Richard Branson, founder of Virgin Group, has warned that the world faces "the mother of all recessions" unless much more is done to encourage the development of renewable energy.

Speaking at the third annual Six Senses Slow Life Symposium, being held at the Soneva Fushi resort in the Maldives, Branson added that governments should do more to provide incentives for companies to adopt alternative fuel sources – and for airlines and airports to actively cut their emissions.

He said: "If we don't have alternative fuels we are going to have the mother of all recessions. The way to kick-start the revolution is to have no tax on all clean energy while slowly increasing tax on dirty energy."

"We have been diverting our profit from airlines into developing fuel for aircraft that won't damage the environment."

"Every single ecosystem is in decline. We must revalue how we value our natural assets and how we reduce our consumption patterns. But it is important for all of us to stay positive. Martin Luther King did not get his message across by saying "I have a nightmare"."

Other speakers at the Six Senses Slow Life Symposium include President Nasheed of the Maldives and Hollywood actors and renowned environmental campaigners Edward Norton and Daryl Hannah.

Sonu Shivdasani, chief executive officer and founder of Six Senses, said: "Environmental solutions that were devised at the Symposium have already come into being. For example, the UNESCO Baa Atoll marine conservation project, which has been partly funded by Six Senses, was something that was first discussed at the Symposium."

Soneva Fushi will be decarbonising by 2013, with the remaining Six Senses resorts following by 2020.