Posted on: September 29, 2008 I was recently in a panel discussion with a former Secretary of State in the US and a current Chairman of one of the largest financial institutions in the world. The common view of both these distinguished leaders was that today’s financial crisis has not been seen for eighty years. In other words they saw in it strong similarities with the great depression which took place eighty years ago in the US. It is, of course, to be expected that such a major crisis in the US will have serious consequences for the rest of the world, but at the same time there are indications that the emerging economies and particularly the BRICs namely Brazil, Russia, India and China will not suffer seriously in their own economic health. Hence, the reality of environmental degradation will remain fairly high on the agenda for most parts of the world except in the US and possibly Canada. However, I would argue that even in the US the current wave in favour of change is so strong and the desire for really seeking answers to the current crisis so deep that we would certainly see some extensive shift towards a new energy policy that would target a lower rate of growth in consumption of fossil fuels. This would happen as much for reducing emissions of greenhouse gases as for reasons of energy security and geo-political concerns. Thomas Friedman’s brilliant book “Hot, Flat and Crowded”, which I am currently reading to review for a publication, correctly highlights the major transfer of wealth that has occurred in recent months from oil importing to oil exporting countries, a phenomenon which has major geo-strategic implications. Overall it appears to me that we are on the verge of some fundamental changes that perhaps are now difficult to stall even with some of the powerful vested interests that wish to continue with business as usual attempt to do so. It is perhaps no exaggeration to speculate that we are on the verge of an era that will see a fundamental shift towards greater respect and concern for nature and a substantial effort towards reaching an energy mix that would be much lower in fossil fuel content. 5 Comment(s) | 1322 hit(s) |
