Report
The energy transition is going to be painful
We should have no illusions: the energy transition is going to be painful, for a number of reasons: It will lead to significant capital destruction (production and use of fossil fuels, ICE cars); It will change the structure of jobs, and therefore pose severe problems of reskilling and skills mismatch; It will drive up energy prices, which will have several consequences: increase in income inequality, deterioration in competitiveness if it is not associated with a compensatory tax on imports; this is because other regions do not follow the same policy as Europe; It creates the risk that equipment for renewable energies (wind turbines, solar cells, electrolysers, etc.) will be imported on a massive scale; It requires decisions that are largely irreversible at a time when technological uncertainty remains very high; It will come up against irreversible situations, for example town planning choices; Risk of a sharp rise in prices of commodities needed for the transition.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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