Case in point: The International Energy Agency says the recession is dealing a body blow to global efforts to rein in emissions.
In a report reviewed by The Wall Street Journal, the Paris-based agency says worldwide investment in wind and other renewable power generation in 2009 may tumble by almost 40% to $51 billion as many of the small companies in that sector abandon or postpone projects for lack of financing.
In the near term, the recession will actually help curb emissions by thumping manufacturing activity. Longer term, though, the clean-tech financing crunch threatens to send emissions higher again.
And don't expect the developing world to pick up the slack. The UN panel says that developing nations such as China should cut emissions only 25% from 2000 levels by 2050.
That might be music to China's ears-the country, like other developing-world economies, figures the rich world should shoulder the burden of big cuts-but makes it even less likely the world will be able to commit to emissions reductions scientists say are needed to stave off climate catastrophe.