Foreign and Trade ministers and representatives from the 21 Asia-Pacific Economic Cooperation ( APEC) member economies on Thursday reiterated that climate change, energy security and clean development are of vital interest to APEC economies.
"We welcome the initiatives proposed by APEC Energy Ministers to address the challenges of rapidly growing energy demand while minimizing environmental effects," the ministers said in a statement issued at the conclusion of the two-day APEC ministerial meeting.
Key initiatives to address the energy issues cover development of fossil energy technologies, establishment of energy trade and investment study bodies, according to the statement.
It said the ministers welcome initiatives that encourage individual economies to set goals and formulate action plans for improving energy efficiency.
The APEC ministers also agreed on the important role of market- based solutions in mobilizing economy-wide efforts to address energy security and to achieve sustained reductions in greenhouse gas emissions, said the statement.
It said the ministers recognized the significance of achieving oil security and encouraged efforts towards a diversified mix of energy sources.
The ministers expressed the support to the promotion of broader energy cooperation, including that with the International Energy Agency, which could enhance energy data collection and knowledge exchange on energy issues, said the statement.
The ministerial meeting was convened in preparation for the APEC Economic Leaders Meeting scheduled here on Sept. 8-9, and the ministers will submit their recommendations and outcomes of the meeting to the leaders for approval.