The cost of energy could start to fall as the G8 signs an agreement to implement energy efficiency measures on the continent.
Outlined in the International Partnerships for Energy Efficiency Cooperation is the plan to share the latest technology developments amongst member nations and to create a sustainable buildings network.
Signatory countries included the UK, US, Japan, Italy and France.
Steven Chu, the US energy secretary, said: "This partnership can help lead the world toward greater energy efficiency.
"It will facilitate greater cooperation on our shared goals: a healthier planet and a stronger global economy."
Data from each individual country's energy efficiency strategies will be compiled so members can see what progress they are making on environmental issues.
The signing of the agreement follows calls from European energy commissioner Andris Piebalgs for G8 nations to push for a standard regulatory framework for renewable energy to ensure companies move ahead with carbon trading.
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