Many have described the Copenhagen summit as the most important conference ever staged on climate change. It had to provide a new framework on the control of carbon emissions the Kyoto protocol, the main provisions of which expire in 2012.

In the run up to this conference it was evident that governments, which were previously being very reluctant in being proactive in controlling greenhouse gases, started to change their stance. Yet it was still very evident that emerging economies were expecting the world's leading economies to adopt a more aggressive approach on the reduction of carbon emissions, before they could commit themselves to anything. It was a situation of touch-and-go all the time, which left people wondering whether a deal would be reached.

However, the deal referred to above does not have much to do with the agreement between governments on action to address climate change, but has to do with the deal that is now required between governments and the business sector.

It is useless setting targets on greenhouse gases, if the private sector is not brought on board. There are those who claim that business is part of the cause of the problem.

This may be the case, but it is certainly true that business must play a crucial role in the solution. Governments need to adopt the appropriate economic and fiscal policies that would enable companies to deliver the results expected from them. This is where the real deal lies and we cannot afford to have no deal.

It is interesting to note that, according to research by HSBC and reported in the Financial Times, over the last couple of years low carbon industries have overtaken aerospace defence combined to become one of the biggest sectors of the global economy. Revenues for low carbon industries rose by 75 per cent last year and may well exceed $2,000 billion by 2020. The sector has been negatively affected by the international economic recession.

However, the fact that several governments used the economic stimulus package that they launched in their own countries to mitigate the impact of the recession, as an opportunity to incentivise green technology, has meant that sector did not remain long in the doldrums.

There is recognition of the fact that, if we take action now to reduce greenhouse gases, it will be less expensive than trying to tackle the problems caused by climate change in the future. The business sector is starting to come to realise that the production of goods and services that make use of a high level of carbon emissions will become unsustainable. Those that do not accept this principle are risking making investments that they would eventually have to write off before the end of their economic life; and at a great cost.

The private sector needs to understand collectively that eventually it will not remain cheaper to pollute and to emit carbon and that the so-called green options will become more profitable and sustainable. When we refer to green options, we should not only think of the production of energy, but we should also think of activities such as waste recycling, composting and water production.

Once it is fully recognised that there is indeed a cost to pollution and to carbon emissions, one would expect further investment in green technology.

Our country has a role to play in this scenario as well. We are too small to make any significant impact on the global level of carbon emissions; however, this does not preclude us from adopting green technologies. Sustainable development is a key element of the government's economic strategy and the government has in the past provided incentives to businesses to adopt energy saving technologies. It continues to do so today, as it continues to assist families with expenditure aimed at making use of renewable energy.

I strongly believe that in this case the government should take a proactive approach by seeking to intervene in the market to ensure that local suppliers do not charge process above the international market level.

The long-term benefit for society in general requires such an approach. There is the need for a deal between the government and the business sector to reduce carbon emissions not just at an international level but also at a national level.

Otherwise, we are running the risk of making our economic model, that has proved itself to be successful, to become unsustainable.