ECB's Panetta Says Consumer Will Bear Cost of Energy Transition.

European Central Bank Governing Council member Fabio Panetta stated that the transition to climate-friendly energy will be funded by households in the region. While the shift will have benefits such as reducing dependence on fossil fuels and mitigating climate risks, the costs will be challenging to bear for energy-intensive businesses and vulnerable households. Panetta also noted that the poorest in society may be disproportionately affected by climate change mitigation policies, as they have a higher proportion of energy expenses in their consumption baskets. Additionally, some companies in hard-to-abate sectors may face existential threats due to the transition. [Extracted from the article]