Energy prices need to stay elevated to help tackle climate change despite the increasing energy costs in the Eurozone.
"The measurable rise of carbon prices will help accelerate the green transition. This will discourage new investments in fossil fuel energy carriers," European Central Bank (ECB) executive member Isabel Schnabel said.
Schnabel spoke at a panel discussion on Climate and the Financial System” at the American Finance Association 2022 meeting.
The higher prices in fossil fuel energy will make investments towards renewable energy more profitable. This is an ongoing transformation in the financial market.
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