MANILA — United States President Barack Obama has signalled to businessmen in Asia Pacific Economic Cooperation (APEC) member economies the opportunities of investing in climate change mitigation.
At the APEC CEO Summit 2015 here on Wednesday, Obama said climate change has posed challenges regionally and globally but it also presented opportunities for investments.
World leaders will convene in Paris, France in two weeks for the United Nations Climate Change Conference in which an agreement to mitigate the effects of climate change is expected to emerge, the US President said.
“The ambitious agreement in Paris will prompt investors to invest in clean energy technologies because they understand that the world is committed to a low carbon future,” he said.
In APEC alone, the forum targets to double the capacity of renewable energy while reducing energy intensity by 45 percent in 2035.
“That’s a signal to the private sector: to go all in in renewable energy technologies,” Obama stressed.
“If we can get the agreement done, then we can drive new jobs and opportunities and investments in the global economy that frankly needs a boost right now,” he added.
For the part of US, Obama said that since he assumed office, the country now produces three times more wind power and 20 times more solar power while its investments in renewable energy facilities last year accounted for half of new power plants built around the world.
“We can rule our own economies and protect our environment and at the same… We can transition to clean energy without squeezing businesses and consumers,” Obama noted.
The US President is in Manila since Tuesday for the two-day APEC Economic Leaders’ Meeting that kicked off on Wednesday. Kris M. Crismundo/PNA