APEC advances climate efforts with global cooperation

In response to the urgent challenges of climate change, members of the Asia-Pacific Economic Cooperation (APEC) are stepping up their collective actions to foster sustainable and inclusive growth. Through initiatives spanning renewable energy, disaster resilience, and green investments, the forum has prioritized environmental goals to address the escalating impact of climate change.

"While the global economy remains resilient, APEC economies face challenges such as persistent inflation, economic disparities, and an urgent need for greater investment in green, climate-resilient infrastructure," said Julia Torreblanca, chair of APEC Business Advisory Council on Thursday, emphasizing the need for continued action.

Over the past decade, APEC economies have made tangible progress in combating climate change. According to the APEC Regional Trends Analysis published in November 2021, from 2008 to 2020, forest cover in the region increased by 22.7 million hectares, and green bond issuances reached $92.3 billion in 2020 to support sustainable projects. APEC members have been working towards doubling the share of renewables in their energy mix by 2030, demonstrating a clear commitment to reducing carbon footprints.

A key focus for APEC has been the Bio-Circular-Green (BCG) economy model, endorsed during the 2022 APEC Economic Leaders' Meeting in Bangkok. Integrating circular practices with technology and innovation to reduce waste and maximize value, the BCG model promotes resilience and sustainable growth. 

In November 2023, during a high-level forum in San Francisco, scholars, delegates and executives from APEC economies discussed strategies for an inclusive, equitable and resilient clean energy transition. Julia Torreblanca, Chair of the APEC Business Advisory Council (ABAC), noted that while the global economy shows resilience, APEC economies face a pressing need to invest in green infrastructure. "Greater investment in climate-resilient infrastructure is critical," she said.

In May 2024, APEC's Emergency Preparedness Working Group underscored the importance of strengthening disaster resilience. Juan Castro, Peru's Minister of Environment, emphasized the opportunity climate change presents to innovate. "Climate change is not only a challenge but also an opportunity for institutional change, allowing us to re-envision our economies," said Castro during the discussion.

In response to the challenges, scientific research and technology have also been increasingly central to APEC's strategy. During the 2024 APEC Climate Symposium in Lima this August, experts highlighted the growing economic toll of natural disasters, noting that annual damages have increased sharply since the 1980s.

Raquel Hilianova Soto, Peru's Vice Minister of Environment, cited the rising economic toll of natural disasters, with annual damages increasing from $52 billion in the 1980s to $232 billion in the early 2020s. "Science, research and technology are essential to mitigating these impacts and enhancing resilience," Soto said.

Jing Ran, director of the School of International Trade at the University of International Business and Economics in Beijing, observed that APEC's focus on technology, digital economy, and climate change reflects shared interests among Asia-Pacific nations. This alignment reinforces APEC's pivotal role in fostering regional cooperation to tackle one of the most pressing global challenges.