The energy transition will push up real interest rates

The argument is quite simple; the energy transition will lead to: Capital destruction (stranded assets), and therefore to a loss of potential GDP, and therefore to a fall in the level of savings; An increase in necessary investments (renewable energies, building insulation, production of electric cars, etc.). If there is ( ex ante) a decline in savings, due to the decline in the capital stock and in the level of potential GDP, and increased need for investment, then the real interest rate will rise (both the neutral short-term interest rate and the real long-term interest rate).