The Asia-Pacific Economic Cooperation (APEC) forum leaders have announced a commitment to cut tariffs on environmental goods to no more than f per cent by the end of 2015.

 

Led by the US, the initiative will see tariffs on goods such as solar panels significantly reduced, or removed completely.

 

"Taking these concrete actions will help our businesses and citizens access important environmental technologies at lower costs, which in turn will facilitate their use, contributing significantly to APEC's sustainable development goals," the joint statement said.

 

APEC will be due to release a list of goods that will benefit from the reduced tariffs next year.

 

Prime Minister Julia Gillard welcomed the decision, saying that the tariff reduction will open a new frontier of green growth.

 

"If we can reduce our energy intensity, then we are doing the right thing for our environment and our world. It means less carbon pollution. It also means more efficient production and more efficient products for people,” Ms Gillard said.