Green recovery is an urgent issue, not just an option: APEC Economic Policy Report November 2022
Published: 25 November 2022
In 2021, during our Asia Pacific Economic Cooperation (APEC) host year, we successfully proposed the topic of "Structural Reform and a Green Recovery from Economic Shocks” for the flagship APEC Economic Policy Report (AEPR). The report has been endorsed by member economies and published during APEC Leaders Week, November 2022.
The AEPR makes a positive contribution to the discussion in APEC on structural reforms to facilitate social and economic recovery and ensure environmental sustainability.
The AEPR analyses policy approaches in the response and recovery phases from the pandemic; identifies structural reforms through a green recovery lens; and provides a general framework which outlines policy approaches that are essential to effectively contribute to a green recovery. APEC member economies contributed reports on their response to the pandemic and other economic shocks, and 11 economies also contributed case studies, including New Zealand.
The AEPR also makes a series of recommendations that focus on the whole of government approach to ensure that policy decisions are properly coordinated. These recommendations include a solid communication strategy alongside transparent, evidence-based policy, strengthening the economic and legal infrastructure to improve the efficiency of economic processes and catalyse new green supply chains and enterprises. Skill development is also required in the public and private sector, to effectively implement the green structural reforms that are integral to the transition towards a low-carbon economy.
The topic is significant as it is the first-time substantial policy discussion on climate change and other environmental threats has been introduced into the Economic Committee, highlighting the significance of this report. MBIE led the core team of economies working on the project with the report being funded by New Zealand and Australia.
The report has now been published and is available to read.
On 18 November 2022, Prime Minister Ardern announced the establishment of an APEC Sub-fund on Structural Reform and Sustainable Green Growth that focuses on building economic capability across the region to reduce emissions and improve adaptation, while promoting economic growth. This fund builds on previous work to accelerate action on APEC’s sustainable and inclusive growth agenda and encourages the implementation of the 2022 AEPR and has been financed by MFAT as part of New Zealand’s International Climate Finance investment.
More information on the Sub-Fund is available below.
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