European Central Bank (ECB) President Christine Lagarde called for accelerating the transition of the economy to a green economy as a contribution to curbing energy prices in her message at the United Nations climate summit COP27, which is taking place these days. days in Sharm El Sheikh Egypt.

Investing in renewable energy instead of polluting fossil fuels “will make our economy not only greener, but more self-sufficient” and “limit the risk of a sharp rise in energy prices,” writes Catherine Lagarde on the ECB website.

The UN climate conference COP27 takes place from 6 to 18 November in Sharm el-Sheikh, Egypt, against the backdrop of: Russia’s invasion of Ukraine, rampant inflation, the threat of a recession, an energy crisis and food insecurity…

“Green transition has never been more important,” writes Christine Lagarde in her message, stressing that “the surge in energy prices has shown how dependent we are on fossil fuels and how vulnerable it makes us.”

The ECB president says there are enough tools for a green transition of the economy, citing carbon pricing, investment in green technologies and greater transparency in climate and green transition policies.

“Citizens and businesses will realize that changing their behavior and practices is not only good for the planet, but also makes economic sense,” summarizes Christine Lagarde.

Source: APE-MPE, AFP.