17-11-2023 (SAN FRANCISCO) Prime Minister Lee Hsien Loong emphasized the need for Asia Pacific economies to invest in sustainable technologies at the 30th Asia-Pacific Economic Cooperation (APEC) summit in San Francisco on Thursday (Nov 16). Prime Minister Lee expressed Singapore’s commitment to working with partners to enhance supply chains for low-carbon hydrogen.
Under the theme “Creating a Resilient and Sustainable Future for All,” this year’s APEC summit has sustainability as a key focus, and Prime Minister Lee highlighted the importance of collective efforts to accelerate progress on climate change. He stressed that investing in new, sustainable technologies is crucial but requires collaborative deployment at scale for affordability.
Singapore is developing a National Hydrogen Strategy to green its power sector, and Prime Minister Lee looks forward to collaborating with like-minded partners to expand low-carbon hydrogen supply chains. Additionally, he suggested that APEC economies work together to establish high-integrity carbon markets, emphasizing the need for clearer and more harmonized rules and standards.
Mr. Lee stated, “We need to unlock private financing to complement public capital,” pointing out that significant capital investments are required for climate transition projects. The Asian Development Bank estimates that the region needs $1.7 trillion per year for climate mitigation and adaptation infrastructure over the next decade. Singapore is actively engaging with industry partners and other entities to develop a “blended” finance partnership to catalyze capital for green projects and facilitate the early retirement of coal-fired power plants in the region.
Acknowledging the significance of a credible, managed phase-out program to mitigate the impact on displaced workers and communities, Prime Minister Lee welcomed APEC’s Non-Binding Just Energy Transition Principles. He urged collaboration towards a more sustainable future.
Apart from discussing sustainability, the APEC summit provided an opportunity for global leaders to meet face-to-face. Leaders from the Indo-Pacific Economic Framework for Prosperity (IPEF), including Singapore, met and signed agreements related to clean energy, supply chain resilience, and anti-corruption measures. The IPEF, established to enhance economic engagement with Asia, aims to foster cooperation on critical minerals to strengthen supply chains.
While progress was made in several areas, the 13 IPEF members involved in trade talks did not reach a deal at this APEC. Disagreements persisted on improving labor and environmental standards or compliance. However, IPEF leaders mentioned progress and expressed commitment to a “mutually beneficial Trade Pillar outcome.”
Prime Minister Lee welcomed progress on the IPEF trade deal, recognizing the challenges in developing new and creative approaches in trade policy. He expressed Singapore’s readiness to host the inaugural IPEF Clean Economy Investor Forum in 2024 and emphasized the importance of open, inclusive, and flexible collaboration within the IPEF.
Mr. Lee, on a six-day working trip to San Francisco, also met with business and political leaders, furthering discussions on bilateral ties and promoting trade and investment flows.
