Climate change has been elevated to the top spot for the first time in APEC's 19-year history.
"Aspirational goals" have been set in the Sydney Declaration announced by Australian Prime Minister John Howard after the first Leaders Retreat on Saturday.
"Leaders of the APEC economies have endorsed...the Sydney Declaration dealing with climate change and energy matters," Mr Howard said.
No agreements at APEC are binding, but the Declaration is an expression of commitment by all 21 economies.
"We are serious about addressing in a sensible way, compatible with our different economic needs, the great challenge of climate change," Mr Howard said.
APEC economies account for more than 60 percent of global emissions.
The 21 leaders agreed on three very important and quite specific things, Mr Howard said.
"Firstly, the need for a long term aspirational, global, emissions reduction goal...
"Secondly, the need for all nations, no matter what their stage of development, to contribute according to their own capacities and their own circumstances to reducing greenhouse gases.
"Thirdly, we have agreed on specific APEC goals on energy intensity and forestry and we've also agreed on the important role of clean coal technologies."
Many economies felt moves toward reducing global emissions would be ineffective without China at the table.
The Declaration includes both the United States and China coming together regarding the aspirational goal for the first time, Mr Howard said.
President Bush will host a climate change meeting in Washington at the end of September and Bali will host the United Nations meeting in December.
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