10th International Energy Executive Forum

A recording of these remarks can be found on Tencent, with Chinese subtitles provided by the event organizer.

Mr. Zhang Jianhua, Administrator of the National Energy Administration of China,

Mr. Dai Houliang, Chairman of the China National Petroleum Corporation, 

Mr. Zhao Dong, President of Sinopec,

Mr. Li Yong, President of CNOOC,

Excellencies, 

Ladies and gentlemen,

I thank the CNPC Economics & Technology Research Institute for the invitation to speak at this Forum.

Affordable and clean energy is not just a commodity; it is essential for advancing prosperity, sustaining life and achieving the Sustainable Development Goals (SDGs). 

Since the 2030 Agenda for Sustainable Development was agreed upon in 2015, the proportion of the global population with access to electricity has risen to 91 per cent. While this represents progress, there are still 675 million people in the world, mostly in the least developed countries, that still lack access. Given increasing demand, affordability remains a crucial issue, with rising energy prices already impacting vulnerable groups. At the same time, it has become ever clearer that accelerating the transition to clean energy is the only pathway to a healthy, livable planet.  

Ladies and gentlemen,

As we continue to experience the rapidly accelerating impacts of climate change – both in frequency and intensity – it is imperative that we end our reliance on fossil fuels and scale up investments in alternative sources of energy that are clean, affordable, sustainable, and reliable. 

A recent report from the International Energy Agency and the International Financial Corporation suggests that we need to triple our annual investments in emerging and developing economies from US$770 billion in 2022 to $2.8 trillion by the early 2030s to meet rising energy needs and ensure alignment with the Paris Agreement on Climate Change. 

While China continues to be the largest emitter of greenhouse gases, it has also emerged as a global leader in renewable energy, with its electric vehicle, wind and solar power industries. At its current pace, China will have 1,200 gigawatts of renewable capacity in 2025, five years earlier than its 2030 goal. 

As the global leader in the production of wind and solar power infrastructure, the proportion of renewable energy in relation to China’s domestic energy consumption has increased from 8.9 per cent in 2017 to 11.6 per cent in 2023. While this represents a 30% increase, accelerated actions are needed if we are to increase substantially the share of renewable energy in the global energy mix. 

Even with advances in renewable energy production, challenges remain, particularly those related to energy storage due to the variability in production. Increased investments in technologies for improving energy storage and distribution, by modernizing the electrical grid, can facilitate a more rapid transition to a green energy future and bring these energy sources within reach for all people, everywhere. 

While China’s achievements in transitioning to renewable energy sources are notable, the nature of the challenges we face in addressing the climate crisis cannot be solved alone and require international cooperation and multilateral solutions. 

Here, we welcome the recent Sunnylands Statement on Enhancing Cooperation to Address the Climate Crisis agreed upon between China and the United States. We look forward to seeing further dialogue and cooperation to accelerate climate action. We also hope that global leaders emerge from the ongoing COP28 summit to advance our shared efforts to combat climate change and place us on a path to effectively implement the Paris Agreement. The world cannot wait any longer to act, and future generations are relying on us to ensure the world remains habitable. 

Ladies and gentlemen, 

The United Nations Country Team in China has been working closely to support the Government of China in honouring its commitments on the 2030 Agenda for Sustainable Development and the Paris Agreement. 

In 2021, the United Nations Development Programme launched a project to improve energy efficiency in China’s public sector buildings, in collaboration with the Ministry of Housing and Urban Rural Development of China. As part of this project, partners from national authorities, municipal governments, and the private sector have mobilized $69.5 million to increase investment in this area.

In addition, the UN in China has been active in supporting South-South and Triangular Cooperation activities to accelerate the green transition. Under this Framework, the UN in China initiated trilateral cooperation with the Ministry of Commerce and the Governments of Ethiopia and Sri Lanka on renewable energy. Through these projects, there is increased capacity for renewable energy technology transfer to the agro-industry sector and public institutes in these countries. 

As the COP28 summit continues, we urgently need more robust action from all countries and stakeholders, including the energy sector, to accelerate the net-zero transition. We need more ambition, credibility and implementation to support an inclusive and equitable transition, close the massive emissions gap, and better protect vulnerable communities from the climate crisis. 

I call upon all of you at this Forum to accelerate your activities in this space. The transition to renewable energy sources is not just the right thing to do for the environment and our shared future, but it also holds immense economic opportunities for companies that join the transition to this fast-growing market.

UN Secretary-General António Guterres said, “There is still time to keep rising temperatures within the 1.5 degree limits of the Paris Agreement. But that requires drastic steps now – to cut greenhouse gas emissions, and to ensure climate justice for those who did least to cause the crisis but are paying the highest price.”

The UN in China stands ready to support such efforts towards a greener, cleaner and brighter future, both here and around the world. 

I wish you a successful conference. 

Thank you.