The on-going G20 Business Summit recommends the governments of the world's major advanced and developing countries to take actions in supporting the private sector in clean energy technologies.

The private sector plays an important role in addressing energy issues and promoting sustainable economic growth. But the renewable technologies face cost and competitiveness challenges, said the participants at a round-table session of the G20 Business Summit, held Thursday.

The development of such technologies is still at its early stage and the prices of some materials needed for the technologies are very high, which makes most renewable energy sources uncompetitive on price with existing fossil fuels.

The participants, all CEOs of the world's leading technology companies, said one effective way of closing the cost gap between fossil-generated energy and the renewable sources-produced energy is to phase out fossil fuel subsidies encouraging wasteful consumption as soon as possible.

The G20 countries should also take the lead in pricing carbon emissions within the context of their own national circumstances, they said.

The governments are advised to strengthen public-private partnerships to help develop energy sources and hold regular meetings of energy-related ministers.

"Energy-related ministers should discuss regulatory issues, including international standards for renewable and low-carbon technologies, tariffs and trade barriers, protection of intellectual property rights," said the participants' discussion report for the round table session.

The Seoul G20 Business Summit brings together G20 heads of state and approximately 120 top business leaders from the G20 countries and some non-G20 countries to jointly address "the Role of Business for Sustainable and Balanced Growth."