Building a Sustainable Future: APEC's Commitment to Innovative Finance Solutions
By José Arista Arbildo, Minister of Economy and Finance of Peru
The strengthening of economic and financial systems is necessary to enable the promotion of environmental, social and economic sustainability.
Sustainable finance has been one of the main priorities on the APEC 2024 Finance Ministers' Process agenda. Since the beginning of the year, we have held workshops related to domestic carbon pricing and non-pricing measures, sustainable energy transitions and sustainable infrastructure financing, as well as we have launched an APEC space for coordination between the public and private sectors and international organizations to share information and capacity building on sustainable finance that we would call the “Sustainable Finance Initiative”.
Currently, we are facing unprecedented global environmental challenges such as climate change, biodiversity loss and natural resource scarcity. These challenges not only pose a threat to the environment, but also have significant implications for economic stability and the well-being of the populations of our economies. Hence, there is the importance of recognizing the interconnection between economic growth, environmental sustainability and social well-being.
The demand for environmentally sustainable investment options has been growing worldwide. Examples are well known and include the increase in technologies to promote sustainable energy transitions, the reduction of deforestation, more sustainable transportation, sustainable infrastructure, preservation of biodiversity, among others.
Therefore, the strengthening of economic and financial systems is necessary to ensure their efficient adaptation to new paradigms that will make it possible to promote environmental, social and economic sustainability.
In this context, public policies are a transformative tool for integrating sustainability into the financial framework of our economies. Strategic planning for this integration is not only an ethical imperative, but also an economic necessity.
Providing a predictable framework for sustainable finance is one such policy. The development of sustainable finance involves creating the ecosystem and conditions that allow for the identification of alternatives to mobilize resources in a scalable manner and for the actors in the financial and market systems to operate and increase, for example, the flow of funds toward sustainable financing.
In this sense, by ensuring the harmonization of economic and financial activity to promote their competitiveness, the continuous improvement of productivity and the efficient functioning of markets, our finance ministries play a key role in enabling the sectoral transformations necessary for sustainable and fair development.
The economic sectors will require our support in overcoming barriers to address current challenges, as well as to take advantage of opportunities related to sustainability. Aware of these challenges, our actions to favor financing enabling solutions will be of utmost relevance.
Within this framework, the design of holistic strategies on sustainable finance, which allow the effective articulation of efforts, is crucial for a better macro prudential management of the risks related to the climate and environmental challenges we face.
These strategies are necessary to prevent operating in isolation, but rather in synergy and in an orderly manner to create an ecosystem that enhances sustainable development through a set of mixed policies with a diversity of instruments according to domestic circumstances.
The implementation of these policies and instruments used to promote sustainability, such as bonds, taxonomies and green financing mechanisms bring with them challenges, which may be regulatory, technical, financial, market or another, but also opportunities.
Therefore, feedback on both the design and implementation of policies, strategies and instruments based on the evidence and recommendations generated in the process is essential, as well as an interdisciplinary approach, capacity building and knowledge exchange that promotes creativity and innovation in the search for solutions that result in better decision-making.
In this regard, solid governance frameworks are required to guarantee effectiveness, legitimacy and transparency in order to maximize the impact of our actions.
Being appropriately prepared to address emerging challenges and seize opportunities along the path to sustainable finance is essential. Public policies are thus a powerful tool that can guide us. If designed and implemented correctly, they can transform our economies and societies.
By sharing strategies and experiences, we are laying the foundations for a more sustainable future in our economies.
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José Arista Arbildo is Peru’s Minister of Economy and Finance of Peru and the Chair of the 31st APEC Finance Ministers’ Meeting.
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Last Call: Media Registration for the 2024 APEC Economic Leaders’ WeekIssued by the APEC Secretariat
Singapore, 28 October 2024
Media registration will soon close for the 2024 APEC Economic Leaders’ Week (AELW) on 9-16 November 2024 in Lima, to be chaired by Peru President Dina Boluarte.
Minister for Foreign Affairs of Peru Elmer Schialer and Minister of Foreign Trade and Tourism Úrsula León will host their foreign affairs and trade counterparts for the APEC Ministerial Meeting. The AELW will also include the 2024 APEC CEO Summit and the APEC Business Advisory Council (ABAC) Dialogue with Leaders.
Media representatives are invited to apply for accreditation to cover these high-level meetings and associated events.
Background
APEC Peru 2024 is centered around the theme “Empower. Include. Grow.” This theme reflects Peru's commitment to fostering inclusive growth and sustainable development across the Asia-Pacific region. The priorities for this year include:Trade and Investment for Inclusive and Interconnected Growth: This focus aims to strengthen open and inclusive trade policies that facilitate economic growth across diverse sectors of society, ensuring long-term sustainability.
Innovation and Digitalization to Promote Transition to a Formal and Global Economy: This priority seeks to support vulnerable economic actors in their transition from informal to formal participation in the global economy through innovation and digital tools.
Sustainable Growth for Resilient Development: This involves promoting energy transitions, decarbonization of economic activities, and enhancing food security to build resilience in the face of climate change and other challenges.
The AELW schedule is as follows:10-12 November: 4th APEC Business Advisory Council (ABAC) Meeting
11-12 November: Senior Officials’ Retreat and Concluding Senior Officials’ Meeting
13 November: Dialogue on Indigenous Peoples: Indigenous Perspectives on Inclusive Growth and Economic Empowerment
14 November: APEC Ministerial Meeting
14-15 November: APEC CEO Summit
15 November: APEC Economic Leaders’ Dialogue with ABAC
16 November: APEC Economic Leaders’ Meeting
Accreditation procedure
Access to media facilities, services and specific events will only be available to accredited media representatives. Media badges will be issued for accredited media only. To be accredited for the AELW, media representatives need to submit a cover letter in PDF format to mediaoperations@rree.gob.pe that includes information outlined below:Name of the media organization
Contact person responsible for the accreditation including their email and mobile number
Full name of team who will cover the AELW
Passport or ID of the team who will cover the AELW
After the submission, the media accreditation officer will review the documents. The person responsible for the accreditation will then receive a user ID and password to initiate the registration process for the media team through the registration portal.
Once the pre-registration process is completed, the verification stage will begin, which may take several days. A notification email with either confirmation or request for additional requirements will be sent to the contact person responsible for the accreditation process.
Details regarding the date, time and place for credential pick-up will be provided via email. The deadline for the media registration is Monday, 4 November, Peru time. We strongly encourage media representative to register as soon as possible to allow sufficient time for visa arrangements, as needed, and the temporary importation of equipment.
Media credentials will be available for pickup from 1-16 November at Prom Peru at Av. Jorge Basadre 610, San Isidro, Lima, Peru from 08:00 to 17:00. Please address all media-related inquiries to mediaoperations@rree.gob.pe and apec2024imcoperations@rree.gob.pe. Read the full media accreditation details in this link.
For further details, please contact:
APEC Media at media@apec.org
Michael Chapnick +65 9647 4847 at mc@apec.org
