The sluggish global economy will lead to reduced greenhouse gas emissions this year, according to a report from the International Energy Agency (IEA).

A 3 percent drop in emissions, namely from energy use, is expected this year, marking the largest drop in 40 years. Typically, global emissions have risen by 3 percent each year.

By 2020, the recession could result in a cumulative 5 percent drop in emissions, the IEA said in its World Energy Outlook report. This means that the global economic slowdown might help put the global energy system on a trajectory to stabilise greenhouse gas emissions at 450 parts per million (ppm), seen by some scientists as a key threshold on avoiding runaway climate change.

IEA executive director Nobuo Tanaka told reporters in Bangkok that the recession “gives us a chance to make real progress towards a clean energy future, but only if the right policies are put in place promptly” in the context of the upcoming Copenhagen climate conference, which is meant to produce a successor to the Kyoto Protocol.

“The message is simple and stark: if the world continues on the basis of today’s energy and climate policies, the consequences of climate change will be severe.”

The report also said that $10 trillion dollars will need to be spent over the next two decades to meet this target, including $200 billion in developing countries by 2020.

For the full report, including regional analysis, click here.