Tim Hanlin, managing director of the Australian Climate Exchange told the Australian that there is some good news in the midst of a global recession-- global warming is also slowing down.
Hanlin says economic cycles were linked to emission trajectories; less economic activity means lower emissions.
Deutsche Bank recently forecasted that due to the looming global recession, Europe's industrial CO2 emissions would fall by 100 million tones next year, compared with last year.
However, David Pearce, executive director at Centre for International Economics, told the Australian that these reduction will unlikely have long-term effects and, “certainly would not achieve any of the greenhouse targets.”
Just last week, European Union countries agreed to maintain their greenhouse targets and schedule to tackle climate change.
