Taking care of security of energy supply does not contradict the goal of becoming independent from fossil fuels, said the minister.
(Photo: AP)
davos Vice Chancellor Robert Habeck (Greens) sees the danger of a global recession. There are currently at least four interconnected crises, said the Federal Minister of Economics on Monday at the World Economic Forum in Davos, Switzerland. Specifically, he mentioned high inflation in many countries, an energy crisis, food shortages and the climate crisis.
A recession is a significant economic downturn. Experts speak of it when the gross domestic product is below the previous year’s value for two consecutive quarters.
“We cannot solve the problems if we only focus on one of the problems,” warned Habeck. “But if none of the problems are solved, then I’m really concerned that we’re moving into a global recession.”
This would have serious effects not only on climate protection but also on global stability as a whole. If a part of the world suffers from hunger in the coming year, then it’s not just about what’s bad enough, but about global stability, said Habeck.
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Worrying about energy security is not at odds with the larger goal of independence from fossil fuels, the minister said. “We have to see that we can’t solve one problem at the expense of another.” If the production of fossil fuels increases now and there are more coal-fired power plants, then there will be more difficulties in the future.
Habeck warned that there should be no turning away from global markets. If every country only takes care of itself, that will exacerbate the crisis. “We have to keep the markets open,” said the Economics Minister. At the same time, however, the rules of the markets would have to change. It’s not about de-globalization, but about more cooperation and solidarity.
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