Development Bank and the Asian Development Bank to innovate financing tools and improve funding capabilities for developing countries.
The member countries also plan to collaborate on policy and institutional innovations in green energy, facilitate exchanges among young energy professionals, and foster a favorable environment for energy development. Upholding the principles of consultation, contribution, and sharing, they aim to enhance the representation of developing nations in global energy governance and advocate for a fair, balanced, and inclusive global energy governance system.
