Many financial experts are concerned that the current US financial market meltdown and the staggering infusion of 700 billion dollars to save it will only result in restoring the status quo.

Some are also concerned that the normal use of fossil fuel consumption will continue at the expense of plans to convert power production towards techniques that could reduce carbon emissions.

Global economies have been slowly moving to alternative energy production. Today some 2.3 million people work in alternative energy jobs, mostly in bio fuel production.

A recent UN Environment Programme report suggests that over 20 million jobs could be created if nations continue to move towards carbon capping or carbon taxing policies and by shifting subsidies from the oil and gas sector towards new energy sources such as wind, geo thermal, solar and bio mass.

“If we do not transform to a low carbon economy we will miss a major opportunity for the fast racking of millions of new jobs,” said Achim Steiner, a Director at the UNEP.

Steiner says that it would a mistake to divert focus away from the emerging new green energy policies while the current financial crisis plays itself out. Steiner contends that green policies will, in the long run, make economies stronger and reduce our dependence on fossil fuels.

The current eco darling of new fuels is ethanol and critics point out that it does little to reduce greenhouse gas emissions. Mostly made from corn the critics complain that ethanol is a major contributing factor in the recent rise of world food prices.

Companies invested in ethanol production are racing to make cleaner, next generation ethanol from sources other than food that can be consumed by humans. The ethanol industry is now exploring the use of crop waste and rapidly growing non-food crops such as switch grasses and poplar trees.

The UNEP report stresses that green job creation will further reduce carbon emissions and if economies continue to explore more and more green solutions both their environments and financial foundations will be strengthened.

The new concern now is Wall Street and its current financial troubles. As the crisis drags out and becomes more complicated observers fear that the environment will again take a back seat in the considerations for the future recovery of the world’s markets.
 
NOTE: Ecology Today is following the financial crisis closely and will be reporting on its impact on our Environment and Ecology.