Lima, Nov 17 (IANS): South Korean President Yoon Suk Yeol pledged nation's commitment to leading efforts to expand the use of carbon-free energy and foster inclusive growth among members of the Asia-Pacific Economic Cooperation (APEC).

Yoon made the pledge during the APEC Informal Leaders' Retreat in Lima to address climate change and regional economic disparities and other pressing issues, Yonhap news agency reported.

"South Korea will cooperate with APEC members to achieve their carbon neutrality goals in an economically viable manner through the Carbon-Free Energy Initiative," Yoon said, according to a summary provided by his office.

Yoon detailed plans to lead technological collaboration and develop international standards for the hydrogen economy while highlighting South Korea's initiatives in advancing small modular reactors (SMRs) and establishing nuclear supply chains to promote the peaceful use of nuclear energy.

SMRs are ready-to-install modular reactors that are smaller in size and power output compared with traditional nuclear reactors, allowing for more flexible and scalable deployment.

He also proposed creating an "APEC Future Prosperity Fund" to foster entrepreneurship, enhance economic opportunities for youths and encourage regional exchanges.

As the incoming chair, Yoon asked for APEC members' support for South Korea's hosting of next year's summit in Gyeongju, located about 270 kilometres southeast of Seoul.