Key figures attending include: Tulsi Tanti, Managing Director of Indian wind energy company Suzlon; Yvo de Boer, Executive Secretary of the UN Framework Convention on Climate Change; and Juan Somovia, the Director-General of the International Labour Organisation.

Achim Steiner, UN Under-Secretary General and UNEP Executive Director, said: “The last climate convention meeting delivered the Bali Road Map. This is the path along which over 190 countries are traveling in order to deliver a new and decisive climate deal by Copenhagen in 2009.”

“Mobilizing finance, focusing markets and unleashing innovation will be central to successfully negotiating the Road Map and avoiding too many detours and dead ends,” he added.

“We are already glimpsing a transition to a low carbon society. Billions of dollars are now being invested in renewable energy and hundreds of institutions with trillions of dollars of assets are now endorsing investment principles that reflect environmental alongside social and governance concerns,” said Mr. Steiner.

“Designing and delivering a Green Economy will not only avert dangerous and debilitating climate change. It can address the wider sustainability challenges outlined in UNEP’s recent Global Environment Outlook from loss of biodiversity and rapid ecosystem degradation to collapsing fish stocks and depleted soils,” he said.

“In doing so, it opens the door to true sustainable development - development that benefits rich and poor alike by unleashing creativity and innovation, spawning new technologies and industries and stimulating new kinds of green employment patterns. In short, it is about investing in tomorrow’s economy today,” said Mr. Steiner.

Other key issues on the table in Monaco include the approval of UNEP’s new Medium-Term Strategy for 2010-2013. It is designed to evolve the institution into a more efficient, focused, effective and results based environmental body of the United Nations better equipped to deal with the sustainability challenges of the 21st century.

Ministers will also address the issue of International Environment Governance and how well UNEP is placed to address the challenges and opportunities outlined in the recently published landmark report, Global Environment Outlook-4.

Also on the table are reports on improved funding for the Strategic Approach to International Chemicals Management and the extent to which the international community is moving forward on the management of the hazardous heavy metal mercury.

Ministers will also be presented with a key report on tackling illegal international trade in hazardous substances alongside one outlining recommendations on how to improve waste management including recycling in developing economies.

UNEP in partnership with the ILO and the International Trades Union Confederation will also be launching a preliminary report from the Green Jobs Initiative on how an emerging Green Economy is generating new employment opportunities in agriculture, construction, engineering and transportation.