The forum is to seek necessary political commitments ahead of a UN conference on climate change in Copenhagen, Denmark, this December.

The summit is expected to see the participation of heads of state from Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, South Africa and the UK.

According to Mr Obama, the US should increase investment in new and renewable resources of energy as they will help lay a foundation for long-term economic growth, reduce the dependence on oil and gas overseas, and at the same time slow down global warming.