The session focused on how to encourage entrepreneurs to develop a global low-carbon economyA green economy is a economy or economic development model based on sustainable development and a knowledge of ecological economics. Mr. Nobo Tanaka (Executive Director, International Energy Agency) explained that renewablesRenewable energy is power generated from infinite sources, such as wind or solar power. Conventional energy is generated from finite sources, such as natural gas or fossil oil. and energy efficiencyUsing less energy/electricity to perform the same function. Programs designed to use electricity more efficiently - doing the same with less. technologies must be part of any solution, he showed that these technologies have the potential to reduce current emissionEmissions of greenhouse gases, greenhouse gas precursors, and aerosols associated with human activities, including the burning of fossil fuels, deforestation, land-use changes, livestock, fertilisation, etc. (IPCC) pathways by 21% and 54% respectively. Mr. Tanaka, announced that the IEA will make 16 new energyThe ability to perform work, mainly kinetic, potential, thermal energy, but also in forms of gravitational, sound, elastic and electromagnetic energy. efficiencyUsing less energy/electricity to perform the same function. Programs designed to use electricity more efficiently - doing the same with less. recommendations to the G8 at Hokkaido in June. Mr. Tanka went onto explain that in any global solution that there had to be an equitable and fair burden sharingThe EU has pledged to reduce emissions by 8% and has thus set different targets for EU countries to reach between 2008 and 2012 as compared to 1990.. He said, we face a formidable but achievable challenge, and that there needed to be a global energy revolution in the way that we produce energy – oil supplies were no longer the major constraint for the IEA, but time to implement the changes needed to put the global economy on a low-carbon pathway.

Mr. Zhenhua Xie, Vice Chairman of China’s National Development and Reform Commission, explained that climate changeClimate change is a lasting change in weather patterns over long periods of time. It can be a natural phenomena and and has occurred on Earth even before people inhabited it. Quite different is a current situation that is also referred to as climate change, anthropogenic climate change, or ... posed a huge challenge to developing countries development. He felt that globally, the problem was not a lack of technology, but a lack of disseminating this technology, as developed countries hold the patents for the majority of this technology. These countries, therefore needed to help developing countries to develop their capacity. He also commented that there needed to be a level-playing field within government’s policies and regulations so that low-carbon technologies, such as renewables could develop as conventional energy systems previous had.

Mr. Devender Singh, Joint Secretary of the Minister of PowerUseful energy can be mechanical energy, for example powering a fan., India, commented that low-carbon technologies need to be developed to fit the needs and pockets of developing countries.

Mr. Matthias Maching, State Secretary for the Environment, Germany, explained that there needs to be an 80% reduction in Germany’s emissionsEmissions of greenhouse gases, greenhouse gas precursors, and aerosols associated with human activities, including the burning of fossil fuels, deforestation, land-use changes, livestock, fertilisation, etc. (IPCC) if it was to reach the 2.5 tonnes per capita target. He felt that Germany had access to technology, which could make a 40% reduction in emissions, but more money needed to be spent in research and development to develop technologies that would enable countries to make further cuts in emissions. He welcomed Japan’s proposed energy efficiency improvement target of 30%, but stated that governments need to have more concrete solutions on how to meet this, and called on the IEA, with the help of German finance, to do this on a country level. He echoed former Prime Minister, Tony Blair’s comments saying, a third industrial revolution was needed to bring forward this low-carbon age. This revolution he believed would be a challenge, but it would provide industry and business with huge opportunities as he felt the current 1000 billion euro market for low-carbon technologies would double.

Mr. Bjorn Stigson, President, World Business Council for Sustainable DevelopmentThe concept of sustainable development was introduced in the World Conservation Strategy (IUCN 1980) and had its roots in the concept of a sustainable society and in the management of renewable resources. Adopted by the WCED in 1987 and by the Rio Conference in 1992 as a process of change in ..., explained how he felt there was still a huge potential for energy efficiency technologies, but rather than looking to develop new technologies, effort should be placed in implementing the technologies, that we already have at hand, as they still offer huge cost neutral benefits in reducing global emissions.

Mr. Malcolm Wicks, Energy Minister, United Kingdom, commented that although the challenge was huge, and that globally we were still heading in the wrong direction as carbon emission continue to rise, although globally and politically there were the tools to tackle it. Mr. Wicks said that he still felt that a lack of policy and financing framework is a major problem, and to help with this he announced that the United Kingdom was making a new three year commitment to the Renewable EnergyRenewable energy is power generated from infinite sources, such as wind or solar power. Conventional energy is generated from finite sources, such as natural gas or fossil oil. and Energy Efficiency Partnership (REEEPThe Renewable Energy & Energy Efficiency Partnership (REEEP) is a non-profit, specialist change agent aiming to catalyse the market for renewable energy and energy efficiency, with a primary focus on emerging markets and developing countries.), which for 2008/09 will be ₤2.5 million (GBP). It is the aim of REEEP to remove the policy and financial barriers, which exist to the implementation of renewable, and energy efficiency projects and technologies.