APEC finance chiefs agree to grow economies with eye on sustainability

Economic development and environmental action need to work together if the world is to combat global warming, US Treasury Secretary Janet Yellen said on Monday at the start of the Asia-Pacific Economic Cooperation (APEC) forum in San Francisco.

“We need to further improve our long-term economic outlook by boosting labor supply, innovation, and infrastructure investment, in ways that are also sustainable and reduce inequality”, Yellen said at the conference.

After several years focused on post-pandemic recovery, 2023 was a pivotal year for APEC, a time where governments could refocus on advancing fiscal reforms to build the economies over the long run.

But economic development cannot be separated from the immediate need to wean humanity off planet-warming energy sources, she said, noting that less wealthy countries needed help to make the leap.