IMF highlights downside to prolonged low prices of oil and other fuels
It says that this would deter innovation and slow adoption of clean energy
Tokyo
PRICES of oil and other fossil fuels are likely to stay low for a long time, and while this might appear good for economic activity, it has negative implications for fighting climate change, International Monetary Fund (IMF) chief economist Maurice Obstfeld has warned.
In a joint blog with IMF commodities specialist Rabah Arezki, he said low fossil-fuel prices could discourage further innovation in and adoption of cleaner-energy technologies; the result would be higher emissions of carbon dioxide and other greenhouse gases.
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