SAN FRANCISCO - Asia-Pacific Economic Cooperation (Apec) economies can hit clean energy goals faster by deploying new technologies and new financial models, Prime Minister Lee Hsien Loong said at an informal dialogue between Apec leaders on sustainability issues on Nov 16.
There is a great deal that Apec economies can collectively do to accelerate progress on climate change, he told fellow leaders, who are trying to hasten the use of clean energy while keeping the path open to sustainable and inclusive economic growth.
Apec economies account for nearly 40 per cent of the world's population and 50 per cent of its gross domestic product. But they contribute 60 per cent of global greenhouse gas emissions and 65 per cent of carbon emissions.
Speaking at the annual Apec summit, PM Lee said investing in promising new technologies, such as low-carbon hydrogen, was one way. "But new technologies have to be deployed at scale to become affordable, and no economy can do this alone," he said, adding that Singapore is seeking partners to scale up supply chains for its lowcarbon hydrogen strategy.
Low-carbon hydrogen is a fuel that is made in a way that creates little to no greenhouse gas emissions compared with the conventional fossil-based hydrogen.
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