The recent economic crisis shows the crucial role of efficient and productive use of limited natural resources, such as biomass, biosphere, mineral resources, and water to stimulate sustainable economic development. Climate change has been labelled as the “defining challenge of our time”. Its impact is already evident and will intensify over time if left unaddressed. There is overwhelming scientific evidence, that climate change will threaten economic growth, longterm prosperity and social welfare of practically all countries, as well as the very survival of the most vulnerable populations.