Ukraine, Visco: conflict slows decarbonisation but the climate challenge cannot be postponed

 

Ukraine, Visco: conflict slows decarbonisation but the climate challenge cannot be postponed


(Teleborsa) - The evolution of the war in Ukraine and its consequences in terms of energy risks slowing down the EU 's decarbonisation process. According to the governor of the Bank of Italy, Ignazio Visco , in fact, due to the conflict "it may be necessary to temporarily depart from the decarbonization path undertaken", but avoiding that this creates "uncertainty on medium-term plans" of energy and green strategies. "The war forces us to ask ourselves about the extent" of the repercussions that it will leave us as a legacy and the issue of energy security “The need arises in the EU to tackle this challenge collectively. Strengthening security - Visco declared in his speech at the 13th conference of the Bank of Italy and the Ministry of Foreign Affairs - involves costs and also implies difficult dilemmas ”.

"The surge in energy prices in recent months and the possibility that security of supply will fail as a result of the dramatic events of recent days show how the policies necessary for the transition can prove, in fact, fragile and difficult to implement on the economic and social plan ”, underlined the governor of the Bank of Italy. For Visco it may be necessary to slow down the decommissioning of coal-fired plants , "but it is necessary to avoid that these deviations induce uncertainty on medium-term plans, with the effect of discouraging the investments necessary to achieve the energy transition". “The commitment to pursue the transition strategy must be clearly reaffirmed environmental . This challenge permeates the theme of today's meeting: the energy transition and the tools to achieve it, in Europe and in the world. In Europe - added Visco - where the energy policies of individual countries are inevitably interdependent, there is the need to face this challenge in a collective and unitary way ".

"Today it is evident that there are no simple and shared answers, but postponing the climate challenge is certainly not a solution: it would only mean being forced in a few years to take stronger and more sudden measures to avoid catastrophic environmental scenarios", continued the governor . “The question facing the international community is therefore how to align the incentives of different countries with those of the global community. Although each country is responsible for its own mitigation strategy, better coordination of policies should result in mutual, potentially very broad, benefits, ”he said.

The governor of the Bank of Italy spoke of a "tragic moment", but which intervenes after the world economy "already in the last fifteen years had suffered the upheavals resulting first from the global financial crisis, then from the pandemic. The context that emerged from the end of the Cold War now seems to be called into question ”. “It is a profound break, as well as dramatic, which can only lead to different balances, even if now difficult to define. It will take time - underlined the governor - to evaluate the costs , human, moral, as well as economic, of this subversion ”.

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