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BOE Says Energy Price Surge Makes Net-Zero Shift ‘Bumpier’

  • Financial stability official sees risk in green asset bubbles
  • Remarks indicate strains on policy makers in setting agenda
An electricity transmission pylon and wind turbine in Bradwell-on-Sea, U.K.

An electricity transmission pylon and wind turbine in Bradwell-on-Sea, U.K.

Photographer: Chris Ratcliffe/Bloomberg

The global surge in energy prices following the invasion of Ukraine will make the shift toward “net-zero” fossil fuel emissions more difficult, a senior Bank of England official said.

Sarah Breeden, executive director for financial stability and the point-person on climate-related issues at the U.K. central bank, also said there’s a risk from “green asset bubbles” and an abrupt shift away from investments in pollution-intensive industries.