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In 2008, the world was confronted with multiple crises ? fuel, food and financial. The result of these crises has been the worst global economic recession since the Great Depression of the 1930s. In 2009, for the first time in decades, the volume of world trade is projected to decline as global per capita income contracts. The number of unemployed globally could rise this year by between 18 million and 51 million over 2007 levels. Every 1 per cent fall in growth in developing economies will translate into an additional 20 million people consigned to poverty.

Faced with the social and economic consequences of a deepening world recession, it may seem a luxury to consider policies that aim to reduce carbon dependency and environmental degradation. Such a conclusion is both false and misleading.........계속