The Asia-Pacific Economic Cooperation (APEC) is intensifying its efforts to combat climate change, focusing on sustainable and inclusive growth. Recognizing the urgent need to address environmental challenges, APEC members are launching initiatives in 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,\" stated Julia Torreblanca, chair of the APEC Business Advisory Council, during a recent meeting. Torreblanca emphasized the importance of continued action to meet environmental goals.
Over the past decade, APEC economies have made significant strides in fighting climate change. According to the APEC Regional Trends Analysis published in November 2021, forest cover in the region expanded by 22.7 million hectares between 2008 and 2020. Additionally, green bond issuances reached $92.3 billion in 2020, providing crucial support for sustainable projects.
APEC members are committed to doubling the share of renewables in their energy mix by 2030, showcasing a strong dedication to reducing carbon footprints. A central focus of these efforts is the Bio-Circular-Green (BCG) economy model, which was endorsed during the 2022 APEC Economic Leaders' Meeting in Bangkok. The BCG model integrates circular practices with technology and innovation to minimize waste and maximize value, promoting resilience and sustainable growth across the region.
Reference(s):
cgtn.com
