Central banks raising interest rates makes it harder to fight the climate crisis | Thomas Ferguson and Servaas Storm
TheGuardian
MAY 6, 2023
Higher rates slow the renewable energy transition and shield oil and gas producers from competition by low-carbon producers In late 2021, consumer price inflation surged in many countries. Prices shot up again following Russia’s invasion of Ukraine in February 2022. In response, central banks drastically tightened monetary policy – raising interest rates from near zero to around 5% or more.
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