"Because there are many investments that are good for the environment, like efficiency, renewables and nuclear, that are being postponed or canceled. One or two years of lower carbon emissions won't count for much at the end of the day." - IEA
The economic crisis may lower carbon emissions in the short term but will raise them over the long term by crimping investment in cleaner energy sources, the International Energy Agency's chief economist said on Thursday.
The impact of the financial crisis and the ensuing economic slump on energy investments had been "stronger than anyone expected" and significant enough to have an impact on climate change and the whole energy supply chain, warned Fatih Birol.
"To think that lower economic growth is good for the environment is completely wrong," Birol told Reuters.