by Myrna Velasco – November 19, 2015
from Manila Bulletin
In the bid for inclusive growth of global economies, United States President Barack Obama has called on private investors within countries covered by the Asia Pacific Economic Cooperation (APEC) to accelerate pace on capital outlay for renewable energy (RE) projects and other clean energy technologies.
His call for intensified RE and clean energy investments in the Manila-hosted APEC Summit is part of the thread of the global leaders’ call for carbon intensity reduction that will be a central theme of the Conference of the Parties (COP 21) discussions of the United Nations Framework Convention on Climate Change (UNFCCC) in Paris next month.
He indicated that “APEC is working to double RE and reduce energy intensity over the next decade… the Green Climate Fund and other avenues are helping developing counties to adapt to climate and leapfrog over the dirtier phases of development.”
Amid the growth slowdown of some economies – such as in Brazil’s case, the American leader has asserted that this could be the perfect-timing for APEC countries to re-think their options in meeting energy demand as they prepare for the next phase of upturn in their economic developments.
He stressed that the private sector – aside from pouring in capital for facilities to meet future energy demand must keep the climate change challenge in mind as they craft investment blueprints.
Investments in clean energy and technologies, he said, must not be taken by businesses as threats to their bottom lines but something that presents new opportunities.
So far, he noted that the US has been leading the charge in cleaning up its energy sector’s carbon footprints.
He similarly cited the massive investments being done by the Philippines on solar and wind power projects, as well as the clean energy investment initiatives of other Asian countries like China and Vietnam.