Luis de Guindos and Christopher Pissarides ask to direct aid to vulnerable groups

Energy
Luis de Guindos and Christopher Pissarides ask to direct aid to vulnerable groups | naturgy

The vice president of the European Central Bank, Luis de Guindos, and the 2010 Nobel Prize winner in Economic Sciences and professor at the London School of Economics, Christopher Pissarides, participated today in the eleventh edition of the cycle of conferences Energy Prospects to analyze the impact of the energy transition on the labor market and in the current economic context. The event, organized by Naturgy Foundation and IESE Business School, was inaugurated by the president of the Naturgy Foundation, Rafael Villaseca, and the General Director of IESE, José Luis Suárez.

Luis de Guindos During his speech, he highlighted the challenges that the unprecedented evolution of energy prices is generating “and the dilemma that may be emerging between energy security, the green transition and price stability”. “Despite the current challenges of monetary policy, the ECB is seriously committed to doing its part to address climate change and promote the green transition, as this is necessary to meet our objective of price stability,” he emphasized.

The vice president of the organization concluded by noting that “it is essential to strike a good balance between supporting energy security and guaranteeing price stability, keeping the green transition on the right track.” of sour cherries has highlighted the need for European governments to reduce the region’s energy dependence and has suggested that countries should focus their temporary support measures on families and companies that are most vulnerable to rising energy costs.

At this point it coincided with Christopher Pissarides, who has also advocated directing aid to those groups hardest hit by the current energy context in order to achieve a more efficient distribution of these stimuli. The Nobel Prize in Economics referred to the enormous challenges facing the energy sector, among which he highlighted his own environmental transition, digitization and the recent supply problems caused by the war in Ukraine and sanctions against Russia. “The energy sector is at the center of environmental and digital transformation,” he explained, stressing that both changes are interrelated because, precisely, support for new technologies will be key to achieving a greener future.

The sum of all these changes in the sector will have an effect on the labor market, although the professor of the London School of Economics has been optimistic. “The job destruction required to undertake this transformation is slightly higher than in other sectors and not very onerous, as green technologies are more labor intensive and do not require particularly complex skills,” he commented.

Pissarides explained that the most polluting sectors employ 14% of the workers in the member countries of the OECD, although he has been confident that many of these employees will remain in their companies, adapting their functions and changing their role in the company. This change will not require, in his opinion, major retraining problems because “the skills required will be less when compared to those required, for example, with digital transformation.” In addition, he has concluded, the ‘green jobs’ linked to sustainable economic activities will be able to absorb displaced workers.

For its part, during the opening of this day, Raphael Villaseca has highlighted the key role of the energy sector in society and highlighted the importance of proper disclosure of its operation at such a complex time as the current one. Along the same lines, it has been stated Jose Luis Suarez extolling the importance of holding this type of debate on the energy transition, “the most transversal phenomenon of the economy with implications for society”.

Energy Prospects It is a cycle of high-level conversations that brings together nationally and internationally recognized figures for their experience, vision and knowledge of the energy sector, as well as businessmen, regulators, managers and academics. This initiative is part of the activities that Naturgy Foundation performs on issues related to energy and the environment, from a serious and rigorous debate, with the fundamental objective of promoting the rational use of energy resources and promoting sustainable development.

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Luis de Guindos and Christopher Pissarides ask to direct aid to vulnerable groups