Lagarde Says Capital Markets Union Is Key for Energy Transition

Europe needs deeper capital markets to stem its response to climate change, according to European Central Bank President Christine Lagarde.

Financing needs for the region’s green transition — factoring in decarbonizing industry, transport and energy supply — are estimated at €1.2 trillion ($1.4 trillion) a year, she said in a speech in Oslo. While Europe has ample private savings, they’re not channeled toward their best use.