Scientists, industry-leaders and policy-makers gathered in Paris on Friday, November 18 to discuss the economic potential of resource efficiency, as well as its role in limiting global warming and putting the world on a more sustainable, equitable development track. The event was part of UN Environment's ongoing dialogue with business to address environmental sustainability.
In his opening remarks, Erik Solheim, Head of UN Environment, said the world had shown that it was able to solve environmental issues, but it could not do this without business. "All the practical solutions will happen in business," he said. "There is universal recipe for success with three elements - citizen engagement, government engagement and the enormous ability of the private sector to turn around, find new products and innovate. We need to unleash these qualities of the private sector - and let's do this together." The 120-strong gathering heard that a recent report of the International Resource Panel, an eminent group of resource experts hosted by UN Environment, found that sustainable management of the planet's natural resources made sound business sense. The report, Resource Efficiency: Potential and Economic Implications, put the estimated potential savings from increased resource efficiency at about $US 2.9 trillion a year for private investors. In 70% of the cases, the required investment would offer a rate of return greater than 10% a year. The International Resource Panel, launched by UN Environment in 2007, was created to support science-based policy-making on the sustainable management of natural resources. Its work has noted, for example, that:
The event, titled "Sustainable Resource Management: Business Opportunities and Economic Potential", was organized by the International Resource Panel, UN Environment and the International Chamber of Commerce, and was hosted by the French Ministry of the Environment, Energy and the Sea, and the French Ministry of Economy and Finance and the Académie Diplomatique Internationale.