LIMA /Peru/, November 16. /TASS/. Asia-Pacific Economic Cooperation member states and territories consider it extremely important to ramp up their effort for transition to clean energy, says the outcome declaration of the APEC Summit in Lima.

Clean energy

"We reaffirm the importance of ensuring energy security, resilience and access in the Asia-Pacific region. We reiterate the need to further integrate action on addressing environmental challenges, including climate change, extreme weather and natural disasters, with a view to ending energy poverty and advancing the global energy transition. In this regard, we are committed to accelerating clean, just, affordable, inclusive and sustainable energy transitions through various pathways, consistent with global net-zero greenhouse gas emissions/carbon neutrality by or around mid-century, taking into account the latest scientific developments and different domestic circumstances among economies, with a view to promote strong, balanced, secure, sustainable and inclusive economic growth," the declaration reads.

"We recall our commitment to pursue and encourage efforts to triple renewable energy capacity globally through existing targets and policies as well as demonstrate similar ambition with respect to other zero and low emissions technologies including abatement and removal technologies in line with domestic circumstances by 2030," it says.

The APEC energy ministers will "commit to work in defining a new collective aspirational goal for the power sector to increase the share of electricity generated by carbon free and carbon neutral sources in order to further advance APEC’s contribution towards the energy transitions, while promoting energy efficiency as the first fuel."

Reform of the WTO

The participants intend to contribute to streamlining international trade producers and plan to continue working on the reform of the World Trade Organization (WTO), the declaration says.

"We commit to work towards necessary reform of the WTO, in order to improve all its functions," the document reads. It also states the participants’ intent to speed up the discussion of the "with the view to having a fully and well-functioning dispute settlement system accessible to all members."

"We reiterate our commitment to working together to deliver a free, open, fair, non-discriminatory, transparent, inclusive, and predictable trade and investment environment," the declaration reads.

AI’s potential for economic growth

The participants also noted the AI’s potential for economic growth and vowed to facilitate the digital transformation in the region.

"We recognize that Artificial Intelligence (AI) has become an important tool for driving innovation, promoting sustainable economic growth, and transforming various aspects of daily life across our economies," the declaration says.

"We encourage economies to intensify efforts to advance digital transformation," it reads. "We recognize the essential role of an enabling, open, fair, non-discriminatory, safer and more inclusive digital ecosystem that facilitates trade, and the importance of enhancing trust and security in the use of information and communications technologies (ICTs)."

Subsidies for fossil fuels

The participants reaffirmed their obligations to gradually abolish inefficient subsidies for fossil fuel.

"We recall our commitment to rationalize and phase out inefficient fossil fuel subsidies that encourage wasteful consumption," the document says.

"We reiterate the need to further integrate action on addressing environmental challenges, including climate change, extreme weather and natural disasters," the declaration also says.

Economic integration

APEC countries and territories will continue to contribute to the economic integration within the Asia-Pacific Region.

"We reaffirm our commitment to promoting the economic integration in the Asia-Pacific region in a manner that is market-driven and in accordance with the Putrajaya 2040 APEC Vision," the declaration says.

In this regard, the participants endorsed the Ichma Statement on a New Look to Advance the Free Trade Area of the Asia-Pacific.

Food security

The participants vowed to increase their efforts to ensure food security in the region, the declaration says.

"We reaffirm our commitment to the APEC Food Security Roadmap Towards 2030, by focusing on strengthening regional food security and nutrition, contributing to achieving open, fair, transparent, productive, sustainable, resilient, innovative, and inclusive agri-food systems, recognizing there is no one-size-fits-all approach," the document says.

The leaders acknowledged that there is no single approach to ensuring the sustainability of agriculture.

The meeting of the APEC leaders takes place in Lima, Peru, on November 15-16. The Russian delegation is led by Deputy Prime Minister Alexey Overchuk.

APEC membership includes: Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, China, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, the Russian Federation, Singapore, Chinese Taipei, Thailand, the United States of America and Vietnam.