The Asia-Pacific Economic Cooperation (APEC) is intensifying its collective actions to tackle the urgent challenges posed by climate change. Recognizing the escalating impact on the region, APEC members are fostering sustainable and inclusive growth through a range of initiatives focused on renewable energy, disaster resilience, and green investments.
“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 the APEC Business Advisory Council, on Thursday. Her remarks underscore the critical need for continued action and collaboration among member economies.
Over the past decade, significant progress has been made. According to the APEC Regional Trends Analysis published in November 2021, the region saw an increase of 22.7 million hectares in forest cover from 2008 to 2020. Additionally, green bond issuances reached \$92.3 billion in 2020, channeling funds into sustainable projects. APEC members are also working towards doubling the share of renewables in their energy mix by 2030, a clear demonstration of their commitment to reducing carbon footprints.
A key focus of APEC’s environmental strategy is the Bio-Circular-Green (BCG) economy model. Endorsed during the 2022 APEC Economic Leaders’ Meeting in Bangkok, the BCG model integrates circular practices with technology and innovation to reduce waste and maximize value. This approach not only promotes resilience and sustainable growth but also aligns with global efforts to combat climate change.
The collective efforts of APEC members highlight the importance of global cooperation in addressing environmental challenges. By prioritizing climate action and investing in sustainable infrastructure, APEC economies aim to build a greener, more resilient future for the Asia-Pacific region and beyond.
Reference(s):
cgtn.com
