PM Wong emphasizes the importance of carbon pricing and low-carbon energy sources for Apec’s future.
At the APEC Economic Leaders’ Retreat on November 16, 2024, Singapore’s Prime Minister Lawrence Wong called on APEC leaders to progressively implement carbon pricing to achieve global net-zero goals. Despite the political sensitivities surrounding the issue, PM Wong stressed that pricing carbon is essential for shifting both producers and consumers away from carbon-intensive activities, sending a clear market signal in favor of climate action.
PM Wong highlighted the importance of carbon trading, which allows countries to mitigate emissions even if they lack alternatives to carbon-heavy energy sources. He noted that Singapore has signed several agreements with APEC economies to foster carbon market cooperation and encouraged further collaboration within the region.
Additionally, PM Wong addressed the need to expand renewable energy sources such as wind and solar power while also exploring low-carbon fuels like hydrogen, despite its high cost at present. He called for increased research and development into hydrogen and other energy technologies, including nuclear power, to improve their feasibility. He also advocated for the development of infrastructure to enable countries rich in renewable energy resources to export energy to those that are less resource-abundant.
Furthermore, PM Wong discussed the challenges of the green transition, pointing out that existing trade agreements may not align with new, green initiatives. To address this, Singapore, Chile, and New Zealand are collaborating on the Digital Economy Partnership Agreement, aiming to establish standards for data sharing and trade in low-carbon solutions. This effort could evolve into a broader partnership focused on the green economy, helping APEC adapt to the changing global landscape.
