This paper contributes to a review examining the responsibilities of developed and developing countries alongside the relative roles of the public and private sector in developing climate friendly technologies. The paper focuses on the private sector’s present and future role in driving carbon reductions in developing countries. However, private sector action in this area is fundamentally framed and driven by policy frameworks at international and national levels, and in the light of the recent global financial crisis, the interfaces between the private and public sector are more complex. This overview will therefore look at both sectors’ relative roles, particularly examining how public policy will shape private investment flows.