The timescale will have to be relatively long, covering several legislatures, and the objectives will need to be pursued with perseverance and far-sightedness, with widespread consensus among the population. Its success will depend on the extent to which public initiative can combine with an adequate response of the productive and financial system.
New opportunities will be created, but considerable investment will also be required, together with an efficient allocation of savings and careful management of risks. The financial system will also have to play a part. In order to exploit the opportunities connected with financing the energy transition, intermediaries will need to incorporate adequate models for the assessment of climate risks into their operational processes.