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The Reverse Evolution of Global Energy Security and China's Strategy

Zhang Jianxin

Abstract: The outbreak of the reverse oil crisis in 2014 has changed the pattern of global energy security over the past 30 years. On the one hand, the global energy geopolitics becomes more volatile; on the other hand, the main energy consumption nations are divided over energy security, the energy security situation of the developed economies has improved, with the US having the highest sense of security. Most emerging economies are facing the systemic risk of energy security, especially China due to its diverse security risks, including the irreversible dependence on overseas energy, the threat of the US Asian rebalancing strategy, the impact of the mitigation obligations under the framework of the Paris Climate Agreement on energy structure, and the challenge of endogenous energy security risks. In the face of systemic security risks, China should take into account the markets and resources at home and abroad, deepen reform of the energy system domestically, enhance energy cooperation externally through the “Belt and Road” Initiative, and become better able to cope with the new challenges of geopolitical conflicts, in order to effectively deal with the issues over energy security due to the reverse oil crisis.

Keywords: reverse oil crisis, geopolitics, climate change, energy security strategy

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