Straits Times 18 Jul 09;
APEC and Japan have set up a 120 million yen (S$1.86 million) fund to support energy efficiency programmes throughout the Asia-Pacific Economic Cooperation (Apec) region.
Apec executive director Michael Tay and Japanese Ministry of Economy, Trade and Industry official Makoto Shiota yesterday signed a memorandum of understanding to set up the fund.
The signing took place at the Shangri-La Hotel here, ahead of an Apec trade ministers' meeting next week.
Energy efficiency would benefit member economies, said Mr Tay. 'The implementation of energy efficiency measures effectively pays for itself, through long-term reductions in energy costs.'
Funds will go towards projects such as energy efficiency research and workshops for member countries to share information.
The money will be disbursed through the Apec Support Fund.
There are no targets specifically attached to the energy efficiency sum, but it follows a 2007 Apec declaration that member nations would try to improve energy efficiency by at least 25 per cent by 2030, from 2005 levels.
Although environmentalist groups such as Greenpeace have dismissed the non-binding, voluntary target as lacking teeth, Apec said it was committed to addressing the issue of environmental quality and contributing to the reduction of greenhouse gas emissions while ensuring members' energy needs.
Apec is a regional forum to foster growth through investment and freer trade.
Its 21 member economies include both developed and developing nations, such as the United States, Japan, Singapore, Indonesia, Chile and Vietnam.
