The Asian regional economic consortium APEC is working to reduce tariffs on a basket of goods that can help slow climate change.
The 21 Asian Pacific Economic Cooperation nations have published details on their implementation of tariff cuts on a list of 54 environmentally friendly goods, making it easier to trade products needed to combat climate change.
The first multilateral tariff-cutting arrangement in 20 years will help lower the cost of solar panels, wind turbines, air pollution control equipment and other goods and help the region meet its target of doubling renewable energy by 2030, while reducing energy intensity by 45 percent by 2035.
The tariff reductions are expected to promote trade worth about $300 billion within the region and $500 billion worldwide, APEC said.
Each APEC country has delivered an implementation plan for cutting tariffs on the 54 environmental goods.
Half of the top 10 global exporters of environmental goods and 12 of the top 30 are APEC economies, according to the International Trade Center. The total market for environmental goods and services is expected to double to $2 trillion within five years, as demand for energy increases during a time of stricter environmental regulation.
Progress on implementing the tariff reductions will be reviewed when officials meet in Lima, Peru, beginning Feb. 20
APEC moves toward tariff cuts for green power products
