Financial Crisis or Environmental Crisis: Do We Have to Choose?

In the midst of what has become a global financial crisis, some environmentalists are concerned that efforts to fight global warming will be pushed aside as the country deals with what some see as more pressing issues. Political leaders around the world are saying that as the global economy heads into a recession, now is not the time to attempt reductions in greenhouse gas emissions. At their summit on October 16, the European Union looked at stepping back and reconsidering their original goals for reducing greenhouse gas emissions.

According to some estimates the climate crisis is just as pressing if not more so than the financial crisis. Warming is occurring quicker and at a greater extent than scientists predicted. Putting off action until after the financial crisis is averted could, according to some, could mean action will come too late.

After Tuesday night, with Barack Obama now officially the United State President Elect, questions are being asked on both sides of the issue. How will the financial crisis affect efforts to reduce climate change, but also, how can efforts to reduce climate change affect the financial crisis?

Some voices in the media are suggesting that while efforts to reduce greenhouse gas emissions and to switch to cleaner energy will be curbed due to the financial crisis, it is important than nations do not cease to address these issues.

Other voices are more optimistic. Perhaps the new green tech initiative will not only further goals of decreased greenhouse gas emissions, but also help pull the world out of the financial crisis. The new industry will create jobs and offer chances for greater and more secure investment. As unemployment rises in both the U.S. and in the European Union, the financial crisis may be an incentive for non-environmentalists to act to curb climate change. The financial crisis could be the best thing that ever happened to the global warming movement.