Climate Protection Jeopardized By Financial Crisis & Recession

The worldwide credit crisis will affect the ability of the developed world to tackle climate change. Businesses in Europe and U.S. are asking for delays in meeting emission reductions mandates notwithstanding the drop in oil prices.
October 20, 2008, 5am PDT | Irvin Dawid
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"The global financial crisis is threatening efforts in the U.S. and Europe to fight climate change.

In Europe, industries and some national governments are pushing back against the European Union's goal of cutting greenhouse-gas emissions 20% by 2020, arguing that the midst of an economic crisis isn't the time for costly new taxes on fossil-fuel consumption."

"Europe's auto makers are seeking to delay by three years the continent's planned introduction of mandatory carbon-dioxide emissions controls on new cars."

"In times of economic downturns, members [of Congress] are extremely reluctant to add burdens to the economy, and we're going to confront that problem," says Rep. John Dingell, chairman of the House Energy and Commerce Committee."

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Published on Thursday, October 16, 2008 in Wall Street Journal
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