Energy Ministers from the 21 APEC economies have set in motion a number of new measures to strengthen security and sustainable development within the energy sector.
LNG initiative
As part of these new measures, APEC ministers launched an LNG Trade Facilitation Initiative to boost supply through support for public-private partnerships and market-based pricing.
Actions to be undertaken by APEC economies are detailed in the Beijing Declaration that was endorsed by ministers on 2 September. The goal is to ensure economic growth in the Asia-Pacific while relieving intensifying pressure on the environment.
APEC region
“The Asia-Pacific region needs to transform the economic growth model and explore the diverse and conservation-minded development path featuring green and low carbon development,” explained Zhang Gaoli, China’s Vice Premier Zhang, during the APEC Energy Ministerial Meeting.
“APEC member economies must work with one another in the spirit of inclusiveness and mutual learning to write a new chapter in Asia-Pacific energy cooperation,” he declared.
Energy diversification
Collectively, APEC economies account for 55% of global energy production and 60% of total energy consumption. By 2030, fossil fuels will still make up 80% of the region’s energy mix. The opening of vast reserves shale gas and LNG is driving this trend.
“Important changes are taking place in the global energy supply and demand structure”, explained Wu Xinxiong, Administrator of China’s National Energy Administration. “We need to strike a balance among economic growth, energy security and environmental protection.”
Adapted from press release by Katie Woodward