Brunei energy minister Mohammad Yasmin bin Umar said the country would cut energy consumption by 45 percent by 2035 through balancing its energy mix with fossil fuels and renewable sources, apart from setting up a funding scheme for energy efficiency projects.

During a meeting of energy ministers within the Asia-Pacific Economic Cooperation in St. Petersburg, the minister said there is a need to balance gas in the market, develop renewable energy technologies, and upgrade existing power generation system to be able to pull off sustainability and efficiency in Brunei.

And the goal, according to a recent study by think-thank and consulting company Mitsubishi Research Institute, is achievable. The study found that Brunei can reduce its dependency on domestic petroleum supply by 63 percent.

The minister said investments in research and development focused on clean and renewable energy, as well as information exchange between nations and organizations, could help overcome the challenges brought by energy security and sustainable development.

The APEC energy ministers concluded the summit by issuing the St. Petersburg Declaration, which stresses that global financial and political developments and escalating carbon emissions pose challenge to global security and sustainable growth.