Can the energy transition take place without forgoing growth?

Meeting the climate commitments will require either: Much faster reductions in the ratio of energy consumption to GDP, the trend in which has not changed, and in the ratio of CO 2 emissions to energy consumption; Or accepting lower growth. Significant additional investment will be needed to improve energy efficiency more rapidly (production of renewable energies, decarbonisation of industry, networks, thermal insulation of buildings). A larger share of GDP will therefore have to be spent on investment and less on consumption. The choice is clear: lower growth or a larger share of GDP going to investment. One must also ask how GDP can be skewed towards investment at the expense of consumption, when, moreover, the return on climate investments is low. They will need to be made attractive by very low interest rates, and taxes and public investment will undoubtedly also have to be used.