Meanwhile, the importance of climate change and energy security are well cemented into our minds, even if the solutions have to go on the backburner for a while. We’re not going to forget about the volatility of oil prices the second gas comes down. And while investment will suffer for a time, greentech remains as one of the most promising sectors. The mindset of the past month should not be taken as representative of the next five years.

In fact, the idea that “we all got greedy/lived beyond our means” has emerged as something of a mantra in this latest crisis. This suggests a “small-c” conservative attitude is taking hold–literally, conservation will be seen as a good investment strategy. And we will (tend to) reward long-term thinking in our political leaders even if we are temporarily shy of overly ambitious-sounding projects.

Until now, we’ve been far more willing to spend money on the latest gadgets, than on conservation-related improvements that will ultimately save us money. Will this change?

As an architect, I’m constantly stunned to see how many of the green building ideas now in vogue were fully developped in the 70s, during the short period of time between the first oil shock and the return to cheap energy in the 80s. Many of these ideas were well and truly shelved, but others had momentum. Building codes significantly improved in the 80s. Windows and major appliances have seen huge advances in efficiency throughout the last thrity years.

Recessions are inevitable. They do not stop progress. The current one, or a siginifacant fall in gas prices, will not kill the greentech industry.