Finance
BOE’s Bailey Says Disorderly Green Shift Could Spark Inflation
- Central bank chief seeks deal on green bond taxonomy this year
- Scrapping fossil fuels could be an economic opportunity
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Bank of England Governor Andrew Bailey said the world’s effort to shift away from using fossil fuels could spark inflation if it’s done in a disorderly way, highlighting the risks involved with greening the economy.
That shift, which he said climate science suggests is needed to protect the Earth’s atmosphere from bigger harms in the decades ahead, will be an opportunity for some industries and change the way goods like steel, cement and electricity are used.