APEC agrees to cooperate in developing renewable energy

Members of the Asia Pacific Economic Cooperation (APEC) agreed to establish joint efforts for the development of renewable energy in the 21 member economies, the Jakarta Post reported.
The agreement was achieved during the first day of the three-day conference on clean, renewable and sustainable use of energy hosted by Indonesia, this year’s APEC chair, in Nusa Dua, Bali.
The agreement will be presented to the APEC senior official meeting for approval.
Lead shepherd of the APEC Energy Working Group, Phyllis Genther Yoshida, said that the 21 economies had struggled to significantly lower the cost of alternative energy and to attract investment for new renewable energy projects, two main challenges they faced in green development.
“Our recommendation will be to move to a more strategic approach, in which we look at all of the different issues within a system rather than individually,” she told The Jakarta Post.
The agreed upon joint efforts will include exchange of information, joint studies and the transfer of technology in the development of renewable energy.
APEC leaders pledged in 2011 at a meeting in Honolulu to reach a target to cut the region’s energy intensity by at least 45% by 2035. APEC economies represent around 60% of global energy demand.
According to an APEC report, more than 80% of the region’s energy demand in 2035 would be sourced from fossil fuels, which will result in a 46% increase in carbon dioxide emissions from fuel.