The global financial system is going through dark times. And here in the UK, gloom has settled over the housing market and consumer spending. It is clear that we face some difficult times economically. What is less sure is how the recession will play out for the sustainability agenda.

Historically, concern for the environment has tended to fall at times of recession. There was a major slump in both the economy and in public support for green issues back in the early 1990s. According to MORI, concern fell from 35% of voters thinking environment was one of the major issues facing the country in 1989 to just 5% in recessionary 1991.

And more recent figures show a fall over the last 12 months of 10 percentage points in the number of people thinking environment is one of the major issues facing us. Governments, too, tend to become more short-term in times of economic trouble. And companies go back to basics, having less money to spend on green initiatives.

There are also, however, some counter-trends. Our economic woes have been driven by a combination of rising prices for things like energy and food and the credit-crunch. Some of our partner companies are saying that the high resource prices have actually strengthened the case for green measures such as energy efficiency and cutting waste. Many do not think we will return again to a world of low commodity prices and that they will have to adjust their business models.

There is also a growing acceptance of the need to rein in the excesses of the financial market, to think about how we plan for resilience and manage risk. Once financial decision makers see that they can be hit hard by external factors, they may begin to take the biggest external threat of all – climate change – more seriously.

Amongst some consumers, too, we have seen a return of the values of thrift and self sufficiency. There are growing waiting lists for new allotments and Membership of ‘Freecycle’ has boomed, reaching six million.

Even more important is the question of how will we come out the other side of the recession. What are the lessons for the financial system for how it manages risk? How can consumer habits be re-set in more sustainable patterns? And how we can build in greater ‘resilience’ to our economy and society?

Forum for the Future will be working on these issues and examining how we can use our Five Capitals model to reframe economic and social progress. Points of rupture like this are also moments of opportunity. The current recession – unlike those of the past - may end up being a step forward for sustainability.

Peter Madden is the Chief Executive of Forum for the Future