by Oliver JJ Lane
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.
Among comments by Paolo Angelini, 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.
Angelini revealed the shocking response, remarking in an interview with Politico: “They told me: ‘If you allow us to tear down all our historical buildings and build energy efficient ones, then we can do it’.”