European Central Bank Governing Council member Olaf Sleijpen emphasized the economic benefits of transitioning to a greener economy during a speech at the COP31 United Nations climate conference in Antalya, Turkey. He argued that the costs of addressing climate change are significantly lower than the potential damages from inaction.
Sleijpen stated, 'The economic costs of the transition are small compared with the costs of unmitigated climate change.' His remarks highlight the growing consensus among financial leaders that proactive climate policies are financially prudent.
The conference, held on Friday, brought together global leaders to discuss strategies for mitigating climate risks. Sleijpen's comments underscore the ECB's stance on the importance of integrating climate considerations into economic policy.