The Real Green Trades

Green is definitely the new black. On Tuesday the G-8 nations pledged to go green by cutting greenhouse gases in half by 2050. The Group of Eight leading industrial nations (the United States, Japan, Russia, Germany, France, Britain, Canada and Italy) also called on all major economies to join together to stem the potentially dangerous rise in world temperatures.

The G-8 has been under pressure to secure commitments by wealthy nations to push forward stalled U.N.-led talks on forging a new accord to battle global warming by the end of next year. The new accord will succeed the Kyoto Protocol when its first phase expires in 2012.

On CNBC T. Boone Pickens revealed that he’s focused on wind as his preferred source of alternative energy, explains Pete Najarian. Outside of that I’d look at Energy Conversion Devices . If they can show consistency in making money this stock could be good.

I’d keep an eye on the price of sugar, adds Joe Terranova, which is used in the manufacture of ethanol. Both presidential candidates suggest they would lift the tariff on imported ethanol. And I'd play that with Cosan ,he says.

Buyer beware, adds Karen Finerman. Valuations in the space can be crazy.

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Trader disclosure: On July 8, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (WMT), (MSFT), (EMC), (ATVI), (DIS); Pete Najarian Owns (AAPL), (CHK), (TSO), (XLF); Pete Najarian Owns (ANR) And (ANR) Puts; Pete Najarian Owns (FNM) And (FNM) Puts; Pete Najarian Owns (RIMM) Calls, (SLB) Calls, (YHOO) Calls; Finerman Owns (GS); Finerman's Firm Owns (MO), (MSFT), (PM), (RAI), (SUN), (TSO), (VLO), (GE), (MRK), (PPH), (JNJ), (PFE); Finerman's Firm is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Owns (TGT) Calls; Finerman's Firm Is Long SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (XME) And Owns (XME) Puts; Terranoa Owns (YHOO), (IYT), (LUV), (CME), (FCX), (BNI), (GOOG), (XLF), (INTC), (SU); Terranova Is Long Dollar Index Futures; Terranova is chief alternatives strategist at Phoenix Investment Partners; Phoenix Investment Partners Owns (POT), (ABT), (WM), (GOOG), (CME), (FCX), (AMZN), (MER), (FRE, (FNM), (JPM), (IGE), (DBC), (DBV), (RWX);Phoenix Investment Partnerse Is Long And Short (AA)

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