“…From the perspective of pathway dependence and innovation, the energy transformation can be divided into the low‐carbon transformation of fossil energy (Semieniuk, 2022) and the green transformation of renewables (Mahmood et al, 2022). The strategic objectives of such a transformation can be summarized as (1) realizing the energy security by reasonably reducing the total amount of energy consumption (Sima et al, 2022), namely, the energy conservation ; (2) achieving the climate‐friendly development and environmental protection (Yuan et al, 2022), namely, the emission reduction ; (3) increasing the share of renewable energy production and optimizing the energy structure (Dong et al, 2022), namely, the industrial upgrading ; (4) improving the competitive advantage of emerging energy industries and expanding benefits through diversified development (Mamidi et al, 2021), namely, the performance improvement .…”