Whether the global credit crunch will actually help or hurt the search for solutions to climate change is becoming a debatable issue.
Currently, the issue of climate change appears to be on the back burner as governments are focused on the financial problems that have shaken the global economy. It could be several months before politicians return to focusing their attention on long term problems like global warming.
Can Renewable Energy Companies Withstand A Slower Economy?
Here in America although the $700 billion bailout package has extended tax credits for renewable energy companies, the industry is largely driven by project finance. This means that in all likelihood the larger utilities that will stand their ground whereas many of the smaller wind and solar energy companies that depend upon funding could be negatively affected.
Slower Economic Growth Translates to Less Carbon Emissions
On the other end of the spectrum, slower economic growth could mean less fossil fuels being burned translating to a slower growth of carbon dioxide emission. Given that people need to focus on conserving energy, it might jump start the growth of a greener economy. The Intergovernmental Panel on Climate Change (IPCC)’s Rajendra Pachauri has predicted that the financial crunch would bring “soul searching about how society might act to reduce dependence on fossil fuels” and shift to renewable energies such as wind, solar or hydropower.
What is your opinion? Does the credit crunch help or hurt our focus on climate change and our shift to green economics?
Related Posts:
$700 Billion Bailout Includes Tax Credits For Renewable Energy Industries
Vice-Presidential Debate: Palin vs. Biden On Global Warming
Green Economy Will Rebound Faster From Financial Turmoil
Photo credit: www.siliconeer.com
As in America the sun if all homes are fitted with solar powered hot water heaters the fuel and vitality savings would be allowing us to use much less fossel fuels cleaner air reduced electric costs for that homeowners OH OH what am I saying won’ t work as it really is killing the electricity companys profits, dumb me .
As in America the sun if all homes are fitted with solar powered hot water heaters the fuel and vitality savings would be allowing us to use much less fossel fuels cleaner air reduced electric costs for that homeowners OH OH what am I saying won’ t work as it really is killing the electricity companys profits, dumb me .
http://en.wikipedia.org/wiki/Sustainable_energy
http://en.wikipedia.org/wiki/Sustainable_energy