Financial crisis may have been good for the climate

A slowing of the growth of greenhouse gas emissions is better than no slowing, but emissions need to fall.

http://www.newscientist.com/article/dn17387-financial-crisis-may-have-been-good-for-the-climate.html

16:19 26 June 2009 by Catherine Brahic

The financial crisis and high oil prices caused the growth of greenhouse gas emissions to drop by half in 2008. That is the conclusion of an analysis of preliminary data released yesterday by the Netherlands Environmental Assessment Agency (NEAA).

The data, from oil giant BP, also show that for the first time developing nations were responsible for pumping more greenhouse gases into the atmosphere than developed nations and international transport combined.

[Much of the energy used by developing nations goes to create stuff bought by developed nations. And transportation adds to the energy cost.]

But Jos Olivier of the NEAA warns that it is difficult to say whether the slowing trend of emissions will continue next year.

Emissions grew by 1.7 per cent in 2008, compared to 3.3 per cent in 2007. The agency's analysis suggests that this was mostly because fossil fuel consumption decreased globally for the first time since 1992.