APEC Economic Leaders’ Meeting to begin

The 2021 Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting chaired by New Zealand will commence today.

The meeting will discuss various issues including the post-COVID-19 regional response and economic recovery, regional economic cooperation and actions to decarbonize economies. In addition, country leaders will also talk about the Putrajaya Vision 2040— the APEC’s agenda for the next 20 years.

Discussion is expected to focus on regional efforts to tackle climate change. Not all APEC members have made their commitment to reach net-zero carbon emissions by 2050. While Indonesia, Russia, and China have pledged to cut carbon emission by 2060, it is unclear whether Brunei has set its net-zero emissions target. While developing country members have called for more financial support to tackle climate challenges, developed members like Australia and the United States have struggled to get sufficient domestic support for the climate plan.

As APEC accounts for about 60% of the world’s GDP, international pressures on its members for bold actions against climate change has increased. China and the US have agreed to work together on climate actions at the 2021 UN Climate Change Conference. Expect APEC countries to foster close collaboration in developing and implementing green policies.

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