BOE’s Greene Sees Risk of 1970s-Style Crisis From Climate Change

Bank of England rate-setter Megan Greene said the economic impact of climate change could be on the scale of the 1970s oil shock, requiring central bankers to make difficult choices.

Greene, who joined the BOE’s nine-member Monetary Policy Committee in July, chose to reference a paper from renowned French economist Jean Pisani-Ferry, who said that decarbonization efforts needed to minimize climate change could be “regarded as an adverse supply shock — very much like the oil shocks of the 1970s.”