No, some say, because the minute the economy gets rocky (as it is now), the cost of preserving the planet is seen as too expensive.

Others say yes, arguing that these initiatives may contract and expand based on economic signals, but always deliver some benefit even in the worst of times. A prime example is the Montreal Protocol, put into effect in January of 1989.

The Protocol was initially worded to end production of certain substances believed to be causing depletion of the ozone layer, the protective shield around earth that prevents ultraviolet (UV) radiation from reaching the planet's surface.

These substances, known as CFCs, or chlorofluorocarbons, were used primarily as refrigerants (in refrigerators, freezers and air-conditioning units, for example), as solvents, in asthma inhalers, in the manufacture of insulating foams known as isocyanurates, and in some insulating food containers.

Chlorofluorocarbons are very stable molecules, so they don't break down in the atmosphere. Instead, they migrate into the lower stratosphere, or the ozone layer, where ultraviolet rays from the sun break them down and release their chlorine atoms. These chlorine atoms are like miniscule Pac-Mans, able to destroy an infinite number of ozone molecules without suffering any loss of potency.  

The discovery of ozone depletion, as it is known, is credited to two scientists, Frank Sherwood Rowland and Mario Molina, who published a paper in 1974 showing a correlation between CFCs, or halogenated hydrocarbons, and ozone depletion.

In 1976, the U.S. National Academy of Sciences (NAS) confirmed the two scientists' findings and released a report giving added weight to the depletion hypothesis. It wasn't until 1985, however, that British Antarctic scientists J.C. Farmer, B. G. Gardiner and J. D. Shanklin demonstrated not only an ozone hole over the South Pole, but one far larger than anyone had anticipated.

Less than a decade old, the Protocol has - in spite of false starts and failures - succeeded in phasing out a number of the most dangerous CFCs in much of the developed world, and is intended to phase out all formulations by 2030. Atmospheric declines of these chemicals have already occurred, with a complete absence predicted for about 2030, at which time it is expected the ozone hole over Antarctica will begin to ‘heal'.

Unfortunately, manufacturers have begun using hydrochlorofluorocarbons (HCFCs) as replacements. These compounds are 10,000 times more potent than carbon dioxide, the compound attributed to global warming. Though these HCFCs are also slated for phase out in 2013/2015 in the Western world, their continued use - as well as the continued use of CFCs in third world countries - continues to threaten the stability of the ozone layer that protects earth.

Predictably, the ozone hole over Antarctica, which has been growing steadily since its discovery, is now 10.5 million square miles, according to the (U.S.) National Aeronautics and Space Administration, or NASA. It will likely persist for another half-century.

That's the bad news. The good news is, thanks to the Montreal Protocol, the end is in sight, whereas without it the ozone hole over Antarctica (and a smaller one over the Arctic in 2000 and 2004) would be increasing.

"Even though the geographical size of the ozone hole (over the Antarctic) was the largest on record and the ozone depleted earlier than ever, the severity of the ozone depletion within the hole reached about the same levels as the past few years." notes David Hofmann, of the National Oceanic and Atmospheric Administration, or NOAA, in Boulder, Colorado. Hofmann is also a member of PolarTrec, whose most recent expedition, in 2007-08, measured the ozone hole again.

If not for the Montreal Protocol, in other words, the UVI Index (a forecast of the amount of ultraviolet radiation expected to reach the surface of the earth at noon local time) in Florida would probably be closer to 20, rather than its current average of 11.

In addition to skin cancers, UV radiation also causes eye damage and immune system defects. More importantly, UV radiation alters DNA, the basic building blocks of all life. In animals, this means reproductive and birth defects, and eventual extinction. In plants, DNA damage can permit diseases, against which the organism has evolved defenses, to spread unchecked. You can read the scenarios for yourself, but suffice to say, enough DNA damage, and life as we know it ceases to exist.  

The moral of my story? This is no time to abandon environmental initiatives. Just because the economy is bad doesn't mean the earth has to take second place. We may not be able to afford much, but we can certainly afford to insure a future for our children. If we don't, all the wealth in the world is meaningless.