During the Trento Economics Festival, a panel on “Climate Change and Monetary Policy” featured Piero Cipollone, a member of the European Central Bank executive committee. Cipollone emphasized the urgent need for action in response to the serious consequences of climate change, discussing the costs of this change, investments, and the role of central banks, including the ECB, in the energy transition.
Cipollone highlighted the short-sightedness of decision-makers in addressing climate change, noting that the effects of heat waves, storms, and environmental degradation are already being felt. He pointed out that the less wealthy segments of the population are particularly vulnerable to these impacts as they often lack insurance coverage.
The economist noted that the European Union is not on track to meet its climate objectives for 2030 and 2050. He cited a report from the “Network for greening
