Page 21 of 21  DANMARKS NATIONALBANK Financing and the energy transition Governor Signe Krogstrup 11th Annual Nordic AAA Seminar, 11 May 2023  Agenda Status on climate change and financing Role of the financial sector in the energy transition  Climate-related activities in Danmarks Nationalbank  Status on climate change and financing  Thursday, 11 May 2023 3  The world’s energy supply remains fossil-based, and electrification challenges remain The world’s energy supply remains largely fossil-based, and global temperatures continue to rise Exajoule  °C  600  1.8 Renewable energy Nuclear energy  500  400  1.5  Gas Oli Coal  1.2  300  0.9  200  0.6  100  0.3  Challenges to an electrification of the European energy supply • Stability of supply • Untested technologies, e.g.
At the same time, it preserves an appropriate medium-term orientation for fiscal policy, based on realistic assumptions regarding economic developments. The Governing Council supports the steps taken by the Commission to preserve the functioning of the framework, including the implementation of excessive deficit procedures and the issuing of early warnings, where required.