Why real interest rates will have to remain very negative

The energy transition will require a significant and lasting increase in investment (sometimes estimated at 2-3% of GDP), and the financial return on these investments will sometimes be low. For these investments to be made, the following conditions will therefore have to be met: Real long-term interest rates must remain very low (negative), so that these investments can be undertaken and financed; this will require persistently expansionary monetary policies and low nominal interest rates even if inflation rises; Central banks must continue to absorb the bonds that are issued, since their real return will not be attractive at all for private investors; they will therefore permanently switch to other asset classes (equities, real estate, etc.), for which we should expect continuous price rises.