The 2008 Economic Meltdown and Efforts to Counter Global Warming

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The 2008 economic meltdown is being pointed to by some as an opportunity to advance government initiated and funded programs to drive a labour-intensive switch to a low-carbon economy. Others, including some global warming skeptics, argue that the financial system crisis is another reason to hold back from adopting substantial commitments to cut greenhouse gas emissions.

The financial crisis may be a major influence in the discussions at the December 2008 COP14 meeting which is aimed at concluding a new international agreement to succeed the Kyoto Protocol. The aim of the talks is to finalize a new agreement at the COP15 conference in Copenhagen in December 2009.

Key Quotes on the Economic Crisis and Post-Kyoto Agreements

  • "We cannot let the financial and economic crisis delay the policy action that is urgently needed to ensure secure energy supplies and to curtail rising emissions of greenhouse gases. We must usher in a global energy revolution by improving energy efficiency and increasing the deployment of low-carbon energy,” said Nobuo Tanaka, Executive Director of the International Energy Agency[1]

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