Bad economy good for climate, IEA says

Oct. 24, 2011 at 10:05 AM
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PARIS, Oct. 24 (UPI) -- The decrease in the amount of global carbon dioxide emissions declined because of the economic meltdown but don't expect a trend, the IEA said from Paris.

The International Energy Agency announced Monday that in 2009 the global economic recession led to the first decline in carbon dioxide emissions since 1990.

The IEA added, however, that it expected a large rebound in CO2 emissions when it reviews records from 2010, when the global economy showed signs of recovery.

The global economic recession erased roughly $100 from the per-barrel price of oil in 2008. By 2009, the IEA said, China and the United States accounted for 41 percent of the global CO2 emissions.

A review from the Platts news service found that China's oil demand for September grew 3.1 percent compared with the same period last year, marking the lowest level for the country in 2010.

Calvin Lee, a Chinese oil analyst at Platts, said Beijing authorities expect about a 6 percent increase in oil demand for the entire year, "which is still a pretty solid growth rate if you consider the current global macroeconomic environment."

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