<p>The conflicts arising from transnational energy investment projects are complex, and the mechanisms for the formation of third-party market conflicts under carbon neutrality remain understudied. Social network analysis, network motifs, and the exponential random graph model (ERGM) are employed to explore the characteristics and formation mechanisms of conflict networks in third-party energy market cooperation projects. The main findings suggest that key project investors, technology investors, host country enterprises, and host governments are at the core of the conflict network. The formation of the conflict network results from the interaction between endogenous structures and exogenous attributes, with exogenous attributes playing a dominant role. Furthermore, the endogenous network closure mechanism is significant, while expansiveness and intermediation do not significantly affect the conflict network. Additionally, the mismatch in environmental protection responsibilities, cleaner production practices, and resource complementarity capabilities contributes to conflicts among stakeholders. This study offers a novel analytical framework for risk management in multinational energy investment projects. It provides a scientific basis for international investors to develop differentiated conflict resolution strategies, particularly by strengthening interactions and connections with governments, the public, and other participants.</p>