A paper published recently in Nature Climate Change reveals that the Global Financial Crisis (GFC) has not yielded a reduction in carbon dioxide emissions, as did the other crises, like the oil-related ones in 1973 and 1979. Instead, the emissions kept growing because of developing countries like China and India, on whom the crisis did not have the same effect.
The study shows that in 2009 the emissions reached 8.6 billion tons and 9.1 billion tons in 2010. “Previously, developed countries released more carbon dioxide, but that’s no longer true due to emerging economies in developing countries, such as China and India,” said Tom Boden of ORNL’s CDIAC. “This trend will likely continue in the future based on current developments.”
“The GFC did not impact major developing countries, such as China and India, like it did the United States and the European nations,” Boden said. “Also, some of the negative effects on sectors impacted during the GFC, such as the transportation sector involved in international trade, are over or at least have subsided.”
The authors of the paper named “Rapid growth in CO2 emissions after the 2008-2009 global financial crisis” also say that after the crisis there was an increase in fossil fuel usage, and it was for the first time that developing countries had higher consumption-related emission than developed countries.