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Economic woes hit green energy

Oct. 13, 2008 at 11:05 AM   |   Comments

SAN FRANCISCO, Oct. 13 (UPI) -- The global economic crisis is widespread and now may be affecting the fight against climate change.

As concern over the economy increases, there is growing concern in the green energy industry that the current financial crisis will throw a wrench in efforts to tackle global climate change.

"The truth is there is a very large question mark hanging over the idea that Congress would take economy-wide action on global warming with the economy in such anemic shape," Frank O'Donnell, president of Clean Air Watch, told the San Francisco Chronicle.

Many plans for addressing climate change have been put on hold because of the high cost of clean technology. In Europe, leaders are reportedly discussing a possible delay in emission cut targets because of the current economic crisis.

Some analysts believe the state of the economy might lend itself to a decrease in consumption, which would help the environment, but that would only be temporary.

There is some hope, the San Francisco Chronicle reported, in the recent bill passed in Congress that extended renewable energy tax credits for wind, solar and other renewable energy power sources.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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