The International Monetary Fund’s economists are worried that coal, oil and natural gas prices are so cheap, they’ll reduce the willingness to invest in politically-favored green energy technologies they say are necessary to fight global warming.
“Fossil fuel prices are likely to stay ‘low for long,’” wrote two IMF economists for the organization’s blog.
“Notwithstanding important recent progress in developing renewable fuel sources, low fossil fuel prices could discourage further innovation in and adoption of cleaner energy technologies,” wrote IMF economists Rabah Arezki and Maurice Obstfeld. “The result would be higher emissions of carbon dioxide and other greenhouse gases.”
Arezki and Obstfeld write as United Nations delegates meet in Paris to hash out a successor agreement to the Kyoto Protocol. President Barack Obama has made signing a global climate treaty a top priority this year and has promised $10 billion for green energy over the next five years — though it’s unclear exactly where this money will come from.
Posted by The Daily Caller