PORT OF SPAIN, Nov 27 (Bernama) -- Datuk Seri Najib Tun Razak said efforts to promote climate change must be consistent with keeping global trade and investment open and free, without raising new barriers to trade and investment.

The Malaysian prime minister also called for changes in industrial systems, business models, economic assumptions, market rules and governance frameworks to tackle the challenges posed by environmental degradation.

"We can't operate in the business-as-usual mode. Both governments and the private sector need to make changes in the way we operate," he said in his keynote address to the Commonwealth Business Council here Thursday.

He observed that the various commitments under trade had to be dealt with in a comprehensive manner in addressing the development agenda of developing countries as well as measures to mitigate climate change.

"We should endeavour to strengthen economic development in these countries. Therefore, any standard on the environment should be World Trade Organisation (WTO)-consistent and not be used as a disguise for protectionism," said Najib.

Najib delivered his speech under the theme "New Approaches to Sustainable Development: The Way Forward" ahead of the opening of the Commonwealth Heads of Government Meeting (CHOGM) by Queen Elizabeth II on Friday in this capital of the Caribbean island of Trinidad and Tobago.

Accompanied by his wife Datin Seri Rosmah Mansor, the Malaysian leader arrived in Port of Spain on Wednesday for the Nov 27 to 29 summit of Commonwealth leaders representing 53 former British-ruled nations.

The Commonwealth's membership includes 1.8 billion people, or 30 percent of the world's population. Over half are young people aged 25 or under.

In his speech, Najib stressed that developed countries must take the lead and show stronger commitment towards the reduction of green house gases (GSG) emission.

"They should also provide assistance to developing countries in terms of funding, facilitating technology transfer and capacity building to help integrate the process of mitigation and adaptation efforts to climate change into development projects," he said.

As far as the private sector was concerned, he said, they should build a sustainability component into their business strategy.

"I believe that only companies that develop products and services that address global challenges such as energy supply and access, climate change, pressure on ecosystems, or water, will be around for the long haul," he said.

Najib shared with his audience Malaysia's experience in achieving the goals of sustainable development, alluding, among others, to a RM1.5 billion (US$430 million) fund established by the government to provide soft loans to companies that supply and utilise Green Technology.

The prime minister said for Malaysia, moving towards a greener market could spell benefits such as savings on foreign exchange, increased competitiveness of industries, expansion of export markets, new job opportunities and a better environment.

Citing an example, he said up till June 2009, Malaysia had attracted almost RM12 billion in investments in the solar photo-voltaic industry through foreign direct investments.

Meanwhile, Najib attended a dinner organised in his honour by Sunway Construction (Caribbean) Limited Thursday night.

Sunway was the first Malaysian company to have ventured into the construction sector in Trinidad and Tobago, the most southern islands in the Caribbean off Venezuela's north eastern coast.

He is scheduled to attend the opening ceremony of CHOGM on Friday after performing Aidiladha prayers. There will also be a special session on climate change.

Commonwealth marks its 60th anniversary this year. (By MUIN ABDUL MAJID/Bernama)