The rise in demand for coal following Russia’s invasion of Ukraine is a setback to reaching a net-zero economy by 2050 but will also help bolster investment in renewable energy, a Bank of England (BoE) policymaker said on Tuesday.
Elisabeth Stheeman, a member of the BoE’s Financial Policy Committee (FPC), said the impact on the transition to net zero of the increase in energy prices, as a result of Russia’s invasion of Ukraine, was yet to be determined.
