UN Secretary-General Ban Ki-moon yesterday called on business leaders to embrace the commercial opportunities offered by climate change and lobby national leaders hard to deliver a clear international regulatory framework for addressing global warming.

Speaking to the US Chamber of Commerce in Washington, he argued that US businesses in particular had a critical role to play in driving the global transition towards a low carbon economy on account of their "unrivalled financial resources" and "leadership in technological innovation".

He observed that while posing the greatest danger the planet faced, the threat of climate change also offered numerous business opportunities, adding that "we can promote economic growth, spur development and respond to climate change - this is not an either/or proposition".

In particular, Ki-moon noted how the burgeoning global carbon market had tripled in size to $30bn in the last year alone and represented a "major economic opening".

"You should view it as an opportunity to be rewarded and recognised for doing the environmentally sound thing," he advised the audience of business leaders.

However, Ki-moon accepted that such commercial opportunities were currently being undermined by the absence of the "clear, predictable and long-term rules, regulations and incentives" required by businesses to plan sustainable investments.

He expressed confidence that progress was being made and that the imminent UN climate change summit in Bali would deliver movement towards a post-Kyoto treaty. However, he also urged business leaders to lobby national politicians to help ensure such progress is made.

"Your need for clear rules, and your willingness to work towards a solution to the problem of climate change, needs to be clearly communicated to the negotiators and decision-makers who are set to gather at the United Nations Climate Change Conference in Bali," he said. "The international community is entering into an exciting 'design phase' of the post-2012 regime and needs input from the business community on key design choices and policy options. You have to help fashion an agreement that is clear, has a long-term horizon, and utilises market mechanisms and businesses."