In recent years, the widespread acceptance of ESG (Environmental, Social and Governance) concept has profoundly changed the development environment of the oil and gas industry. Firstly, the ESG investment market continues to attract capital into green industries, resulting in higher financing constraints of high-carbon footprint projects while sustainable development projects are more favored. Secondly, ESG consumption concept has led capital flow into green industries, promoting strategic adjustment and low-carbon transformation of oil companies. Thirdly, ESG regulatory policies continue to be introduced in an orderly manner, leading to higher compliance risk and operating costs. Fourthly, ESG incentive mechanisms have been continuously improved, helping the oil and gas industry to achieve carbon neutrality goal. China’s oil and gas industry continues to innovate ESG practices and actively respond to the challenges and opportunities brought by ESG. On the environmental front, China will actively and steadily push forward ‘carbon peaking’ and ‘carbon neutrality’ goals, and promote the integrated development of oil and gas and new energy business. On the social front, we have developed an industry-specific assistance model. In terms of governance, we will continue to strengthen the foundation of ESG governance and launch new initiatives on climate issues. Looking ahead, China’s oil and gas industry should embrace ESG concepts and improve ESG performance in a more active manner: improve ESG governance structure and climate governance mechanism; optimize industrial structure and promote the integrated development of oil and gas and new energy; make good use of green financial policies to stimulate the effectiveness of the financial sector; take compliance disclosure and continue to optimize ESG management; and give full play to the role of data and think tanks as support for ESG management and decision-making.