Top central banker warns erasing Europe’s built heritage may be necessary to meet extreme green ‘net zero’ demands.
A top central banker has warned of the damage the rush to ‘Net-Zero’ risks doing to Europe’s economy, and illustrates the point by noting erasing Europe’s built heritage would be necessary to meet extreme green demands., deputy governor at the Bank of Italy about European Net Zero targets which, in his opinion, risk doing more harm than good, the central banker articulated what level of change would actually be needed from Europeans to meet those demands.
While saying pushing Europe to net zero risks destabilising the continent’s economy and undermining Europe’s ability to lead on green issues globally, the top economist made his point by revealing he’d asked his team at the Bank of Italy what would be necessary just to make the single institution that he leads compliant.
The Bank of Italy wouldn’t be committing itself to net zero any time soon, said Angelini. This was not because he didn’t believe in the cause, but simply because with the technology presently available, he didn’t think it was physically possible. He said: “For the time being I am refraining from raising my hand and saying at the Bank of Italy we’re going to net zero, because I don’t have the technology, the ability to be certain about the pledge.
Reflecting on the central banker’s remarks — which may possibly have been tongue-in-cheek — Politico itself mused: “it’s a potent symbol of the trade-offs that the green transition demands: how much of Europe’s present — and past — is it willing to risk to secure its future?”.19th-century palace named for its architect which features a money museum and significant interiors and staterooms.
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