Investing in "cheap and dirty" power because of the global recession will lead to another financial crisis, the UN climate chief warned Sunday on the eve of tough international talks in Poland.
"My firm belief is that if as a result of that financial crisis, we make a next generation of bad investments, we will be setting ourselves up for the next economic crisis," said Yvo de Boer, head of the 192-nation UN Framework Convention on Climate Change (UNFCCC).
"Over the next five to 10 years we will be replacing about 40 percent of power-generating capacity worldwide. If, in light of the financial crisis, that power-generating capacity is replaced using cheap and dirty technology, then that technology is going to be around for the next 30 to 50 years," he said.
"If we use the financial crisis as a reason for short-term thinking then I believe we will basically be setting ourselves up for capital stock destruction in 10, 15, 20 years time."
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