On December 10-11, China Petroleum Economic and Technological Research Institute (a national high-end think tank) and S&P Global jointly held the 2024 (11th) International Energy Development Summit Forum in Beijing. The forum, with the theme of "Balancing Energy Multidimensional Transformation and Building a Sustainable Future," attracted nearly 400 experts and scholars, including relevant national departments, industry associations, domestic and foreign energy companies, high-end national think tanks and research institutions, as well as financial investment institutions, to jointly explore the future prospects of global energy transformation and sustainable development.

Ren Jingdong, Deputy Director of the National Energy Administration of China, said in his speech that China is deeply promoting the transformation of energy production and consumption patterns, comprehensively improving the ability to guarantee energy supply, and achieving historic breakthroughs in green and low-carbon development. He proposed that the high-quality development of China's energy needs to adhere to the principle of first establishing and then breaking, and build a safe and resilient energy system; Adhere to systematic planning and promote the green transformation of fossil energy; Adhere to the empowerment of digital intelligence, cultivate intelligent, efficient, and new quality productivity of energy; Adhere to open cooperation and build an energy system with a shared destiny.

Duan Liangwei, Deputy Secretary of the Party Group of China National Petroleum Corporation, stated that the energy industry is accelerating its transformation towards clean, low-carbon, efficient, and diversified directions. Balancing the multidimensional transformation of energy and building a sustainable future has become the trend. China National Petroleum Corporation (CNPC) is vigorously promoting the integrated development of oil and gas with new energy, continuously improving its energy efficiency supply capacity, and firmly transforming into a comprehensive energy supplier of "oil, gas, heat, electricity, and hydrogen". It continues to strengthen innovation driven development and has made important breakthroughs in a number of key core technologies in the fields of oil and gas new energy, refining and new materials, etc.

Former French Prime Minister Dominique de Villepin stated that the world is currently in a critical period, and the global economic landscape is rapidly changing. The energy transition needs to integrate five dimensions: technology, environment, economy, society, and regulation. Technology is the main means to promote the transition from fossil fuels to renewable energy, requiring support from various aspects such as energy storage technology, digital innovation, policy regulation, and global collaboration to shape an environmentally friendly, economically resilient, and socially inclusive future.

Secretary General of the Organization of the Petroleum Exporting Countries, Jaime Guess, Ambassador of Brazil to China, Gao Wang, Chairman of the International Gas Union, Li Yalan, Chairman of S&P Global China and CEO of S&P Credit Rating, Huang Zhi, attended the meeting or delivered a video speech. Qian Xingkun, Executive Director and Party Secretary of China Petroleum Economic and Technological Research Institute, presided over the first main forum.

The current global political, economic, and energy landscape is undergoing profound changes. Daniel Yergin, Vice Chairman of S&P Global, proposed in his speech that the world is facing a new energy landscape. Compared with the previous 20 years, the global oil and gas supply and demand pattern has undergone fundamental changes. Thanks to the rapid development of new and renewable energy, China has taken a leading position in energy transformation; Thanks to the shale revolution, the United States has become the world's largest exporter of LNG; Affected by the Ukrainian crisis, Russian natural gas and oil have been replaced by production from other countries. The energy transition is facing severe challenges of "multidimensional balance". In promoting energy transformation, it is necessary to fully consider the differences and priorities of different countries and regions, and comprehensively coordinate various influencing factors such as economic development, transformation costs, energy security, development stages, resource development, power supply, and geopolitics. We should advocate a rational and objective concept of energy transformation to promote balanced development of energy.

Zhang Xiaoqiang, former Deputy Director of the National Development and Reform Commission, invited expert of the China International Economic Exchange Center, and former Executive Vice Chairman, conducted an in-depth analysis of China's high-quality energy development and high-level security guarantee. He proposed that China has formed an energy supply system that comprehensively develops coal, electricity, oil, natural gas, new energy, and renewable energy, and the level of technology and equipment continues to improve. Technological innovation and industrial development play an extremely important role in the process of high-quality energy development in China. To build a new energy system, we need to adhere to the principle of first establishing and then breaking, and fully leverage the role of fossil fuels as a backup guarantee. Sun Xiansheng, President of the International Energy Transition Society, former Secretary General of the International Energy Forum, and former Dean of the China Petroleum Economic and Technological Research Institute, had an on-site dialogue with Ye Jin and Zhang Xiaoqiang.

Lu Ruquan, president of the Economic and Technological Research Institute of CNPC, pointed out when releasing the Global Energy Security Report (2024) that in 2024, the Pressure on global energy security will ease, geopolitical risks will remain prominent, energy cooperation will encounter resistance, energy transformation will face many obstacles, and the energy system is ushering in a huge change. In the future, we need to focus on the risks of geopolitics, power security, artificial intelligence and sustainability. During the forum, Luo Liangcai, Vice President of the Economic and Technological Research Institute of China Petroleum Group, and Wu Moyuan respectively released the "Energy Technology Progress and Outlook Report (2024)" and the "2060 World and China Energy Outlook (2024)".

At the forum, Chinese and foreign guests had in-depth exchanges on topics such as the new international geopolitical landscape, global macroeconomics, and global energy structure changes. It is generally believed that the world is facing the dual challenges of energy sustainability and rapid economic changes. The biggest factor affecting global energy accessibility is still geopolitical risks, and conflicts in various regions have spillover, diffusion, and upgrading trends, threatening the security of the energy industry chain and supply chain. The development of the global petroleum and petrochemical industry is facing major differentiation, adjustment, and reconstruction. Balancing multidimensional energy transformation, technological innovation is the core driving force, and we should promote the energy industry to shift from resource dependence to innovation driven.

The International Energy Development Forum (IEEF) was founded in 2013 and has become an important annual event in China's energy sector after more than a decade of dedicated exploration. This forum will last for two days, with two main forums and six parallel sub forums, focusing on six dimensions: energy transformation and green low-carbon development, accelerated adjustment of the petroleum and petrochemical market, global natural gas market and trade, energy technology and digital empowerment, energy company development strategy and ESG, energy geopolitics and international cooperation. The sub forums have received widespread attention from attending experts.