The recession has resulted in an unparalleled fall in greenhouse gas emissions, providing a “unique opportunity” to move the world away from high- carbon growth, an International Energy Agency study has found.
In the first big study of the impact of the recession on climate change, the IEA found that CO2 emissions from burning fossil fuels had undergone “a significant decline” this year – further than in any year in the last 40. The fall will exceed the drop in the 1981 recession that followed the oil crisis.
Falling industrial output is largely responsible for the plunge in CO2, but other factors have played a role, including the shelving of many plans for new coal-fired power stations owing to falling demand and lack of financing.
For the first time, government policies to cut emissions have also had a significant impact. The IEA estimates that about a quarter of the reduction is the result of regulation, an “unprecedented” proportion. Three initiatives had a particular effect: Europe's target to cut emissions by 20 per cent by 2020; US car emission standards; and China's energy efficiency policies.
Fatih Birol, chief IEA economist, said the fall was “surprising” and would make it “much less difficult” to achieve the emissions reductions scientists say are needed to avoid dangerous global warming. “We have a new situation, with the changes in energy demand and the postponement of many energy investments,” he said. “But this only has meaning if we can make use of this unique window of opportunity. [That means] a deal in Copenhagen.” |
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