APEC economies debate sustainable finance and digital assets

The 21 economies that make up the Asia-Pacific Economic Cooperation Forum (APEC, in English) discuss sustainable finance and digital assets this Monday in San Francisco (USA.)where the second day of this international summit is taking place.

“We will address our big priorities this year: sustainable finance, digital assets and also the modern economy”advanced the US Secretary of the Treasury, Janet Yellen, before her meeting with the finance ministers of the participating economies.

With the US as the host country of this 30th edition of APEC, after having done so in Seattle in 1993 and in Honolulu in 2011, Yellen is in charge of chairing this high-level meeting with finance ministers, which has already held its first sessions this Sunday.

Among the goals of APEC is to promote the integration and exchange of financial and fiscal policies that are committed to “modern economy”, that is “improve resilience and address inequality”.

Thus, the US representative stressed this Monday on the need to debate how to mobilize more resources for sustainable finances that “accelerate fair energy transitions and allow us to achieve zero emissions objectives”.

“We have identified policies to increase the quality and quantity of labor supply, strengthen public infrastructure and invest in research and development and environmental sustainability”Yellen added.

In addition, he highlighted the role that digital assets – whether unbacked cryptoassets or digital currencies issued by central banks – can play in sustainable finance and urged his counterparts to encourage the exchange of ideas and collaboration with the private sector.

“I look forward to hearing your views on the long-term role that digital assets and blockchain technologies can play in our respective financial systems.”stated the US Treasury Secretary.

APEC will advance with the ministerial meetings of foreign representatives on Tuesday and Wednesday to conclude with the leaders’ summit chaired by the head of the US Executive, Joe Biden, on Thursday and Friday.

The moment that will mainly focus media attention will be the meeting that Biden will hold on Wednesday in San Francisco with his Chinese counterpart, Xi Jinping.

The meeting will seek to stabilize relations between the world’s two largest economies so that their clash of interests does not lead to an open conflict, against the backdrop of the tense situation in Gaza, Ukraine, Taiwan and the South China Sea.

APEC, a forum founded in 1989 that currently represents the 60% of world GDP and 40% of the planet’s population, groups together 21 territories in Asia and America bathed by the Pacific Ocean: Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, United States and Vietnam.