Private Sector Dialogue meetings held in tandem with the Pacific Leaders Forum are focusing on how clean and green industries will help promote sustainable business development in the Pacific.

Representatives from private sector organisations around the Pacific met yesterday and will meet today at their annual conference to discuss issues affecting businesses in the region.

The dialogue focused on innovative approaches to a sustainable clean and green environment, sustainable finance for Pacific entrepreneurs, and sustainable workforce.

The meeting will conclude on Wednesday with chair Teresa Manarangi-Trott tabling a statement on the private sector’s behalf at the Leaders’ Plenary Session. Leaders will then have the opportunity to discuss the issues and respond.

In her opening address to around 50 people gathered at Club Raro Resort yesterday morning, Cook Islands Chamber of Commerce president Manarangi-Trott said the private sector made the ”wheels of economy“ spin round.

She hoped the dialogue would address new ways of doing business in a clean, green manner.

Peter Kiely, chair of the last private sector dialogue held in Auckland, aimed to make this meet better than the last.

”What hasn’t worked over the last year is just as important as what worked,“ he said, in outlining what was to be addressed.

The decision by leaders to hold this dialogue – the third ever – in tandem with the Forum was a ”bold, innovative and creative move“, he said.

The development of the Pacific private sector is critical to greater economic prosperity, and meetings like this create an environment inclusive of everyone – like women and young entrepreneurs, he believes.

One of the main topics of discussion yesterday was renewable energy solutions.

Pacific countries are intending to spend more money on renewable energy than ever before – with the Cooks aiming to spend $200 million over the next 10 years.

”With rising oil prices it is important the Pacific reduces its dependence on diesel,“ said speaker David Wright, chairman of Australia’s West Coast Energy Ltd.

”Renewable energy projects will become increasingly viable for the private sector to take on.“

But while opportunities are great, he said, it is important for the private sector to go through a contestable and transparent process when negotiating renewable energy contracts with the public sector.

It is crucial for the private sector to weigh up economic factors and the degree of risk and uncertainty before committing to a project – such as analysing wind speeds over a long period of time before starting a wind farm project.

Wright also pointed out that private sector investment may not be commercially viable without public sector support, so a balanced partnership was needed.

Ministries, utility companies, donor partners and private sector investors must have a clearly understood relationship, ”as believe me, respective interests are not always in alignment“.

Solomon Islands Energy Authority general manager Norman Nicholls then addressed the meeting, noting while there is a ”great potential“ for renewable energy in the Solomons, the major impediment to implementing schemes are land issues.

”This is common throughout the Pacific, and until improvements are made in that area, it’s very difficult for developments to take place.“