Amb. Mernier noted International Energy Agency (IEA) estimates that $US 45 trillion in clean energy investments may be needed globally by 2050. With recent disruptions to financial markets, investors will be looking for secure investment environments to reduce their risks.

The Energy Charter Treaty is a legally binding agreement among key energy producing, consuming and transit countries. As well as providing rules for open and transparent energy trade and investment, the Energy Charter Process includes an ongoing dialogue to address significant global energy challenges.

"With recent turmoil in financial markets, it is getting much harder for investors. The Energy Charter Treaty provides a level-playing field, greater transparency, and an effective dispute resolution mechanisms,"

said Mr Mernier.

"These provide comfort to investors, especially in our current difficult investment climate."

Energy efficiency is the main focus of the conference, and is seen as the best option in the short term to address greenhouse gas emissions. Using less energy for the same outcomes reduces costs, makes economies more productive, and uses existing technologies so it can happen right now.

The Second Energy Charter In-Depth Energy Efficiency Review of Bulgaria is being released at the Conference. This report, a follow-up to the 2001 review, shows that Bulgaria has made great progress putting in place institutions, laws and regulations to improve energy efficiency, and is a model for other transition countries.

Amb. Mernier cited Bulgaria's experience as a model for other countries around the globe to study.

"We have been doing energy efficiency reviews of transition and developed member countries for 10 years now. These provide insights into the practical steps needed to effectively implement energy efficiency measures. These provide a tremendous resource for countries looking at measurable, verifiable and reportable measures in negotiating a long-term global approach to climate change."